Role of petroleum reserves in the development of the Mexican economy revisited
The importance of petroleum reserves in the development of Mexico's economy since 1976 was examined. Large oil discoveries in the mid 1970's allowed Mexico to overcome the 1976 economic crisis and propelled the country to a brief period of rapid economic expansion during 1978-1981. However, mismanagement and capital flight wasted much of Mexico's oil resources and these factors combined with the increasing burden of the foreign debt service and weakening oil markets eventually led the country to the 1982 economic crisis. This crisis has become the worst in half a century because for four years the country has been unable to find a way out of its current economic impasse. This has resulted in sharply falling standards of life and great uncertainty about the economic viability of the country. In contrast to the 1976 crisis, no painless solution exists to the current one. Only profound structural changes will solve permanently the problems facing Mexico now. 37 references, 14 figures, 2 tables.
- Research Organization:
- Macquarie Univ., North Ryde, Australia
- OSTI ID:
- 6985872
- Journal Information:
- Mater. Soc.; (United States), Vol. 10:4
- Country of Publication:
- United States
- Language:
- English
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Related Subjects
29 ENERGY PLANNING
POLICY AND ECONOMY
MEXICO
ECONOMIC DEVELOPMENT
PETROLEUM DEPOSITS
PETROLEUM
RESERVES
ECONOMIC ANALYSIS
ECONOMIC POLICY
STANDARD OF LIVING
DEVELOPING COUNTRIES
ECONOMICS
ENERGY SOURCES
FOSSIL FUELS
FUELS
GEOLOGIC DEPOSITS
GOVERNMENT POLICIES
LATIN AMERICA
MINERAL RESOURCES
NORTH AMERICA
RESOURCES
020700* - Petroleum- Economics
Industrial
& Business Aspects
294002 - Energy Planning & Policy- Petroleum
290200 - Energy Planning & Policy- Economics & Sociology