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A Review of the External Positions of the Oil‐Importing Developing Countries and their Relationship to the World Oil Market

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  • JAMES M. BOUGHTON

Abstract

Many oil‐importing developing countries faced greater difficulties coping with the second oil shock (1979–80) than with the first (1973–74). The recent decline in oil prices has offset only a small part of the adverse effect of the earlier increases, and a number of these countries continue to face severe problems in servicing their external debt. This paper explores the reasons for these difficulties, which are associated in part with the higher levels of real interest rates in recent years and with the slowdown in economic activity in industrial countries. Estimates are provided of the effects of changing oil prices on the net real cost of oil imports in developing countries. The paper concludes with an assessment of the medium‐term prospects for the financing of external deficits.

Suggested Citation

  • James M. Boughton, 1984. "A Review of the External Positions of the Oil‐Importing Developing Countries and their Relationship to the World Oil Market," Natural Resources Forum, Blackwell Publishing, vol. 8(1), pages 25-36, January.
    • Handle: RePEc:wly:natres:v:8:y:1984:i:1:p:25-36
    DOI: 10.1111/j.1477-8947.1984.tb00468.x
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