Growth in an oil abundant economy: The case of Venezuela
| Autor: | Amaia Iza, Betty Agnani |
|---|---|
| Rok vydání: | 2008 |
| Předmět: |
Economic growth rate
media_common.quotation_subject Economic rent non-renewable resources growt accounting TFP oil rents non-renewable resources growth accounting TFP oil rents Growth accounting Positive correlation Physical capital Economy jel:Q32 Great Depression Economics jel:O47 General Economics Econometrics and Finance Total factor productivity Non-renewable resource media_common |
| Popis: | Venezuela growth experience in the last fifty years is characterized by a high economic growth rate during the period (1950-70), and a low economic growth rate in the last thirty years. In spite Venezuela is an oil abundant economy, this growth experience is mainly accounted by the evolution of the real GDP in the non-oil sector of the economy. Further- more, we make a growth accounting to quantify for how much the growth experience in the non-oil sector is due to physical capital accumulation and we find that most of its growth experience is accounted by the evolution of its TFP. On the other hand, the evolution of the oil rents have a high correlation with the TFP in the non-oil sector in the period (1950-80). During the high growth rate period, Venezuela experienced an impressive modernization. In consequence, the use of these oil rents, by the Government, may help to understand, at least partly, the growth experience of the non-oil sector of the venezuelan economy. We have constructed a model to check the importance of the venezuelan public policies. |
| Databáze: | OpenAIRE |
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