Publication at Faculty of Arts |
2015
Abstract
The paper is dealing with the transfer of oil shocks into the trade between the CMEA. High growth of the western prices caused a substantial reform of pricing formation in CMEA.
The analysis shows the impact of these changes for the oil prices for Czechoslovakia, a phase shift and distribution of the price shock through the time - with regard to the energy and oil demand of the economy. The shift of the terms of trade caused large changes in the Czechoslovakian foreign trade.
The necessity of increasing exports to USSR meant a growing burden for the Czechoslovakian economy.