Chapter II. The World Economy

1986 ◽  
Vol 116 ◽  
pp. 19-30
Keyword(s):  
Market Share ◽  
Persian Gulf ◽  
World Economy ◽  
Oil Prices ◽  
Spot Price ◽  
Average Price ◽  
Spot Prices ◽  
The World ◽  
Broad Scale

The outstanding development in the world economy in the early months of this year was the fall in oil prices. But while the broad scale of that fall is clear, it is by no means easy to see in detail what has been happening, as ‘netback’ prices are not generally known and yields of various barter deals are similarly undisclosed. By the middle of April spot prices of Brent and Dubai crude, which can probably be taken as representative for non-OPEC and Persian Gulf oils respectively, were down to around $10-11, rather more than 60 per cent below the level at which they had stood in December before OPEC effectively abandoned its restrictions on prices and production in order to increase its market share. But the fall in the average price at which oil is traded has probably lagged behind the fall in the spot price. There were reports of a substantial volume of business at an effective price of $15-16 per barrel at a time when spot prices were already much lower, and Brent was up again to about $12.50 by the end of the month.

Chapter II. The World Economy

1986 ◽  
Vol 117 ◽  
pp. 20-29
Keyword(s):  
Interest Rates ◽  
World Economy ◽  
Oil Prices ◽  
Final Demand ◽  
Total Output ◽  
Cold Winter ◽  
The Us ◽  
The World ◽  
Initial Effect ◽  
Small Rise

Fuller data confirm the impression which we formed in May that OECD countries' total output did not change much in the first quarter. It probably increased by about ¼ per cent, with even this small rise attributable wholly to stock movements in the US. Final demand in the US fell and there were declines in total output in a number of countries, including Japan, Germany, Australia, the Netherlands, Switzerland and possibly Italy (for which there are conflicting estimates), white France achieved only marginal growth. The fall was notably severe in Germany, where construction suffered badly in the cold winter. This probably had a wider impact also, and, in North America at least, the initial effect of the slump in oil prices seems to have been depressive, with drilling activity sharply reduced, especially in the US. There may also have been a tendency for expenditure, perhaps on investment in particular, to be deferred in the expectation of falling prices and interest rates.

Summary and Appraisal

1990 ◽  
Vol 134 ◽  
pp. 3-6
Keyword(s):  
Monetary Union ◽  
World Economy ◽  
Oil Prices ◽  
Labour Party ◽  
Economic And Monetary Union ◽  
Economic Policies ◽  
Policy Options ◽  
Foreseeable Future ◽  
The World

Our forecasts, like those of the Treasury published in the Autumn Statement, are based on the assumption that oil prices will fall back next year, as the crisis in the Gulf is resolved. We describe briefly below what might be the consequences, for the world economy and for Britain, if oil prices were to be $45 a barrel for the foreseeable future, as might happen as a result of a long war.In Chapter I our main forecasts assume the continuation of existing economic policies, which we interpret as being consistent with a gradual move towards economic and monetary union. In Chapter III we consider some of the alternative policy options which might be considered if the Labour Party wins the next election.

Chapter II. The World Economy

1989 ◽  
Vol 128 ◽  
pp. 20-39
Author(s):  
R.J. Barrell ◽  
Andrew Gurney
Keyword(s):  
Industrial Production ◽  
World Economy ◽  
Commodity Prices ◽  
Oil Prices ◽  
Short Term ◽  
Developed Country ◽  
Policy Responses ◽  
The Us ◽  
The World ◽  
Early Indicators

Our February forecast suggested that developments in the short term would be dominated by fears of accelerating inflation and policy responses to them. This has indeed been the case. In Japan, Germany and the US wholesale prices have begun to rise relatively rapidly. Although commodity prices, especially of metals and minerals and of developed country foods, have fallen in recent weeks, at least in dollar terms they remain high and oil prices appear to have hit temporary peaks at the beginning of the quarter. These developments are the result of demand pressure. Our equations for real commodity prices, which were reported in the August 1988 issue of the Review, do have rather strong influences from world industrial production in then. As commodity prices are more timely than figures for demand and output they have often been early indicators of rising demand and we believe that they are currently, and correctly, filling this role.

