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Real and Monetary Aspects of the ‘Dutch Disease’

In: Structural Adjustment in Developed Open Economies

Author

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  • J. Peter Neary

    (University College)

Abstract

When the average rate of growth of an economy is high, considerable changes in the relative sizes of different sectors can often be accommodated without great cost. However, in an environment of sluggish overall growth, such as has characterised most of the world in the past eight years, structural adjustment may be extremely painful, even though it results from a boom elsewhere in the economy. The problems are likely to be particularly acute if the boom takes the form of a rapid and unanticipated expansion of a small number of sectors, as typically follows the exploitation of natural resource discoveries.

Suggested Citation

  • J. Peter Neary, 1985. "Real and Monetary Aspects of the ‘Dutch Disease’," International Economic Association Series, in: Karl Jungenfelt & Douglas Hague (ed.), Structural Adjustment in Developed Open Economies, chapter 12, pages 357-391, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-17919-0_12
    DOI: 10.1007/978-1-349-17919-0_12
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    Cited by:

    1. Bahar, Dany & Santos, Miguel A., 2018. "One more resource curse: Dutch disease and export concentration," Journal of Development Economics, Elsevier, vol. 132(C), pages 102-114.
    2. Sebastian Edwards, 1985. "Commodity Export Boom and the Real Exchange Rate: The Money-Inflation Link," NBER Working Papers 1741, National Bureau of Economic Research, Inc.
    3. Sami Mahroum & Yasser Al-Saleh, 2016. "The surrogate model of cluster creation: The case of Mubadala in Abu Dhabi," Science and Public Policy, Oxford University Press, vol. 43(1), pages 1-12.

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