[This paper looks at Venezuela’s export revenue, imports, and trade and current account balances under a range of oil price outcomes for the next two years. It finds that Venezuela would run large current account surpluses for prices between $60-90 per barrel, and would even run a small surplus with prices at $50 per barrel. (Most oil industry estimates for the next two years are in the range of $80-90 per barrel). The authors conclude that Venezuela is unlikely to run into foreign exchange constraints in the foreseeable future, and can pursue expansionary fiscal policies to counter any economic downturn.]
Oil Prices and Venezuela's Economy
November 2008, by Mark Weisbrot and Rebecca Ray - CEPR
(click here to view entire report; click here to view entire report in Spanish)
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The Oil Wars blog takes issue with some of the conclusions in the above report.
It will take more than a slight of hand to fix this.
http://oilwars.blogspot.com/2008_12_28_archive.html
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