LEADER 06408oam 22012614 450 001 9910810969303321 005 20240402050426.0 010 $a1-4623-0736-1 010 $a1-4527-0266-7 010 $a9786612841316 010 $a1-4518-7038-8 010 $a1-282-84131-9 035 $a(CKB)3170000000055081 035 $a(EBL)1607964 035 $a(SSID)ssj0000943977 035 $a(PQKBManifestationID)11612507 035 $a(PQKBTitleCode)TC0000943977 035 $a(PQKBWorkID)10983800 035 $a(PQKB)10975734 035 $a(OCoLC)763008862 035 $a(MiAaPQ)EBC1607964 035 $a(IMF)WPIEE2008180 035 $a(EXLCZ)993170000000055081 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aBank Recycling of Petro Dollars to Emerging Market Economies During the Current Oil Price Boom /$fJohannes Wiegand 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (28 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1491-1 320 $aIncludes bibliographical references. 327 $aContents; 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 327 $aA. Descriptive Statistics 4. 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 327 $a10. Assets and Liabilities V. 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 330 3 $aHigh oil prices have once again led to large external surpluses of oil exporting countries, similar to the 1970s and 1980s. This paper analyzes the extent to which (i) oil exporters use bank deposits to invest these surpluses, and (ii) banks are lending on these funds to emerging market economies. Bank recycling of petro dollars to emerging market economies is found to be almost as important as in the 1970s and 1980s, even though during the current boom, petro dollar bank flows tend to originate in countries like Russia, Libya, or Nigeria rather than in the Middle East. As one consequence, a fall in oil prices could yet again disrupt financing flows to emerging economies. Especially at risk could be countries that rely heavily on bank loans to finance external deficits, many of them in Emerging Europe. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/180 606 $aCapital movements$xEconometric models 606 $aBanks and banking$xEconometric models 606 $aPetroleum industry and trade$xEconomic aspects$xEconometric models 606 $aBanks and Banking$2imf 606 $aInvestments: Energy$2imf 606 $aFinance: General$2imf 606 $aMacroeconomics$2imf 606 $aMoney and Monetary Policy$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aEnergy: General$2imf 606 $aEnergy: Demand and Supply$2imf 606 $aPrices$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aFinance$2imf 606 $aInvestment & securities$2imf 606 $aBanking$2imf 606 $aMonetary economics$2imf 606 $aEmerging and frontier financial markets$2imf 606 $aOil$2imf 606 $aOil prices$2imf 606 $aBank credit$2imf 606 $aFinancial services industry$2imf 606 $aPetroleum industry and trade$2imf 606 $aBanks and banking$2imf 606 $aCredit$2imf 607 $aUnited States$2imf 615 0$aCapital movements$xEconometric models. 615 0$aBanks and banking$xEconometric models. 615 0$aPetroleum industry and trade$xEconomic aspects$xEconometric models. 615 7$aBanks and Banking 615 7$aInvestments: Energy 615 7$aFinance: General 615 7$aMacroeconomics 615 7$aMoney and Monetary Policy 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aEnergy: General 615 7$aEnergy: Demand and Supply 615 7$aPrices 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aFinance 615 7$aInvestment & securities 615 7$aBanking 615 7$aMonetary economics 615 7$aEmerging and frontier financial markets 615 7$aOil 615 7$aOil prices 615 7$aBank credit 615 7$aFinancial services industry 615 7$aPetroleum industry and trade 615 7$aBanks and banking 615 7$aCredit 676 $a332.820971 700 $aWiegand$b Johannes$0820400 801 0$bDcWaIMF 906 $aBOOK 912 $a9910810969303321 996 $aBank Recycling of Petro Dollars to Emerging Market Economies During the Current Oil Price Boom$94089171 997 $aUNINA