Detail Petrodollar Profusion: Free Exchange   Oleh:  [s.n] Jenis: Article from Bulletin/Magazine Dalam koleksi: The Economist (http://search.proquest.com/) vol. 403 no. 8782 (Apr. 2012), page 70. Topik: Balance of Trade; Global Economy; Crude Oil Prices Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.71 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel First, the good news: China, the country at the center of the debate about global imbalances, has a current-account surplus that has fallen sharply over the past few years. Now the bad: China was never really the prime culprit when it comes to imbalances at the global level. The biggest counterpart to America's current-account deficit is the combined surplus of oil-exporting economies, which have enjoyed a huge windfall from high oil prices (see left-hand chart). This year the IMF expects them to run a record surplus of $740 billion, three-fifths of which will come from the Middle East. That will dwarf China's expected surplus of $180 billion. Since 2000 the cumulative surpluses of oil exporters have come to over $4 trillion, twice as much as that of China. The impact of higher oil prices on the world economy depends on whether oil exporters spend or save their petrodollars. If they recycle them by buying more from oil-importing countries, this cushions global demand. But if they save them, income is permanently transferred from oil consumers to oil producers, depressing global demand. After the oil-price shocks in the 1970s, about 70% of the increase in export revenues was spent on imports of goods and services. But IMF figures suggest that less than 50% of the windfall is likely to be spent in the three years to 2012. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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