Oil Prices and Debt

  • Graham Bird


Problems related to oil, and in particular those associated with fluctuations in its price, have been prominent in the period since 1973. Considerable responsibility for the world’s relatively poor macroeconomic performance during the mid to late 1970s and the early 1980s has been attributed to the big rise in the real price of oil, the conventional argument being that this had a simultaneously cost inflationary and demand deflationary effect. Towards the mid-1980s, however, the price of oil began to fall and in 1986 it fell quite dramatically. But it is not clear that this decline has had or will have a symmetrical impact on the world economy.


Interest Rate Debtor Country Debt Problem Debt Position Fall Interest Rate 
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  2. 3.
    Graham Bird, ‘New Approaches to Country Risk’, Lloyds Bank Review, October 1986.Google Scholar
  3. 5.
    John Eaton and Mark Gersovitz, ‘Debt with Potential Repudiation: Theoretical and Empirical Analysis’, Review of Economic Studies, April, 1981.Google Scholar
  4. 8.
    Tony Killick, Graham Bird, Jennifer Sharpley and Mary Sutton, The Quest for Economic Stabilisation: The IMF and the Third World ( Over-seas Development Institute and Heinemann, London, 1984 ).Google Scholar

Copyright information

© Graham Bird 1988

Authors and Affiliations

  • Graham Bird
    • 1
  1. 1.University of SurreyUK

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