Regional oil dependency: Rising oil import bills, the external accounts, and NOILDC development policies

Corazon M. Siddayao

Energy, 1981, vol. 6, issue 8, 677-696

Abstract: This paper addresses the issue of the long-term implications for net-oil importing developing countries (referred to in the paper as “NOILDCs”) of high oil import costs. The discussion is divided into three parts: Section II discusses oil dependency in the countries of the Asia-Pacific region, both developing and industrialized, in relation to each nation's other energy resources. Section III briefly discusses the energy/GNP link, the resulting demand for imported oil in NOILDCs, and the effect of such imports on these contries' external accounts. This section closes with a discussion of the external debt as a source of foreign exchange, to finance oil and other economic development-related capital imports. Section IV briefly raises some allocatives issues that arise in light of the competing demands on foreign exchange of oil imports and capital equipment for development programs. The paper concludes with the suggestion that, over the long-term, external borrowing cannot provide the solution to these import capability problems.

Date: 1981
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Persistent link: https://EconPapers.repec.org/RePEc:eee:energy:v:6:y:1981:i:8:p:677-696

DOI: 10.1016/0360-5442(81)90110-9

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