The recycling of oil revenues: some theoretical aspects
We investigate the stability properties of a non-tatonnement price and monetary adjustment mechanism involving an oil exporting and an oil importing country. The distinguishing characteristic of the paper is that it attempts to bring together some elements of the disequilibrium theory of exhaustible...
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| Format: | Working paper |
| Language: | English |
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Oxford Institute for Energy Studies
1984
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| _version_ | 1797100864277577728 |
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| author | Stournaras, Y |
| author_facet | Stournaras, Y |
| author_sort | Stournaras, Y |
| collection | OXFORD |
| description | We investigate the stability properties of a non-tatonnement price and monetary adjustment mechanism involving an oil exporting and an oil importing country. The distinguishing characteristic of the paper is that it attempts to bring together some elements of the disequilibrium theory of exhaustible resources and the monetary approach to the balance of payments using a Hicksian, temporary equilibrium framework. We show that a sufficient condition for stability is that the marginal propensity to consume out of an increase in money wealth is the same in both countries. |
| first_indexed | 2024-03-07T05:43:43Z |
| format | Working paper |
| id | oxford-uuid:e679091b-74c9-40cf-afd4-bfda8ba85487 |
| institution | University of Oxford |
| language | English |
| last_indexed | 2024-03-07T05:43:43Z |
| publishDate | 1984 |
| publisher | Oxford Institute for Energy Studies |
| record_format | dspace |
| spelling | oxford-uuid:e679091b-74c9-40cf-afd4-bfda8ba854872022-03-27T10:31:22ZThe recycling of oil revenues: some theoretical aspectsWorking paperhttp://purl.org/coar/resource_type/c_8042uuid:e679091b-74c9-40cf-afd4-bfda8ba85487EnglishOxford University Research Archive - ValetOxford Institute for Energy Studies1984Stournaras, YWe investigate the stability properties of a non-tatonnement price and monetary adjustment mechanism involving an oil exporting and an oil importing country. The distinguishing characteristic of the paper is that it attempts to bring together some elements of the disequilibrium theory of exhaustible resources and the monetary approach to the balance of payments using a Hicksian, temporary equilibrium framework. We show that a sufficient condition for stability is that the marginal propensity to consume out of an increase in money wealth is the same in both countries. |
| spellingShingle | Stournaras, Y The recycling of oil revenues: some theoretical aspects |
| title | The recycling of oil revenues: some theoretical aspects |
| title_full | The recycling of oil revenues: some theoretical aspects |
| title_fullStr | The recycling of oil revenues: some theoretical aspects |
| title_full_unstemmed | The recycling of oil revenues: some theoretical aspects |
| title_short | The recycling of oil revenues: some theoretical aspects |
| title_sort | recycling of oil revenues some theoretical aspects |
| work_keys_str_mv | AT stournarasy therecyclingofoilrevenuessometheoreticalaspects AT stournarasy recyclingofoilrevenuessometheoreticalaspects |