Energy shocks and the world economy : adjustment policies and problems

著者

書誌事項

Energy shocks and the world economy : adjustment policies and problems

Hui-Liang Tsai

Praeger, 1989

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注記

Bibliography: p. [179]-191

Includes indexes

内容説明・目次

内容説明

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.

目次

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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