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Manufacturing Sector Resiliency to Energy Booms: Empirical Evidence from Norway, the Netherlands, and the United Kingdom

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  • Hutchison, Michael M

Abstract

The 'Dutch disease'--the prediction that an energy boom will cause a contraction of the manufacturing sector--is investigated for the United Kingdom, the Netherlands, and Norway. Cointegration and vector error correction modeling statistical analyses do not provide much support for the hypothesis, either for the short- or longer-term horizons. Only for Norway do impulse response functions indicate a short-run adverse effect on manufacturing arising from the energy boom. Fluctuations in world energy prices and domestic monetary conditions apparently have played much more important roles than North Sea oil in influencing the evolution of manufacturing output in the United Kingdom. Copyright 1994 by Royal Economic Society.

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  • Hutchison, Michael M, 1994. "Manufacturing Sector Resiliency to Energy Booms: Empirical Evidence from Norway, the Netherlands, and the United Kingdom," Oxford Economic Papers, Oxford University Press, vol. 46(2), pages 311-329, April.
  • Handle: RePEc:oup:oxecpp:v:46:y:1994:i:2:p:311-29
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    Cited by:

    1. Knobel, Alexander, 2013. "The risks of fiscal policy in countries rich in natural resources," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, pages 29-38, October.
    2. Rachel Ann Mulhall & John R. Bryson, 2013. "The Energy Hot Potato and Governance of Value Chains: Power, Risk, and Organizational Adjustment in Intermediate Manufacturing Firms," Economic Geography, Clark University, vol. 89(4), pages 395-419, October.
    3. repec:ipg:wpaper:2014-492 is not listed on IDEAS
    4. Maslyuk, Svetlana & Smyth, Russell, 2009. "Non-linear unit root properties of crude oil production," Energy Economics, Elsevier, vol. 31(1), pages 109-118, January.
    5. Hilde C. Bjørnland & Leif A. Thorsrud, 2016. "Boom or Gloom? Examining the Dutch Disease in Two‐speed Economies," Economic Journal, Royal Economic Society, vol. 126(598), pages 2219-2256, December.
    6. Raju, Sudhakar S. & Melo, Alberto, 2003. "Money, real output, and deficit effects of coffee booms in Colombia," Journal of Policy Modeling, Elsevier, vol. 25(9), pages 963-983, December.
    7. Hilde C. Bjørnland & Leif Anders Thorsrud, 2013. "Boom or gloom? Examining the Dutch disease in a two-speed economy," Working Papers No 6/2013, Centre for Applied Macro- and Petroleum economics (CAMP), BI Norwegian Business School.
    8. repec:rss:jnljee:v3i5p2 is not listed on IDEAS
    9. Francesco Guidi, 2010. "The Economic Effects of Oil Prices Shocks on the UK Manufacturing and Services Sectors," The IUP Journal of Applied Economics, IUP Publications, vol. 0(4), pages 5-34, October.
    10. Larsen, E.Roed., 2005. "Are rich countries immune to the resource curse? Evidence from Norway's management of its oil riches," Resources Policy, Elsevier, vol. 30(2), pages 75-86, June.
    11. Sandrine Kablan & Josef Loening & Yasuhiro Tanaka, 2014. "Is Chad Affected by Dutch or Nigerian Disease?," Journal of Empirical Economics, Research Academy of Social Sciences, vol. 3(5), pages 278-295.
    12. Jan Morten Dyrstad, 2015. "Resource curse avoidance: Governmental intervention and wage formation in the Norwegian petroleum sector," Working Paper Series 16715, Department of Economics, Norwegian University of Science and Technology.
    13. Ivanova, Galina, 2014. "The mining industry in Queensland, Australia: Some regional development issues," Resources Policy, Elsevier, vol. 39(C), pages 101-114.

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