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Growth in an oil abundant economy: The case of Venezuela

  • Betty Agnani
  • Amaia Iza

Venezuela growth experience in the last fifty years is characterized by a high economic growth rate during the period (1950-70), and a low economic growth rate in the last thirty years. In spite Venezuela is an oil abundant economy, this growth experience is mainly accounted by the evolution of the real GDP in the non-oil sector of the economy. Further- more, we make a growth accounting to quantify for how much the growth experience in the non-oil sector is due to physical capital accumulation and we find that most of its growth experience is accounted by the evolution of its TFP. On the other hand, the evolution of the oil rents have a high correlation with the TFP in the non-oil sector in the period (1950-80). During the high growth rate period, Venezuela experienced an impressive modernization. In consequence, the use of these oil rents, by the Government, may help to understand, at least partly, the growth experience of the non-oil sector of the venezuelan economy. We have constructed a model to check the importance of the venezuelan public policies.

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Paper provided by DEGIT, Dynamics, Economic Growth, and International Trade in its series DEGIT Conference Papers with number c010_053.

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Length: 25 pages JEL Classification:
Date of creation: Jun 2005
Date of revision:
Handle: RePEc:deg:conpap:c010_053
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