Tag: Oil Importing Countries

  • A Dialogue Between Oil Producers and Consumers: The Why and the How

    By: Robert Mabro

    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 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.