At a Glance…: The World Economy

2015 ◽  
Vol 232 ◽  
pp. F2-F2
Keyword(s):  
World Economy ◽  
Oil Prices ◽  
Developed Countries ◽  
List Type ◽  
Monetary Policies ◽  
The World ◽  
Almost All

Following growth of 3.4 per cent each year in 2012–14, the world economy will grow by 3.2 per cent in 2015 and 3.8 per cent in 2016.Growth has been slightly weaker than expected so far in 2015 and inflation remains well below target in almost all developed countries.But deflation does not appear to be embedded and low oil prices, combined with accommodative monetary policies, should provide a boost to growth in most oil importing countries.

scholarly journals Oil and the world economy: some possible futures

2014 ◽  
Vol 372 (2006) ◽  
pp. 20120327 ◽  
Author(s):  
Michael Kumhof ◽  
Dirk Muir
Keyword(s):  
World Economy ◽  
Oil Prices ◽  
Dynamic Stochastic General Equilibrium ◽  
Output Growth ◽  
Production Functions ◽  
Supply Shocks ◽  
Conventional Production ◽  
The World ◽  
Production Technologies ◽  
Dynamic Stochastic

This paper, using a six-region dynamic stochastic general equilibrium model of the world economy, assesses the output and current account implications of permanent oil supply shocks hitting the world economy. For modest-sized shocks and conventional production technologies, the effects are modest. But for larger shocks, for elasticities of substitution that decline as oil usage is reduced to a minimum, and for production functions in which oil acts as a critical enabler of technologies, output growth could drop significantly. Also, oil prices could become so high that smooth adjustment, as assumed in the model, may become very difficult.

Chapter II. The World Economy

1989 ◽  
Vol 129 ◽  
pp. 22-37
Author(s):  
R.J. Barrell ◽  
Andrew Gurney
Keyword(s):  
Interest Rate ◽  
Interest Rates ◽  
World Economy ◽  
Commodity Prices ◽  
Oil Prices ◽  
Policy Response ◽  
Recent Interest ◽  
Inflation Rates ◽  
The World

Our recent forecasts have warned of growing inflationary pressures in the world economy. The policy response to these has been robust, and interest rates have risen markedly over the last year; consequently there are now signs that inflationary pressures are receding. Chart 1 illustrates the recent interest-rate developments, and chart 2 recent and prospective inflation rates for the major 4 economies. Oil prices have weakened over the last three months, and commodity prices, especially those for metals and minerals, have been falling.

The World Economy: The impact of rising oil prices and weak equity markets on global growth

2008 ◽  
Vol 205 ◽  
pp. 8-13
Author(s):  
Ray Barrell
Keyword(s):  
Central Bank ◽  
World Economy ◽  
Financial Innovation ◽  
Oil Prices ◽  
Output Growth ◽  
Sequence Of Events ◽  
The Us ◽  
The World ◽  
The Uk ◽  
The Impact

In interesting times several things may happen simultaneously, and they may have connected roots. The financial turmoil that developed initially in the US banking sector had its roots in financial innovation that had made available cheap finance and increased demand for housing. This wave of low cost finance had spread to Europe, and house prices rose in a correlated way. The increase in demand in the world economy that resulted from strong growth in lending and high asset values helped raise output growth outside the OECD, and this in turn put upward pressure on oil prices. Markets sometimes work slowly, and the effects of the increase in demand on prices appear to be coming through just as the asset bubble is collapsing. The sequence of events was not inevitable, as low personal sector saving in the US and the UK as well as elsewhere could have been offset by tighter fiscal policy, and better prudential regulation of lenders would also definitely have helped. The desire to move financial regulation from the central bank, as in the UK, may have been for good, competition based, reasons, but it has meant that financial sector oversight has not taken account of the macroeconomic implications of a wave of lending that rested on risky financial innovation and therefore it has not properly addressed the issue of systemic risk (see Barrell and Davis, 2005). The resulting financial turmoil has meant that banks have made losses, and have been unable to trust each other's solvency when making deals. As a result three month interbank rates have risen well above central bank intervention rates, as can be seen in figure 1.

scholarly journals Challenges of Working From Homein Persistent Covid-19 Environment

2021 ◽  
Vol 14 (1) ◽  
pp. 85-97
Author(s):  
Chinnaiah. P.M ◽  
◽  
Smt. Chythra P ◽  
Keyword(s):  
Market Share ◽  
World Economy ◽  
Early Stage ◽  
Indian Economy ◽  
Working From Home ◽  
The World

The IT sector is one of the important sectors that contribute to the growth of Indian economy. The Industry adopted many measures to achieve a higher level of performance and to sustain their higher market share; one of such measures is working from Home (WFH). The Covid-19 pandemic badly affected the world economy. Therefore, to sustain the work progress the IT firms across the glove have adopted WFH method. Though there are many studies conducted to identify the challenges of working from home in the early stage of the covid-19. But, there are scant studies those who made attempt to identify the challenges of working from home and changes in these challenges in the persistent covid-19 environment. In the present study it is found that, there are seven challenges remain same as in the early stage of pandemic and eight previously identified challenges have changed into moderate challenges

COVID-2019 Locked down Effects on Oil Prices and Its Effects on the World Economy

2020 ◽  
Author(s):  
Naushad Khan ◽  
Shah Fahad ◽  
Mahnoor Naushad ◽  
Shah Faisal
Keyword(s):  
World Economy ◽  
Oil Prices ◽  
The World
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