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The crude oil market and its driving forces

Prices, Production and Consumption

Basil Oberholzer

This chapter is an introduction to the most important topics regarding the crude oil market. Several data and facts of the market are briefly presented. An outstanding feature of crude oil at the core of public debates is its character as a fossil and non-renewable fuel. The chapter enlightens what this means in economic terms and how it is connected to the investigation at hand. As another issue, recent research on the oil market has, to a great part, focused on the driving forces of the oil price. In particular, our interest is in the question of whether economic fundamentals are the only factors influencing the price or whether speculation may also be effective. Finally, the role of OPEC and its potential power to impact on the oil market is considered.

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Tim Congdon

Most analyses of the Great Recession have blamed it on weaknesses of banking systems, notably excessive losses and a lack of capital. However, this mainstream approach is far from convincing, as most banks had higher capital/asset ratios ahead of the crisis than on average in recent decades. An alternative argument – that the falls in asset prices and slump in demand were due to a crash in the rate of money growth – is proposed, and is shown to be applicable to the main countries.

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Tim Congdon

The introduction explains why the Quantity Theory of Money is relevant to understanding the causes of the Great Recession of 2008 and 2009, just as it was relevant to understanding the causes of the USA’s Great Depression of 1929–33.

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Foreword

Did a Crash in Money Growth Cause the Global Slump?

Edited by Tim Congdon

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Giancarlo Bertocco

This chapter briefly describes the key characteristics of the contemporary crisis. The first characteristic is related to the place where it originated. The second concerns the phenomenon that triggered the crisis, that is, the substantial increase in delinquencies in a specific category of residential mortgages, namely, the so-called subprime mortgages. The third characteristic had to do with the evolution of the crisis since 2007.

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Louis-Philippe Rochon and Sergio Rossi

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Edited by Marek Belka, Ewald Nowotny, Pawel Samecki and Doris Ritzberger-Grünwald

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Edited by Marek Belka, Ewald Nowotny, Pawel Samecki and Doris Ritzberger-Grünwald

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Edited by Marek Belka, Ewald Nowotny, Pawel Samecki and Doris Ritzberger-Grünwald

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Edited by Marek Belka, Ewald Nowotny, Pawel Samecki and Doris Ritzberger-Grünwald