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Oil Stock Discovery and Dutch Disease

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Author Info
John Hartwick () (Queen's University)
Kirk Hamilton

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Abstract

We set out a model of a two-good, small open economy exporting a traditional exportable in order to …finance capital goods rental payments. We observe that the traditional export sector declines with an exogenous increase in the country's oil export earnings, while the local goods sector expands. For input price effects to emerge, land is needed as a third input. For the "large land" case, we can have imports of capital steadily decline as oil earnings expand. Earnings from oil sales are stationary under our annuitization construction.

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File URL: http://www.econ.queensu.ca/working_papers/papers/qed_wp_1220.pdf
File Format: application/pdf
File Function: First version 2009
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Publisher Info
Paper provided by Queen's University, Department of Economics in its series Working Papers with number 1220.

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Length: 21 pages
Date of creation: Nov 2009
Date of revision:
Handle: RePEc:qed:wpaper:1220

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Related research
Keywords: Dutch disease; resource discovery; invariant earnings;

Other versions of this item:

Find related papers by JEL classification:
F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
Q33 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Resource Booms (Dutch Disease)
Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Arvind Subramanian & Xavier Sala-i-Martin, 2003. "Addressing the Natural Resource Curse: An Illustration from Nigeria," IMF Working Papers 03/139, International Monetary Fund. [Downloadable!]
    Other versions:
  2. Hartwick, John M, 1995. "Constant Consumption Paths in Open Eocnomies with Exhaustible Resources," Review of International Economics, Blackwell Publishing, vol. 3(3), pages 275-83, October.
  3. J. O. Olusi & M. A. Olagunju, 2005. "The Primary Sectors of the Economy and the Dutch Disease in Nigeria," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 44(2), pages 159-175. [Downloadable!]
  4. Neary, J Peter & Purvis, Douglas D, 1982. " Sectoral Shocks in a Dependent Economy: Long-run Adjustment and Short-run Accommodation," Scandinavian Journal of Economics, Blackwell Publishing, vol. 84(2), pages 229-53.
  5. Geir B. Asheim, 1986. "Hartwick's Rule in Open Economies," Canadian Journal of Economics, Canadian Economics Association, vol. 19(3), pages 395-402, August. [Downloadable!] (restricted)
  6. Vincent, Jeffrey R. & Panayotou, Theodore & Hartwick, John M., 1997. "Resource Depletion and Sustainability in Small Open Economies," Journal of Environmental Economics and Management, Elsevier, vol. 33(3), pages 274-286, July. [Downloadable!] (restricted)
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This page was last updated on 2009-12-11.

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