Energy Shocks And The World Economy

Overview

The second of two works resulting from the author's extensive study of energy and the world economy, this book examines the international macroeconomic aspects of energy adjustment. Specifically, the author analyzes the ways in which economies adjust to external shocks, particularly the oil price shock and other energy market changes of the 1970s and early 1980s. He seeks to put the recessions experienced by industrial countries during the last decade in historical and analytical perspective, arguing that with ...

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Overview

The second of two works resulting from the author's extensive study of energy and the world economy, this book examines the international macroeconomic aspects of energy adjustment. Specifically, the author analyzes the ways in which economies adjust to external shocks, particularly the oil price shock and other energy market changes of the 1970s and early 1980s. He seeks to put the recessions experienced by industrial countries during the last decade in historical and analytical perspective, arguing that with the increasing openness of the world economy, the effects of the domestic policies of the industrial economies are increasingly relevant to the economic prospects of developing countries. He argues further that the apparent problems of the global economy during the post-1973 era—stagnant growth, inflation, the international debt crisis, and rising protectionism—are in part the result of a deterioration in the economic performance of industrial countries.

The author begins by examining the effects of energy supply disturbances on the world economy. Subsequent chapters explore such issues as challenges to economic stabilization policy; the impact of external shocks on the economies of less developed countries, especially with regard to inflation and balance of payments problems; the relationship between world payment imbalances and recycling problems; and the link between energy markets and the international debt crisis. Finally, the author provides a theoretical framework for the international adjustment to energy shocks, focusing on flexible exchange-rate policy responses to exogenous shocks in the 1970s and the contribution of exchange rate misalignment to the international debt crisis of the 1980s.

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Editorial Reviews

Booknews
Examines the international macroeconomic aspects of energy adjustment. Specifically, Tsai (research associate, Florida State U.) analyzes the ways in which economies adjust to external shocks, particularly the oil price shock and other energy market changes of the 1970s and early 1980s. Annotation c. Book News, Inc., Portland, OR (booknews.com)
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Product Details

  • ISBN-13: 9780275931926
  • Publisher: ABC-CLIO, Incorporated
  • Publication date: 9/25/1989
  • Pages: 214
  • Product dimensions: 6.14 (w) x 9.21 (h) x 0.50 (d)

Meet the Author

HUI-LIANG TSAI is Research Associate at the Center for Yugoslav-American Studies, Research, and Exchanges at Florida State University, Tallahassee.

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Table of Contents

Preface

Supply Disturbances and The World Economy: Perplexity, Uncertainty, and Skepticism

New Era of Energy Awareness

Macroeconomics of Energy Shocks

Energy Shocks and Nature of the Adjustments

Implications

Challenges to Economic Stabilization Policy: Dilemma and Limitations

Demand Management and Economic Nationalism

Divergent Patterns and Policy Stances

Responding to Exogenous Shocks: A Study in Contrasts

Differing Policy Responses: OECD Experience

Implications

External Shocks, and LDC Economies

Inflationary Effects of External Shocks

Balance-of-Payments Effects of External Shocks

Adjusting to External Shocks: LDC Experience

Differing Guiding Philosophies

Patterns of Adjustment

Policy Implications

World Payments Imbalances and Recycling Problems

Different Payments Problems

Recycling and Adjustment Problems

Lessons from the Petrodollar Recycling

International Debt Crisis and Financial Instability

The LDC Debt Morass

Debt Crisis and Debt Management Strategy

Reform Proposals: Differing Perspectives

Managing the LDC Debt Crisis: Two Distinct Schools of Thought

Lessons from the World Debt Crisis

Exogenous Disturbances and International Adjustment: Problems and Issues

Fundamental Conflicts: An Embarrassing Paradox

Limitations on LDC Exchange Rate Policy Responses to Exogenous Shocks

Exchange-Rate Management and Control

Exchange-Rate Determining: Theoretical Framework

Empirical Evidence

Bibliography

Author Index

Subject Index

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