Tag: asset

  • Oil Market Dynamics through the Lens of the 2002-2009 Price Cycle

    By: Bassam Fattouh

    During the period 2002 to 2008, the oil market experienced a sustained increase in prices with the annual average price rising year-on-year for seven consecutive years. This boom, however, ended with a spectacular collapse towards the end of 2008. These sharp price movements captured public and political attention and raised concerns within both major consumers […]

  • The Recycling of Oil Revenues: Some Theoretical Aspects

    By: Y. Stournaras

    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.