Schmid, MichaelMichaelSchmid2023-11-142023-11-1419760022-1996https://fis.uni-bamberg.de/handle/uniba/91737The 'Oil Crisis' provides the challenge to analyze effects of a resource shortage in a minimal monetary model of a vertically trading world economy. The one-asset monetary approach to balance of payments theory is employed to demonstrate that in a model with one final good and two inputs the elasticity of substitution between the domestic factor of production and an imported raw material plays the key role in determining the reaction of the balance of payments ( =balance of trade).eng-330article