Oil-price boom and real exchange rate appreciation : is there Dutch disease in the CEMAC? /

Oil-price boom and real exchange rate appreciation : is there Dutch disease in the CEMAC? /

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Bibliographic Details
Author / Creator:Treviño, Juan P. (Juan Pedro), author.
Imprint:[Washington, D.C.] : International Monetary Fund, ©2011.
Description:1 online resource (30 pages) : illustrations
Language:English
Series:IMF working paper, 1018-5941 ; WP/11/268
IMF working paper ; WP/11/268.
Subject:
Communauté économique et monétaire de l'Afrique centrale.
Communauté économique et monétaire de l'Afrique centrale.
Petroleum products -- Prices -- Africa, Central.
Petroleum industry and trade -- Africa, Central.
Foreign exchange rates -- Africa, Central.
Foreign exchange rates.
Petroleum industry and trade.
Petroleum products -- Prices.
Central Africa.
Electronic books.
Format: E-Resource Book
URL for this record:http://pi.lib.uchicago.edu/1001/cat/bib/12500591
Hidden Bibliographic Details
Other authors / contributors:Treviño, Juan P. (Juan Pedro)
International Monetary Fund. African Department, issuing body.
ISBN:1463939639
9781463991456
1463991452
9781463924676
1463924674
9781463939632
Notes:At head of title: African Department.
Title from PDF title page (IMF Web site, viewed July 24, 2012).
"November 2011."
Available in PDF, ePUB, and Mobi formats on the Internet.
Includes bibliographical references (pages 18-21).
English.
Summary:"The paper employs a heuristic comparative approach suggested by Ismail (2009) to search for evidence of Dutch disease in oil-rich countries of the Central African Economic and Monetary Community (CEMAC). While these countries have benefitted from high international oil prices in recent years, they have also experienced relatively large real exchange rate appreciations, raising concerns regarding the presence of Dutch disease and casting doubts on their ability to achieve high growth and employment in the long run. To isolate from any dynamics related to the exchange rate regime, we focus on the 14 member countries that constitute the CFA franc zone. We separate them into net oil importers and net oil exporters and look at economic growth, the real exchange rate, and the agricultural and external sectors. Based on traditional models, our findings are broadly consistent with the presence of Dutch disease in the second group during the oil-price boom. Departing from these models yields mixed results, suggesting the need to employ a case-by-case approach"--Abstract.
Other form:Print version: Fund, International Monetary. Oil-Price Boom and Real Exchange Rate Appreciation: Is There Dutch Disease in the CEMAC? Washington : International Monetary Fund, ©2011 9781463924676
Standard no.:10.5089/9781463924676.001
Table of Contents:
  • Cover Page; Title Page; Copyright Page; Abstract; Contents; I. Introduction; 1. Classification of countries in the CFA Franc Zone; II. The Resource Curse and The Dutch Disease; III. Resource Curse and Dutch Disease in CEMAC: What Do the Data Suggest?; A. Oil Abundance and Economic Performance; 2. International Prices and Terms of Trade in the CFA Franc Zone 1980-2009; 3. Non-Oil Real GDP Growth in the CFA Franc Zone, 1990-2009; 1. Average Annual Growth in the CFA Franc Zone; 1. Crude Oil Production in Oil Rich Countries of the CFA Franc Zone; B. The Spending Effect.
  • 4. Log of the Real Exchange Rate in the CFA Franc Zone, 1990-2009C. The Resource-Movement Effect; 5. Economically Active Population in Agriculture in the CFA Franc Zone 1981-2008 (annual growth rate); 6. Composition of Non-Oil Real GDP in the CFA Franc Zone, 1990-2009 (percent); 7. Non-Oil Exports in the CFA Franc Zone, 1980-2009; IV. Real Exchange Rate Appreciation and Growth: A Positive Correlation?; 2. Real Exchange Rate Changes and GDP Growth in the CFA Franc Zone; 8. Non-Oil GDP Growth and Real Exchange Rate Changes, 2002-09; V. The Role of Fiscal Policy.
  • 9. Government Spending to GDP in the CFA Franc Zone, 1990-2009VI. Conclusions and Further Research; 1. Country Summaries: Net Oil Exporters; 2. Country Summaries: Net Oil Importers; 3. Real GDP Growth in Oil Rich Countries; References; Footnotes.

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