ISSN 1300-1868
 

Original Research (Original Article) 


GCC PETRODOLLAR SURPLUSES AND THE US CURRENT ACCOUNT IMBALANCE

Shawkat HAMMOUDEH, Ramazan SARI, Eisa ALESIA.

Cited by (2)

Abstract
Given the secrecy that wraps the flows of the GCC countries’ petrodollar surpluses to the United States and the pressures on these countries to spend and recycle more, this study attempts to uncover the direct and reverse causal relationships between the GCC financial accounts and the US current account deficit. It examines whether the GCC petrodollar surpluses are part of the global savings glut (an external factor) that causes the US current account deficit, or on the contrary this deficit is home-grown and the petrodollar savings glut hypothesis does not hold. It particularly focuses on the world’s important oil exporters to find out if the homegrown deficit hypothesis holds for the world’s largest oil consumer. The implications and policy recommendations for this significant source of global external imbalances are provided

Key words: Capital Account; Financial Account; Direct and Reverse Causality



GCC PETRODOLAR FAZLALIĞI VE ABD CARİ AÇIK DENGESİZLİĞİ

Ozet
GCC (Körfez İşbirliği Konseyi) ülkelerinin petrodolar fazlasının ABD’ye akmasının ve bu ülkeler üzerinde söz konusu akışı sağlamaya yönelik baskının gizliliği varsayımı altında bu çalışma, GCC ülkelerinin finansal hesapları ile ABD cari açığı arasındaki nedensellik ilişkiyi ortaya çıkarmayı amaçlamaktadır. GCC ülkelerindeki sermaye hesabı fazlalığının, ABD’deki cari açığa sebep olması ve böylece söz konusu açığın uluslararası tasarruf fazlalığından kaynaklanıp kaynaklanmadığı, ya da açığın tamamen yerel sebeplerden kaynaklandığı ve böylece uluslararası tasarruf hipotezinin yanlış olup olmadığı incelenmektedir. Çalışma ile, özelikle önemli petrol ihracatçısı ülkelere yoğunlaşarak, yerel kaynaklı cari açık iddiasının dünyanın en büyük petrol tüketicisi için doğru olup olmadığı araştırılmaktadır. Çeşitli politika önerileri de çalışmada yer almaktadır.

Anahtar Kelimeler: Sermaye Hesabı; Finansal Hesap; Direkt ve Ters Nedensellik


 
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This Article Cited By the following articles

Impacts of global and domestic shocks on inflation and economic growth for actual and potential GCC member countries
International Review of Economics & Finance 2013; 27(): 298.

1
 
SYNCHRONIZATION OF ECONOMIC SHOCKS BETWEEN GULF COOPERATION COUNCIL AND UNITED STATES, EUROPE, JAPAN, AND OIL MARKET: CHOICE OF EXCHANGE RATE REGIME†
2012; 30(4): 584.

2
 
How to Cite this Article
Pubmed Style

Shawkat HAMMOUDEH, Ramazan SARI, Eisa ALESIA. GCC PETRODOLLAR SURPLUSES AND THE US CURRENT ACCOUNT IMBALANCE. Ekonomik Yaklasim. 2009; 20(73): 39-54. doi:10.5455/ey.10695


Web Style

Shawkat HAMMOUDEH, Ramazan SARI, Eisa ALESIA. GCC PETRODOLLAR SURPLUSES AND THE US CURRENT ACCOUNT IMBALANCE. http://www.ekonomikyaklasim.org/?mno=156103 [Access: December 11, 2018]. doi:10.5455/ey.10695


AMA (American Medical Association) Style

Shawkat HAMMOUDEH, Ramazan SARI, Eisa ALESIA. GCC PETRODOLLAR SURPLUSES AND THE US CURRENT ACCOUNT IMBALANCE. Ekonomik Yaklasim. 2009; 20(73): 39-54. doi:10.5455/ey.10695



Vancouver/ICMJE Style

Shawkat HAMMOUDEH, Ramazan SARI, Eisa ALESIA. GCC PETRODOLLAR SURPLUSES AND THE US CURRENT ACCOUNT IMBALANCE. Ekonomik Yaklasim. (2009), [cited December 11, 2018]; 20(73): 39-54. doi:10.5455/ey.10695



Harvard Style

Shawkat HAMMOUDEH, Ramazan SARI, Eisa ALESIA (2009) GCC PETRODOLLAR SURPLUSES AND THE US CURRENT ACCOUNT IMBALANCE. Ekonomik Yaklasim, 20 (73), 39-54. doi:10.5455/ey.10695



Turabian Style

Shawkat HAMMOUDEH, Ramazan SARI, Eisa ALESIA. 2009. GCC PETRODOLLAR SURPLUSES AND THE US CURRENT ACCOUNT IMBALANCE. Ekonomik Yaklasim, 20 (73), 39-54. doi:10.5455/ey.10695



Chicago Style

Shawkat HAMMOUDEH, Ramazan SARI, Eisa ALESIA. "GCC PETRODOLLAR SURPLUSES AND THE US CURRENT ACCOUNT IMBALANCE." Ekonomik Yaklasim 20 (2009), 39-54. doi:10.5455/ey.10695



MLA (The Modern Language Association) Style

Shawkat HAMMOUDEH, Ramazan SARI, Eisa ALESIA. "GCC PETRODOLLAR SURPLUSES AND THE US CURRENT ACCOUNT IMBALANCE." Ekonomik Yaklasim 20.73 (2009), 39-54. Print. doi:10.5455/ey.10695



APA (American Psychological Association) Style

Shawkat HAMMOUDEH, Ramazan SARI, Eisa ALESIA (2009) GCC PETRODOLLAR SURPLUSES AND THE US CURRENT ACCOUNT IMBALANCE. Ekonomik Yaklasim, 20 (73), 39-54. doi:10.5455/ey.10695





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