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Pecchenino, Rowena A. (2007) OPEC and the international oil market: Can a cartel fuel the engine of economic development? International Journal of Industrial Organization, 25 (1). pp. 187-199. ISSN 0167-7187
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Abstract
The OPEC cartel was formed to promote two economic goals, one microeconomic
—
low oil market
volatility
—
the other macroeconomic
—
promotes economic development of its members. These goals
create a tension since the cartel's single tool is output quotas. Using this dual micro/macro perspective we
analyze oil exporting countries' behavior. We find that the effects of the cartel's choices will be reflected in
oil market stability, long-term macroeconomic development, and international oil market structure. If an oil
producing country cares about both oil industry profits and macroeconomic stability, the goal of output
stability may be inconsistent with cartel membership.
| Item Type: | Article |
|---|---|
| Keywords: | Oil market volatility; Oil market structure; Economic development; |
| Academic Unit: | Faculty of Social Sciences > Economics, Finance and Accounting |
| Item ID: | 8510 |
| Identification Number: | 10.1016/j.ijindorg.2006.04.010 |
| Depositing User: | Prof. Rowena Pecchenino |
| Date Deposited: | 25 Jul 2017 17:10 |
| Journal or Publication Title: | International Journal of Industrial Organization |
| Publisher: | Elsevier |
| Refereed: | Yes |
| Related URLs: | |
| URI: | https://mural.maynoothuniversity.ie/id/eprint/8510 |
| Use Licence: | This item is available under a Creative Commons Attribution Non Commercial Share Alike Licence (CC BY-NC-SA). Details of this licence are available here |
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