Publisher's Synopsis
Excerpt from Trade Effects of the Oil Crisis
This paper specifically addresses the issue of the nature of the process of the adjustment in the balance of payments following the quad tupling of the price of oil at the outset of 1974. An understanding of this process within a framework of a general model should contribute to a better understanding of the relevant factors determining the adjustment process and thus the absorptive capacity of opec and the resulting trade surplusses (or deficits).
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