Central Bank of Nigeria
Surplus Oil Funds, Non-Oil Producing Countries, Developing Countries
The main objective of the paper is to examine, in general, the phenomenon of recycling against the background of enduring and fundamental disequilibria in the payments balances of the economies of non-oil producing developing countries. The technique used is, essentially, casual empiricism. In part I of the paper a brief attempt is made, using elementary micro-economic analysis, to illustrate conditions for the emergence of the surplus oil funds. Part 1 examines the mechanics and_ channels of recycling while Part 111 reflects on the attendant external debt burden of some non-oil producing developing countries. Part IV dwells on the limited effectiveness of recycling and prescribes a package of policies aimed at strengthening it.
CBN Economic and Financial Review
Archibong, Patrick E. (1980). Recycling Surplus Oil Funds and the Economies of some Non-oil Producing Developing Countries. CBN Economic and Financial Review. 18(1), 41-55.