Write a research essay on the following topic:

Due to the recent Russia-Ukraine war, the international oil price is rising. What are the implications of the rising oil price on developing countries’ Balance of Payments, Development Finance, Inflation, External trade, and inflation? Give rational arguments based on the topics learned in the second half of the course. Do you think the measures currently taken by these governments are sufficient? If not, what other policies would you like to suggest based on theory and global evidence?

Instructions to write this essay (check the grading rubric below)

Write the essay within 5-page (excluding, graphs, charts, diagrams, figures, and bibliography)

Use Times New Roman font, size 11, single space.

Include the following items in your paper (this is not an exhaustive list, you can add more items if you want)

Introduction

Background

Summary of available global evidence (what works and what doesn’t)

Possible solutions

Conclusion