The Economic Effects of North Sea Oil on the Manufacturing Sector
This paper analyzes the economic effects of the oil and gas sector (energy booms) on manufacturing output in two energy producing countries: Norway and the United Kingdom. In particular, the author investigates whether there is evidence of a 'Dutch disease,' that is whether energy booms have had adverse effects on manufactures. In addition to energy booms, three other types of structural disturbances are identified; demand, supply, and oil price shocks. The different disturbances are identified by imposing dynamic restrictions on a vector autoregressive model. Overall, there is only weak evidence of a Dutch disease in the United Kingdom, whereas manufacturing output in Norway has actually benefited from energy discoveries and higher oil prices. Copyright 1998 by Scottish Economic Society.
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Volume (Year): 45 (1998)
Issue (Month): 5 (November)
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