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Flujos de capital, recursos naturales y enfermedad holandesa: el caso colombiano

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  • Thomas Goda
  • Alejandro Torres García

Abstract

Este trabajo busca aportar evidencia empírica sobre la relación entre flujos de capital, explotación de recursos naturales y desindustrialización, a partir del análisis del caso colombiano. Para ello, se concentra en indagar si el financiamiento externo percibido por el país durante el período de estudio generó un proceso de apreciación adicional de la tasa de cambio real fortaleciendo un posible fenómeno de «enfermedad holandesa» originado en el aumento de los precios de los commodities. Los resultados muestran que la entrada de capitales, sobre todo la entrada de inversión extranjera directa al sector minero-energético, efectivamente ocasionaron una apreciación de la tasa de cambio que afectó negativamente el desempeño de los sectores transables en general y de la manufactura en particular. Esto demuestra que no solo la explotación de los recursos naturales sino, además, la forma en que esta se financie influyen en el comportamiento de la industria en las economías de los países en desarrollo.

Suggested Citation

  • Thomas Goda & Alejandro Torres García, 2015. "Flujos de capital, recursos naturales y enfermedad holandesa: el caso colombiano," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 33(78), pages 197-206, December.
    • Handle: RePEc:bdr:ensayo:v:33:y:2015:i:78:p:197-206
    DOI: 10.1016/j.espe.2015.07.001
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    Cited by:

    1. Alejandro Torres García & Thomas Goda & Santiago Sanchez Gonzalez & Adriana Romero Villanueva, 2017. "Efectos diferenciales de la tasa de cambio real sobre el comercio internacional en Colombia," Documentos de Trabajo de Valor Público 15662, Universidad EAFIT.
    2. Thomas Goda & Santiago Sánchez González, 2024. "Export Market Size Matters: The Effect of the Market Size of Export Destinations on Manufacturing Growth," International Economic Journal, Taylor & Francis Journals, vol. 38(1), pages 21-44, January.
    3. Wilson Quijano & Diego Alejandro Guevara-Castañeda, 2021. "Desindustrialización: evidencias desde una mirada kaldoriana para Colombia (2005-2017)," Ensayos de Economía 19342, Universidad Nacional de Colombia Sede Medellín.
    4. Johnny Humberto Vargas-Restrepo & Juan Pablo Saldarriaga Muñoz, 2020. "Las exportaciones de hidrocarburos y el crecimiento económico en Colombia 1960-2016: un análisis según la hipótesis de la enfermedad holandesa," Apuntes del Cenes, Universidad Pedagógica y Tecnológica de Colombia, vol. 39(70), pages 167-182, July.
    5. William Niebles-Nunez & Leonardo Niebles-Nunez & Lorena Hoyos Babilonia, 2022. "Energy Financing in Colombia: A Bibliometric Review," International Journal of Energy Economics and Policy, Econjournals, vol. 12(2), pages 459-466, March.
    6. Thomas Goda & Jan Priewe, 2020. "Determinants of real exchange rate movements in 15 emerging market economies," Brazilian Journal of Political Economy, Center of Political Economy, vol. 40(2), pages 214-237.
    7. Gustavo Svarzman, 2021. "Buenos Vientos Comerciales Para América Latina (Pero No Para Todos)," Documentos de trabajo del Instituto Interdisciplinario de Economía Política IIEP (UBA-CONICET) 2021-61, Universidad de Buenos Aires, Facultad de Ciencias Económicas, Instituto Interdisciplinario de Economía Política IIEP (UBA-CONICET).
    8. José Redondo Ochoa, 2021. "Boom minero-energético e aprofundamento da dependencia na Colombia: a insercao em um modelo exportador de especializacao produtiva pós-1990," Revista de Economía del Caribe 20284, Universidad del Norte.
    9. Martha López, 2016. "Fiscal Multipliers, Oil Revenues and Balance Sheet Effects," Borradores de Economia 976, Banco de la Republica de Colombia.
    10. Martha López Pineros, 2020. "Fiscal Multipliers and Balance Sheet Effects in a Small Open Economy," Revista de Economía del Rosario, Universidad del Rosario, vol. 23(2), pages 1-42, December.
    11. Melisa Pacheco Flórez & Adrián Saldarriaga Isaza, 2019. "Recursos no renovables, diversificación y actividad económica en los departamentos de Colombia," Ensayos de Economía 17538, Universidad Nacional de Colombia Sede Medellín.
    12. Carlos Ballesteros, 2016. "Mining and Energy Boom, Dutch Disease and Informality in Colombia: a DSGE Approach," Documentos de Trabajo de Valor Público 15011, Universidad EAFIT.
    13. Sergio Peláez, 2018. "Ciclo de recursos naturales y política fiscal bajo preferencias inconsistentes," Coyuntura Económica, Fedesarrollo, vol. 48(1-2), pages 13-78, December.

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    More about this item

    Keywords

    Enfermedad holandesa; Tasa de cambio real; Flujos de capital; Desindustrialización; Modelos ARDL; Colombia;
    All these keywords.

    JEL classification:

    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

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