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The Economic Effects of North Sea Oil on the Manufacturing Sector

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Author Info
Bjornland, Hilde Christiane

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Abstract

This paper analyzes the economic effects of the oil and gas sector (energy booms) on manufacturing output in two energy producing countries: Norway and the United Kingdom. In particular, the author investigates whether there is evidence of a 'Dutch disease,' that is whether energy booms have had adverse effects on manufactures. In addition to energy booms, three other types of structural disturbances are identified; demand, supply, and oil price shocks. The different disturbances are identified by imposing dynamic restrictions on a vector autoregressive model. Overall, there is only weak evidence of a Dutch disease in the United Kingdom, whereas manufacturing output in Norway has actually benefited from energy discoveries and higher oil prices. Copyright 1998 by Scottish Economic Society.

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Publisher Info
Article provided by Scottish Economic Society in its journal Scottish Journal of Political Economy.

Volume (Year): 45 (1998)
Issue (Month): 5 (November)
Pages: 553-85
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Handle: RePEc:bla:scotjp:v:45:y:1998:i:5:p:553-85

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  1. Guidi, Francesco, 2009. "The economic effects of oil prices shocks on the UK manufacturing and services sector," MPRA Paper 16171, University Library of Munich, Germany. [Downloadable!]
  2. Erling Røed Larsen, 2004. "Escaping the Resource Curse and the Dutch Disease? When and Why Norway Caught up with and Forged ahead of Its Neighbors," Discussion Papers 377, Research Department of Statistics Norway. [Downloadable!]
  3. Mohammadi, Hassan & Jahan-Parvar, Mohammad R., 2009. "Oil Prices and Exchange Rates in Oil-Exporting Countries: Evidence from TAR and M-TAR Models," MPRA Paper 14578, University Library of Munich, Germany. [Downloadable!]
  4. Rebeca Jiménez-Rodríguez & Marcelo Sánchez, 2004. "Oil price shocks and real GDP growth: empirical evidence for some OECD countries," Working Paper Series 362, European Central Bank. [Downloadable!]
  5. Elke Hahn, 2003. "Pass-through of external shocks to euro area inflation," Working Paper Series 243, European Central Bank. [Downloadable!]
  6. Erling Røed Larsen, 2003. "Are Rich Countries Immune to the Resource Curse? Evidence from Norway's Management of Its Oil Riches," Discussion Papers 362, Research Department of Statistics Norway. [Downloadable!]
  7. Bjørnland, Hilde C. & Hungnes, Håvard, 2003. "Fundamental determinants of the long run real exchange rate: The case of Norway," Memorandum 23/2002, Oslo University, Department of Economics. [Downloadable!]
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  8. Kenneth W Clements & Yihui Lan & John Roberts, 2007. "Exchange-Rate Economics for the Resources Sector," Economics Discussion / Working Papers 07-13, The University of Western Australia, Department of Economics. [Downloadable!]
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