Understanding Price Developments and Consumer Price Indices in South-Eastern Europe

The Changing Role of the Exchange Rate in a Globalised Economy

“…The FX valuation effect can thus be seen as the main driver of changes in the euro area net investment position in recent years. 57 As in most industrialised countries, euro area external assets tend to be more exposed to exchange rate movements than external liabilities. As a consequence, an appreciation of the euro lowers the domestic-currency value of external assets more than external liabilities, leading to a decline in the euro area's NIIP.…”

The Gulf Cooperation Council Countries - Economic Structures, Recent Developments and Role in the Global Economy

“…Moreover, the hike in oil prices coincided with a rise in global oil production by 9.6% and an increase in global oil consumption by 7.7% from 2002 to 2006. 57 As a result, oilexporting countries have experienced substantial windfall gains. It is important to note that the main benefi ciaries of these windfall gains are just a handful of countries, among them the six economies of the GCC, which together hold roughly 22% of world crude oil production.…”