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Economic Growth, Consumption and Oil Scarcity in Colombia: A Ramsey model, time series and panel data approach

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  • Danny García Callejas

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    Abstract

    Este artículo muestra la relación que existe entre el crecimiento económico, del consumo y de la disponibilidad de petróleo en Colombia. Primero se realiza un análisis teórico modificando el modelo de crecimiento de Ramsey para incluir una variable que represente la disponibilidad de petróleo, llegando a la conclusión que la tasa de crecimiento del consumo está directamente relacionada con la tasa de crecimiento de la producción de petróleo. Luego, por medio de un modelo de series de tiempo y panel de datos se verifica este resultado teórico y se muestra que la disponibilidad de petróleo contribuye al menos en un 13% en la tasa de crecimiento económico de Colombia

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    File URL: http://www.udea.edu.co/portal/page/portal/bibliotecaSedesDependencias/unidadesAcademicas/FacultadCienciasEconomicas/ElementosDiseno/Documentos/BorradoresEconomia/BorradCIE_12.pdf
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    Bibliographic Info

    Paper provided by UNIVERSIDAD DE ANTIOQUIA - CIE in its series BORRADORES DEL CIE with number 004180.

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    Length: 26
    Date of creation: 28 Feb 2005
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    Handle: RePEc:col:000099:004180

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    1. Lawrence, Colin & Levy, Victor, 1982. "On Sharing the Gains from International Trade: The Political Economy of Oil Consuming Nations and Oil Producing Nations," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 23(3), pages 711-21, October.
    2. Gately, D. & Streifel, S.S., 1997. "The demand for Oil Products in Developing Countries," World Bank - Discussion Papers 359, World Bank.
    3. Reynolds, Douglas B., 1999. "The mineral economy: how prices and costs can falsely signal decreasing scarcity," Ecological Economics, Elsevier, vol. 31(1), pages 155-166, October.
    4. Douglas, Paul H, 1976. "The Cobb-Douglas Production Function Once Again: Its History, Its Testing, and Some New Empirical Values," Journal of Political Economy, University of Chicago Press, vol. 84(5), pages 903-15, October.
    5. Levin, Andrew & Lin, Chien-Fu & James Chu, Chia-Shang, 2002. "Unit root tests in panel data: asymptotic and finite-sample properties," Journal of Econometrics, Elsevier, vol. 108(1), pages 1-24, May.
    6. Olson, Mancur, 1988. "The Productivity Slowdown, the Oil Shocks, and the Real Cycle," Journal of Economic Perspectives, American Economic Association, vol. 2(4), pages 43-69, Fall.
    7. Pasaran, M.H. & Im, K.S. & Shin, Y., 1995. "Testing for Unit Roots in Heterogeneous Panels," Cambridge Working Papers in Economics 9526, Faculty of Economics, University of Cambridge.
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