STUDYING THE ROLE OF OIL FUNDS IN CONTROLLING MACROECONOMIC INSTABILITY IN OIL EXPORTING COUNTRIES

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MEHRARA MOHSEN; DEHGHAN MANSHADI MOHAMMAD; POURRAHIM PARVIN

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Journal: RAHBORD Year:2011 | Volume:19 | Issue:57 (SPECIAL SECTION ON ECONOMIC STUDIES) Page(s): 85-107

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Title

STUDYING THE ROLE OF OIL FUNDS IN CONTROLLING MACROECONOMIC INSTABILITY IN OIL EXPORTING COUNTRIES

Author(s)

MEHRARA MOHSEN | DEHGHAN MANSHADI MOHAMMAD | POURRAHIM PARVIN | Issue Writer Certificate

Keywords

OIL EXPORTING COUNTRYQ3

OIL PRICE VARIATIONSQ3

MACROECONOMIC INSTABILITYQ3

OIL FUNDSQ3

Abstract

In an OIL EXPORTING COUNTRY, the negative effects of international OIL PRICE VARIATIONS extend to monetary policy, prices, exchange rate and other macroeconomic indicators. Drastic changes in international oil prices can affect monetary aggregates, directly through volatility in external inflows, and indirectly through changes in fiscal responses to the shock. The monetary impact can in turn lead to price and exchange rate variations as well as inflation. To reduce the MACROECONOMIC INSTABILITY arising from the volatility of oil income and induce the government to save part of oil revenues for future generations, OIL FUNDS have become increasingly popular in oil exporting countries.Oil funds could help mitigate the transfer of oil price shocks to monetary policy and eventually to prices and the exchange rate. When some of the sterilization in response to an oil price hike is conducted on the fiscal side through OIL FUNDS, there is a lesser burden on monetary policy. When the exchange rate is the nominal anchor and the policy burden lies with the fiscal authorities, building up or drawing down stocks of the oil fund can be particularly effective in achieving macroeconomic stability. This research argues that OIL FUNDS can bring much benefit to oil exporting countries? It also tests the contribution made by OIL FUNDS to reduce MACROECONOMIC INSTABILITY. The econometric estimates resulting from a 26-year panel data set of 13 countries with OIL FUNDS suggest that establishing OIL FUNDS are correlated with reduced variations of prices and lower inflation as MACROECONOMIC INSTABILITY index.

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References

LOSSES DUE TO UNCERTAINTY OF OIL REVENUES IN ECONOMIC GROWTH & THE NECESSITY OF FOREIGN EXCHANGE RESERVE FUND

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APA: Copy

MEHRARA, MOHSEN, DEHGHAN MANSHADI, MOHAMMAD, & POURRAHIM, PARVIN. (2011). STUDYING THE ROLE OF OIL FUNDS IN CONTROLLING MACROECONOMIC INSTABILITY IN OIL EXPORTING COUNTRIES. RAHBORD, 19(57 (SPECIAL SECTION ON ECONOMIC STUDIES)), 85-107. SID. https://sid.ir/paper/89077/en

Vancouver: Copy

MEHRARA MOHSEN, DEHGHAN MANSHADI MOHAMMAD, POURRAHIM PARVIN. STUDYING THE ROLE OF OIL FUNDS IN CONTROLLING MACROECONOMIC INSTABILITY IN OIL EXPORTING COUNTRIES. RAHBORD[Internet]. 2011;19(57 (SPECIAL SECTION ON ECONOMIC STUDIES)):85-107. Available from: https://sid.ir/paper/89077/en

IEEE: Copy

MOHSEN MEHRARA, MOHAMMAD DEHGHAN MANSHADI, and PARVIN POURRAHIM, “STUDYING THE ROLE OF OIL FUNDS IN CONTROLLING MACROECONOMIC INSTABILITY IN OIL EXPORTING COUNTRIES,” RAHBORD, vol. 19, no. 57 (SPECIAL SECTION ON ECONOMIC STUDIES), pp. 85–107, 2011, [Online]. Available: https://sid.ir/paper/89077/en

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