HUI-LIANG TSAI is Research Associate at the Center for Yugoslav-American Studies, Research, and Exchanges at Florida State University, Tallahassee. He is the author of The Energy Illusion and Economic Stability (Praeger 1989).

• Preface Supply Disturbances and The World Economy: Perplexity, Uncertainty, and Skepticism New Era of Energy Awareness Macroeconomics of Energy Shocks Energy Shocks and Nature of the Adjustments Implications Challenges to Economic Stabilization Policy: Dilemma and Limitations Demand Management and Economic Nationalism Divergent Patterns and Policy Stances Responding to Exogenous Shocks: A Study in Contrasts Differing Policy Responses: OECD Experience Implications External Shocks, and LDC Economies Inflationary Effects of External Shocks Balance-of-Payments Effects of External Shocks Adjusting to External Shocks: LDC Experience Differing Guiding Philosophies Patterns of Adjustment Policy Implications World Payments Imbalances and Recycling Problems Different Payments Problems Recycling and Adjustment Problems Lessons from the Petrodollar Recycling International Debt Crisis and Financial Instability The LDC Debt Morass Debt Crisis and Debt Management Strategy Reform Proposals: Differing Perspectives Managing the LDC Debt Crisis: Two Distinct Schools of Thought Lessons from the World Debt Crisis Exogenous Disturbances and International Adjustment: Problems and Issues Fundamental Conflicts: An Embarrassing Paradox Limitations on LDC Exchange Rate Policy Responses to Exogenous Shocks Exchange-Rate Management and Control Exchange-Rate Determining: Theoretical Framework Empirical Evidence Bibliography Author Index Subject Index

HUI-LIANG TSAI is Research Associate at the Center for Yugoslav-American Studies, Research, and Exchanges at Florida State University, Tallahassee. He is the author of The Energy Illusion and Economic Stability (Praeger 1989).

• Preface Supply Disturbances and The World Economy: Perplexity, Uncertainty, and Skepticism New Era of Energy Awareness Macroeconomics of Energy Shocks Energy Shocks and Nature of the Adjustments Implications Challenges to Economic Stabilization Policy: Dilemma and Limitations Demand Management and Economic Nationalism Divergent Patterns and Policy Stances Responding to Exogenous Shocks: A Study in Contrasts Differing Policy Responses: OECD Experience Implications External Shocks, and LDC Economies Inflationary Effects of External Shocks Balance-of-Payments Effects of External Shocks Adjusting to External Shocks: LDC Experience Differing Guiding Philosophies Patterns of Adjustment Policy Implications World Payments Imbalances and Recycling Problems Different Payments Problems Recycling and Adjustment Problems Lessons from the Petrodollar Recycling International Debt Crisis and Financial Instability The LDC Debt Morass Debt Crisis and Debt Management Strategy Reform Proposals: Differing Perspectives Managing the LDC Debt Crisis: Two Distinct Schools of Thought Lessons from the World Debt Crisis Exogenous Disturbances and International Adjustment: Problems and Issues Fundamental Conflicts: An Embarrassing Paradox Limitations on LDC Exchange Rate Policy Responses to Exogenous Shocks Exchange-Rate Management and Control Exchange-Rate Determining: Theoretical Framework Empirical Evidence Bibliography Author Index Subject Index

HUI-LIANG TSAI is Research Associate at the Center for Yugoslav-American Studies, Research, and Exchanges at Florida State University, Tallahassee. He is the author of The Energy Illusion and Economic Stability (Praeger 1989).

• Preface Supply Disturbances and The World Economy: Perplexity, Uncertainty, and Skepticism New Era of Energy Awareness Macroeconomics of Energy Shocks Energy Shocks and Nature of the Adjustments Implications Challenges to Economic Stabilization Policy: Dilemma and Limitations Demand Management and Economic Nationalism Divergent Patterns and Policy Stances Responding to Exogenous Shocks: A Study in Contrasts Differing Policy Responses: OECD Experience Implications External Shocks, and LDC Economies Inflationary Effects of External Shocks Balance-of-Payments Effects of External Shocks Adjusting to External Shocks: LDC Experience Differing Guiding Philosophies Patterns of Adjustment Policy Implications World Payments Imbalances and Recycling Problems Different Payments Problems Recycling and Adjustment Problems Lessons from the Petrodollar Recycling International Debt Crisis and Financial Instability The LDC Debt Morass Debt Crisis and Debt Management Strategy Reform Proposals: Differing Perspectives Managing the LDC Debt Crisis: Two Distinct Schools of Thought Lessons from the World Debt Crisis Exogenous Disturbances and International Adjustment: Problems and Issues Fundamental Conflicts: An Embarrassing Paradox Limitations on LDC Exchange Rate Policy Responses to Exogenous Shocks Exchange-Rate Management and Control Exchange-Rate Determining: Theoretical Framework Empirical Evidence Bibliography Author Index Subject Index