Adjustment in Oil-Importing Developing Countries A Comparative Economic Analysis

The two oil price shocks of 1973-74 and 1979-80 have been by far the largest price movements to occur in the international economy in the postwar period. This book analyses the adjustments made by oil importing developing countries to those shocks with a view both to understanding an important episode in recent economic history, and to eliciting lessons that can guide successful adjustment to similar events in the future. Unlike other treatments of this subject, the findings of the study are derived by combining a broad-brush approach that covers a large number of countries with the development of techniques that permit an in-depth investigation into a few selected countries. The study develops quantitative economic methods and applies them to contemporary problems in order to yield useful insights for policy makers.

1. Introduction Pradeep Mitra; 2. Shocks and adjustment: a comparative analysis Pradeep Mitra; 3. Towards policy-based analysis Pradeep Mitra and Alan Roe; 4. The structure of the country models Henrik Dahl and Pradeep Mitra; 5. Country studies Pradeep Mitra; 6. Adjustment with growth or stagnation: India 1973-74 to 1983-84 Pradeep Mitra and Suresh Tendulkar; 7. Growth without adjustment: Thailand 1973-82 Shanta Devarajan and Hector Sierra; 8. 'Overshooting' adjustment in a primary producing country: Kenya 1973-1982 Alan Roe and Shyamalendu Pal; 9. Adjustment in an inward-oriented economy: Turkey 1973-1981; 10. Conclusions Pradeep Mitra

The two oil price shocks of 1973-74 and 1979-80 have been by far the largest price movements to occur in the international economy in the postwar period. This book analyses adjustment of oil importing developing countries to those shocks.