Abstract

http://ssrn.com/abstract=957779
 
 

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Recycling Petrodollars


Matthew Higgins


Federal Reserve Bank of New York

Thomas Klitgaard


Federal Reserve Bank of New York

Robert Lerman


Federal Reserve Bank of New York


Current Issues in Economics and Finance Vol. 12, No. 9, December 2006

Abstract:     
In recent years, oil-exporting countries have experienced windfall gains with the rise in the price of oil. A look at how oil exporters "recycle" their revenues reveals that roughly half of the petrodollar windfall has gone to purchase foreign goods, especially from Europe and China, while the remainder has been invested in foreign assets. Although it is difficult to determine where the funds are first invested, the evidence suggests that the bulk are ending up, directly or indirectly, in the United States.

Number of Pages in PDF File: 7

Keywords: petrodollars, financial, flows, oil, oil-exporters, recycling

JEL Classification: F32, F34, F21, F41

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Date posted: July 17, 2008  

Suggested Citation

Higgins, Matthew and Klitgaard, Thomas and Lerman, Robert, Recycling Petrodollars. Current Issues in Economics and Finance Vol. 12, No. 9, December 2006. Available at SSRN: http://ssrn.com/abstract=957779

Contact Information

Matthew Higgins (Contact Author)
Federal Reserve Bank of New York ( email )
33 Liberty Street
New York, NY 10045
United States
Thomas Klitgaard
Federal Reserve Bank of New York ( email )
33 Liberty Street
New York, NY 10045
United States
Robert Lerman
Federal Reserve Bank of New York ( email )
33 Liberty Street
New York, NY 10045
United States
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