Over many years rises and fall of world oil prices have been repeatedly reflected in the boom-bust cycles in oil-exporting countries the world over. The recent spectacular rise and equally spectacular fall in prices provides an opportunity to inquire whether anything is different this time. In...

Intro -- Contents -- I. INTRODUCTION -- II. AN OVERVIEW OF THE LITERATURE -- III. THEORETICAL ANALYSIS -- IV. EMPIRICAL EVIDENCE -- V. CONCLUSION -- References -- DERIVATION OF DYNAMIC EQUILIBRIUM CONDITIONS -- DATA SOURCES AND DEFINITIONS.