The Recycling of Oil Revenues: Some Theoretical Aspects

The purpose of this paper is to investigate the stability properties of a non-titonnement price and a monetary adjustment mechanism involving two countries: one oil-exporting and one oil-importing. Its distinguishing characteristic is that it brings together some elements of the theory of exhaustible resources and  the modern balance-of-payments theory using a
Bicksian, temporary equilibrium framework.

By: Y. Stournaras

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