Oil prices have fallen since the end of November 1997 well below a level of $18 per barrel for dated Brent which petroleum-exporting countries and oil companies have been recently inclined to consider as a kind of acceptable norm. The fall in price has elicited rather speedily a producers’ response which involved both OPEC and […]
The notion that a dialogue, leading to co-operation between oil-producing and oil consuming countries, may either avert oil shocks and excessive price instability or, at least, mitigate their adverse effects emerged early on in the 1970s. The very few observers who predicted the 1973 oil shock a year or two before its occurrence also sensed […]
The economic development of the Arab region in recent years has become heavily dependent on the fortunes of oil . The sudden and significant increases in oil prices and revenues of 1973/74 and 1979180 have had a considerable impact on the levels and patterns of economic development in the oil-exporting and in the non-oil countries […]
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.
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