Bank recycling of petro dollars to emerging market economies during the current oil price boom /

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Bibliographic Details
Author / Creator:	Wiegand, Johannes, author.
Imprint:	Washington, D.C. : International Monetary Fund, Research Dept., 2008. ©2008
Description:	1 online resource (26 pages) : illustrations
Language:	English
Series:	IMF working paper ; WP/08/180 IMF working paper ; WP/08/180.
Subject:	Capital movements -- Econometric models. Banks and banking -- Econometric models. Petroleum industry and trade -- Economic aspects -- Econometric models. Banks and banking -- Econometric models. Capital movements -- Econometric models.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12499634

Hidden Bibliographic Details
Other authors / contributors:	International Monetary Fund. Research Department.
ISBN:	9781451870381 1451870388
Notes:	"July 2008." Includes bibliographical references (pages 21-22). Print version record.
Summary:	High oil prices have once again led to large external surpluses of oil exporting countries, similar to the 1970s and 1980s. This paper analyzes the extent to which (i) oil exporters use bank deposits to invest these surpluses, and (ii) banks are lending on these funds to emerging market economies. Bank recycling of petro dollars to emerging market economies is found to be almost as important as in the 1970s and 1980s, even though during the current boom, petro dollar bank flows tend to originate in countries like Russia, Libya, or Nigeria rather than in the Middle East. As one consequence, a fall in oil prices could yet again disrupt financing flows to emerging economies. Especially at risk could be countries that rely heavily on bank loans to finance external deficits, many of them in Emerging Europe.
Other form:	Print version: Wiegand, Johannes. Bank recycling of petro dollars to emerging market economies during the current oil price boom. Washington, D.C. : International Monetary Fund, Research Dept., 2008

Table of Contents:

I. Introduction; Figures; 1. Bank Flows to Emerging Markets, 1970-1985; 2. Emerging Markets: Current Account, 1970-2007; Tables; 1. Emerging Markets: Current Account Position by Region; 2. Oil Exporters: External Position and Deposit Flows into BIS-Reporting Banks, 2001-06; II. Data and Some Stylized Facts; III. Identification and Estimation Strategy; 3. Correlation of Deposit Outflows with the IMF Average Oil Price.; 3. Identifying and Estimating Petro-Dollar Bank Flows: Basic Scheme; 4. Identifying and Estimating Petro-Dollar Bank Flows: Extended Scheme; IV. Results
A. Descriptive Statistics4. Quarterly Flows into and out of BIS Reporting Bank, Q2 2001-Q4 2006 ... ; B. Basic Estimation Results; 5. Cross-Border Loans, 1990-2007; 5. Basic Regression Results; C. Detailed Results; 6. Extended Regression Results; D. Region Specific Estimates; 6. Bank Loans by Recipient Region; E. Robustness Checks and Extensions; Parameter Stability; 7. Region Specific Estimates; 7. Regression Residuals; Dynamic Specifications; 8. Re-Recursive Estimation; Feedback and Reverse Causality; 8. Dynamic Specifications; Assets and Liabilities vs. Loans and Deposits; 9. Feedback
10. Assets and LiabilitiesV. Summary: Key Results and Implications for Emerging Market Vulnerabilities; 9. Non-Loan Asset Flows, 1996-2007; References; Appendices; I. Country and Territory Groupings; II. Detailed Descriptive Statistics

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