The Second Oil Shock: 1979–80

David F. Lomax
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David F. Lomax: National Westminster Bank plc

Chapter 3 in The Developing Country Debt Crisis, 1986, pp 41-58 from Palgrave Macmillan

Abstract: Abstract The second oil shock and the policy response to it by the OECD governments triggered off the debt crisis as we now know it. When the tightness of the oil market in 1979 allowed the possiblity of increasing the price, with Iran being most active in this direction, there was little buyer resistance and the official price for Saudi light increased 2.4 times to over $30 a barrel by October 1980. This led to a series of untoward responses.

Keywords: Monetary Policy; OECD Country; Real Interest Rate; International Financial Statistics; World Economic Outlook (search for similar items in EconPapers)
Date: 1986
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DOI: 10.1007/978-1-349-07765-6_3

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