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Economic Growth, Consumption and Oil Scarcity in Colombia: A Ramsey model, time series and panel data approach

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  • Danny García Callejas

Abstract

Resumen: Este artículo muestra la relación que existe entre el crecimiento económico, del consumo y de la disponibilidad de petróleo en Colombia. Primero se realiza un análisis teórico modificando el modelo de crecimiento de Ramsey para incluir una variable que represente la disponibilidad de petróleo, llegando a la conclusión que la tasa de crecimiento del consumo está directamente relacionada con la tasa de crecimiento de la producción de petróleo. Luego, por medio de un modelo de series de tiempo y panel de datos se verifica este resultado teórico y se muestra que la disponibilidad de petróleo contribuye al menos en un 13% en la tasa de crecimiento económico de Colombia. / Abstract: this paper shows the existing relation between economic growth, consumption and oil availability growth rate in Colombia. Firstly a theoretical analysis using a modified Ramsey growth model in which a variable that represents oil availability is performed, concluding that consumption’s growth rate is directly related with oil production growth rate. Later, this theoretical result is verified using a time series and panel data analysis which shows that oil availability provides at least a 13% of Colombia’s economic growth.

Suggested Citation

  • Danny García Callejas, 2005. "Economic Growth, Consumption and Oil Scarcity in Colombia: A Ramsey model, time series and panel data approach," Borradores del CIE 4180, Universidad de Antioquia, CIE.
    • Handle: RePEc:col:000099:004180
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    References listed on IDEAS

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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    consumo; crecimiento económico; escasez; reservas y producción de petróleo; consumption; economic growth; scarcity; oil production and reserves;
    All these keywords.

    JEL classification:

    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
    • Q38 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Government Policy (includes OPEC Policy)
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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