Paying for oil, the balance of payments and the transfer problem : reconsidered

Malowiecki, Andrew (1981). Paying for oil, the balance of payments and the transfer problem : reconsidered Honours Thesis, School of Economics, University of Queensland.

       
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Author Malowiecki, Andrew
Thesis Title Paying for oil, the balance of payments and the transfer problem : reconsidered
School, Centre or Institute School of Economics
Institution University of Queensland
Publication date 1981-01-01
Thesis type Honours Thesis
Total pages 141
Language eng
Subjects 14 Economics
Formatted abstract
This thesis is specifically concerned with the transfer problem confronting the oil importing countries and OPEC since the massive oil price increases of late 1973. This is not to say that the subsequent oil price increases have been small nor have their effects been insignificant, it is just that the events of 1973 have overshadoujed later incidents. The developments of the last eight years cast little doubt that the transfer problem is not likely to be soluble in the short or medium term.

In the short term the transfer of wealth from the oil-importing countries to OPEC through the oil price increases has depressed real incomes and living standards in the oil-importing countries. More importantly in many countries energy consumption levels have declined along with a strengthening bias away from the consumption of oil energy. The price rise may in fact product future gains to the oil importers in the field of energy provision mainly because the current rate of depletion cannot continue infinitely and future generations could be in severe strife should they suddenly find only a few years supply of oil remain and say 90 percent of world energy is derived from oil.

Thus the short term costs to the oil-importing countries may well be overshadowed by future long term gains.


Document type: Thesis
Collection: UQ Theses (non-RHD) - UQ staff and students only
 
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Created: Thu, 25 Nov 2010, 00:27:55 EST by Ning Jing on behalf of The University of Queensland Library