in this paper, the random walk hypothesis and the opec oil market efficiency have been examined. the random walk hypothesis states that prices are completely stochastic in nature so that they have 'no memory'. in its weak-form, changes in prices occur stochastically and, as a result, the random walk behavior of prices is usually used to test the weak-form efficiency. in order to study the rando...

The article examines Yugoslavia's and by extension the Non-Aligned Movement's relations with Middle East, reflecting more broadly on developmental hierarchies inner divides between oil producing non-oil countries within Movement. ‘energy shocks’ of 1970s had a dramatic impact non-OPEC developing sowed long-lasting rifts in non-aligned/developing world. embeds these events debates about ‘New Int...

after the establishment of the opec, oil-rich countries of the third world, which were in struggle with big petroleum companies since the 1950s, tried to use oil as a means for achieving their economic and political goals. as an example, the opec raised the price of petroleum in 1973 and 1974 to unprecedent levels. concurrent with these conditions, richard nixon, then the president of the unite...