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Trade Elasticities in the Middle East and Central Asia: What is the Role of Oil?
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eBook
Trade Elasticities in the Middle East and Central Asia: What is the Role of Oil?
2008
Overview
The analysis in this paper suggests that import and export volume elasticities are markedly lower in oil-exporting Middle East and Central Asian countries than in non-oil countries in the region. A key implication of this finding is that a real appreciation of the exchange rate in oil-exporting countries would achieve little in terms of expenditure switching: an appreciation does not boost imports and non-oil exports constitute only a small share of GDP and total trade in these countries. Therefore, while a real appreciation lowers the current account surplus of oil-exporting countries through valuation effects, the contribution to lowering global imbalances may be more limited.
Publisher
International Monetary Fund
Subject
ISBN
9781451915273, 1452793476, 9781451870749, 9781452793474, 1451870744, 1451915276
