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Growth in an oil abundant economy: The case of Venezuela Author info | Abstract | Publisher info | Download info | Related research | Statistics Bety Agnany () (Department of Economic Theory and Economic History, University of Granada.)
Amaia Iza () (DFAEII - The University of the Basque Country)
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Venezuela´s growth experience over the past fifty years is characterised by a high economic growth rate from 1950 to 1977 and a low economic growth rate over the 1977-2003 period. In particular, we show that the country has been in a ‘great depression’ since the late seventies. We also show that although Venezuela has an oil abundant economy, this growth experience is largely due to the evolution of its real non-oil GDP. We perform a growth accounting exercise to quantify the extent to which the growth experience in the non-oil sector is a result of physical capital accumulation, finding that non-oil sector behavior can largely be explained by the evolution of TFP. Finally, we also make some correlations to determine whether the oil sector has affected the non-oil sector, either through its capital accumulation or through its TFP. We find that the correlation between oil revenues and capital per worker or non-oil TFP is always negative.
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Paper provided by Department of Economic Theory and Economic History of the University of Granada. in its series ThE Papers with number
08/18.
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Length: 20 pages
Date of creation: 31 Dec 2008Date of revision:
Handle: RePEc:gra:wpaper:08/18Contact details of provider: Postal: Campus Universitario de Cartuja Phone: (34)958248346 Fax: (34)958249995 Email: Web page: http://www.ugr.es/local/teoriahe More information through EDIRC
For technical questions regarding this item, or to correct its listing, contact: (Angel Solano Garcia.).
Keywords: non-renewable resources ; growth accounting ; TFP ; oil rents. ; Other versions of this item:
Find related papers by JEL classification: O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
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