The Anarchy of Numbers: Understanding the Evidence on Venezuelan Economic Growth
AbstractThis paper studies Venezuelan economic performance from 1950 to 1998. We show that there exist wide divergences in many commonly used estimates of GDP growth and discuss the sources of those differences. We show that the choice of base year and linking techniques are crucial for the diagnosis of economic growth, and argue that the aggregate GDP and TFP growth numbers are distorted by cuts in oil production that came about as a result of the country adopting the OPEC strategy of exploiting market power during the 1970s. We argue that non-oil growth and TFP numbers represent more adequate measures of economic performance and that, while far from satisfactory, these do not deviate significantly from those of other Latin American countries.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Wesleyan University, Department of Economics in its series Wesleyan Economics Working Papers with number 2006-009.
Length: 39 pages
Date of creation: Feb 2006
Date of revision:
Economic growth; National accounts; Growth accounting; Oil exporting economies; Latin America; Venezuela;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-03-25 (All new papers)
- NEP-ENE-2006-03-25 (Energy Economics)
- NEP-HIS-2006-03-25 (Business, Economic & Financial History)
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.:
- Eduardo Lora & Ugo Panizza, 2002.
"Structural Reforms in Latin America under Scrutiny,"
Research Department Publications
4303, Inter-American Development Bank, Research Department.
- Eduardo Lora & Ugo Panizza, 2002. "Structural Reforms in Latin America under Scrutiny," Research Department Publications 4301, Inter-American Development Bank, Research Department.
- Eduardo Lora, 2001.
"Structural reforms in Latin America: What has been reformed and how to measure it?,"
Research Department Publications
4287, Inter-American Development Bank, Research Department.
- Eduardo Lora, 2001. "Structural Reforms in Latin America: What Has Been Reformed and How to Measure It," Research Department Publications 4293, Inter-American Development Bank, Research Department.
- Eduardo Lora, 2001. "Structural Reforms in Latin America: What Has Been Reformed and How to Measure It," IDB Publications 39858, Inter-American Development Bank.
- Brock, William A & Scheinkman, Jose A, 1985. "Price Setting Supergames with Capacity Constraints," Review of Economic Studies, Wiley Blackwell, vol. 52(3), pages 371-82, July.
- Barro, Robert J, 1999.
" Notes on Growth Accounting,"
Journal of Economic Growth,
Springer, vol. 4(2), pages 119-37, June.
- Benoit, Jean-Pierre & Krishna, Vijay, 1987. "Dynamic Duopoly: Prices and Quantities," Review of Economic Studies, Wiley Blackwell, vol. 54(1), pages 23-35, January.
- Jeni Klugman & Francisco Rodríguez & Hyung-Jin Choi, 2011.
"The HDI 2010: New Controversies, Old Critiques,"
Human Development Research Papers (2009 to present)
HDRP-2011-01, Human Development Report Office (HDRO), United Nations Development Programme (UNDP).
- Sanjay G. Reddy & Camelia Minoiu, 2006.
"Real Income Stagnation of Countries, 1960-2001,"
28, United Nations, Department of Economics and Social Affairs.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Manolis Kaparakis).
If references are entirely missing, you can add them using this form.