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The role of oil and gas in the development of the global economy

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  • Paul Stevens

Abstract

This paper is concerned with the role of oil and gas in the development of the global economy. Its focus is on the context in which oil and gas producers in both established and developing countries must frame their policies in order to optimize the benefits of producing such resources. It begins by outlining a brief history of the issue over the last 25 years. It considers oil and gas as factor inputs, their role in global trade, the role of oil prices in the macro-economy and the impact of the geopolitics of oil and gas over the same period.

Suggested Citation

  • Paul Stevens, 2016. "The role of oil and gas in the development of the global economy," WIDER Working Paper Series wp-2016-175, World Institute for Development Economic Research (UNU-WIDER).
    • Handle: RePEc:unu:wpaper:wp-2016-175
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    File URL: https://www.wider.unu.edu/sites/default/files/wp2016-175.pdf
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    References listed on IDEAS

    as
    1. Hillard G. Huntington, 1994. "Oil Price Forecasting in the 1980s: What Went Wrong?," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2), pages 1-22.
    2. Philippe Bacchetta & Eric Van Wincoop, 2004. "A Scapegoat Model of Exchange-Rate Fluctuations," American Economic Review, American Economic Association, vol. 94(2), pages 114-118, May.
    3. P.J.G. Pearson & P.J. Stevens, 1984. "Integrated Policies for Traditional and Commercial Energy in Developing Countries," Development Policy Review, Overseas Development Institute, vol. 2(2), pages 131-153, November.
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