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Una revisión de la enfermedad holandesa a la luz de la teoría austriaca del ciclo económico
[A review of the Dutch disease in the light of the Austrian theory of business cycle]

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  • Rodríguez González, Guillermo

Abstract

The purpose of this paper is to review the phenomenon has been called Dutch disease in the light of Austrian business cycle theory. To this end we will see the history of Austrian business cycle theory from its roots in Wicksell ([1898] 2000) to the extension of the theory in open economies with fiat currencies in Cachanosky (2012). We will review the concept of Dutch disease and the positions of its nature negative, neutral or positive in terms of growth, along with the problem of real exchange rate and its possible relationship with the long term growth, and taking into account the relevant differences between the economies that emit fiat currencies used as reserves and economies that import those currencies as reserves to issue their money, finally we postulate that the Dutch disease, as the economic malaise, it´s simply a variant specific and peripheral, of the distortions in the inter-temporary structure of capital by bad investments, extensively studied in the Austrian business cycle theory.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 39986.

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Date of creation: 09 Jul 2012
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Handle: RePEc:pra:mprapa:39986

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Keywords: Enfermedad holandesa; macroeconomía del capital; teoría austriaca del ciclo; dinero fiduciario;

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  1. Dani Rodrik, 2007. "Introductiion to One Economics, Many Recipes: Globalization, Institutions, and Economic Growth
    [One Economics, Many Recipes: Globalization, Institutions, and Economic Growth]
    ," Introductory Chapters, Princeton University Press.
  2. Kareem Ismail, 2010. "The Structural Manifestation of the `Dutch Disease’," IMF Working Papers 10/103, International Monetary Fund.
  3. Michael Bruno & Jeffrey Sachs, 1982. "Energy and Resource Allocation: A Dynamic Model of the "Dutch Disease"," NBER Working Papers 0852, National Bureau of Economic Research, Inc.
  4. Mohamed Tahar Benkhodja, 2011. "Monetary Policy and the Dutch Disease in a Small Open Oil Exporting Economy," Working Papers 1134, Groupe d'Analyse et de Théorie Economique (GATE), Centre national de la recherche scientifique (CNRS), Université Lyon 2, Ecole Normale Supérieure.
  5. Emmanuel K.K. Lartey & Federico S. Mandelman & Pablo A. Acosta, 2008. "Remittances, exchange rate regimes, and the Dutch disease: a panel data analysis," Working Paper 2008-12, Federal Reserve Bank of Atlanta.
  6. Andrew Berg & Yanliang Miao, 2010. "The Real Exchange Rate and Growth Revisited," IMF Working Papers 10/58, International Monetary Fund.
  7. Kamas, Linda, 1986. "Dutch disease economics and the Colombian export boom," World Development, Elsevier, vol. 14(9), pages 1177-1198, September.
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