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Bolivia

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  • Eugenio Cerutti
  • Mario Mansilla

Abstract

The hydrocarbons sector has become one of the most dynamic economic activities in the Bolivian economy and the main driver of improved export performance and international reserve accumulation. The central role of the hydrocarbons sector in the economy is attributable to the high levels of investment made in the late 1990s, which permitted much higher production levels, particularly of natural gas. However those positive developments in the hydrocarbons sector have given rise to the possibility of a new case of "Dutch disease." While Bolivia''s economy has already seen many benefits from its higher gas exports, especially in terms of lower external vulnerability and improved fiscal stance, the new resources could also limit the development of other economic sectors in terms of output and factor income. This paper explores the transmission channels of Dutch disease, as well as its main symptom, the appreciation of the real exchange rate

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 08/154.

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Length: 20
Date of creation: 01 Jun 2008
Date of revision:
Handle: RePEc:imf:imfwpa:08/154

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Keywords: Hydrocarbons; Natural resources; Manufacturing sector; Real effective exchange rates; exchange rate; real exchange rate; equilibrium exchange rate; exchange rate appreciation; lead; real exchange rate appreciation; exchange rates; nominal exchange rate; effective exchange rate; exchange rate flexibility; current account balance; exchange rate adjustments; ammonia; effective exchange rates; limited exchange rate flexibility; nominal effective exchange rate; real exchange rate depreciation; exchange rate depreciation; real effective exchange rate; exchange controls; noise; foreign exchange market; foreign exchange; white noise; methane;

This paper has been announced in the following NEP Reports:

References

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  1. Xavier Sala-i-Martin & Arvind Subramanian, 2003. "Addressing the natural resource curse: An illustration from Nigeria," Discussion Papers 0203-15, Columbia University, Department of Economics.
  2. Sachs, J-D & Warner, A-M, 1995. "Natural Resource Abundance and Economic Growth," Papers 517a, Harvard - Institute for International Development.
  3. Ronald MacDonald & Luca Antonio Ricci, 2003. "Estimation of the Equilibrium Real Exchange Rate for South Africa," IMF Working Papers 03/44, International Monetary Fund.
  4. Taline Koranchelian, 2005. "The Equilibrium Real Exchange Rate in a Commodity Exporting Country," IMF Working Papers 05/135, International Monetary Fund.
  5. Johan Mathisen, 2003. "Estimation of the Equilibrium Real Exchange Rate for Malawi," IMF Working Papers 03/104, International Monetary Fund.
  6. Corden, W M, 1984. "Booming Sector and Dutch Disease Economics: Survey and Consolidation," Oxford Economic Papers, Oxford University Press, vol. 36(3), pages 359-80, November.
  7. Claudio Paiva, 2006. "External Adjustment and Equilibrium Exchange Rate in Brazil," IMF Working Papers 06/221, International Monetary Fund.
  8. Arvind Subramanian & Xavier Sala-i-Martin, 2003. "Addressing the Natural Resource Curse," IMF Working Papers 03/139, International Monetary Fund.
  9. Martin Petri & Tahsin Saadi-Sedik, 2006. "To Smooth or Not to Smooth," IMF Working Papers 06/257, International Monetary Fund.
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Cited by:
  1. Kablan, Sandrine & Loening, Josef, 2012. "Is Chad affected by Dutch or Nigerian disease?," MPRA Paper 39799, University Library of Munich, Germany, revised 02 Jul 2012.
  2. Sandrine A. Kablan & Josef L. Loening, 2012. "An empirical assessment of the Dutch disease channel of the resource curse: the case of Chad," Economics Bulletin, AccessEcon, vol. 32(3), pages 2007-2014.

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