Manufacturing Sector Resiliency to Energy Booms: Empirical Evidence from Norway, the Netherlands, and the United Kingdom
AbstractThe 'Dutch disease'--the prediction that an energy boom will cause a contraction of the manufacturing sector--is investigated for the United Kingdom, the Netherlands, and Norway. Cointegration and vector error correction modeling statistical analyses do not provide much support for the hypothesis, either for the short- or longer-term horizons. Only for Norway do impulse response functions indicate a short-run adverse effect on manufacturing arising from the energy boom. Fluctuations in world energy prices and domestic monetary conditions apparently have played much more important roles than North Sea oil in influencing the evolution of manufacturing output in the United Kingdom. Copyright 1994 by Royal Economic Society.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Oxford Economic Papers.
Volume (Year): 46 (1994)
Issue (Month): 2 (April)
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Other versions of this item:
- Michael M Hutchison, 1990. "Manufacturing sector resiliency to energy booms: Empirical evidence from Norway, the Netherlands and the United Kingdom," BIS Working Papers, Bank for International Settlements 13, Bank for International Settlements.
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