Oil, inflation, recession, and the international monetary system

Journal Article · · J. Energy Dev.; (United States)

OSTI ID:7363662

Haberler, G

The impact of the enormous rise of the price of crude oil on inflation and recession in the importing countries and on the international monetary system is discussed. The domestic impact in the importing countries of the levy imposed on them by the Organization of the Petroleum Exporting Countries (OPEC) is dealt with in the first section. What was the contribution of the oil price rise to the world-wide inflationary explosion in 1973 and to the subsequent recession. The indirect effects through the parallel price rise of domestic energy supplies as well as sectoral price rises in other areas are also considered. In the second section, the international monetary aspects of the oil price rise, its bearing on the issue of fixed versus flexible exchange rates, and the accumulation by OPEC countries of foreign investments, liquid assets (''petrodollars'') as well as portfolio and direct investment are discussed. (auth)

• Research Organization: Harvard Univ., Cambridge, MA
• OSTI ID: 7363662
• Journal Information: J. Energy Dev.; (United States), Journal Name: J. Energy Dev.; (United States) Vol. 1:2; ISSN JENDD
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020700 -- Petroleum-- Economics
Industrial
& Business Aspects
29 ENERGY PLANNING, POLICY, AND ECONOMY
290200* -- Energy Planning & Policy-- Economics & Sociology
294002 -- Energy Planning & Policy-- Petroleum
AGREEMENTS
CHARGES
ECONOMIC POLICY
ECONOMICS
ENERGY SOURCES
ENERGY SUPPLIES
FOSSIL FUELS
FUELS
INTERNATIONAL AGREEMENTS
INTERNATIONAL ORGANIZATIONS
OPEC
PETROLEUM