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Growth in an oil abundant economy: The case of Venezuela

  • Bety Agnany

    ()

    (Department of Economic Theory and Economic History, University of Granada.)

  • Amaia Iza

    ()

    (DFAEII - The University of the Basque Country)

Venezuela´s growth experience over the past fifty years is characterised by a high economic growth rate from 1950 to 1977 and a low economic growth rate over the 1977-2003 period. In particular, we show that the country has been in a ‘great depression’ since the late seventies. We also show that although Venezuela has an oil abundant economy, this growth experience is largely due to the evolution of its real non-oil GDP. We perform a growth accounting exercise to quantify the extent to which the growth experience in the non-oil sector is a result of physical capital accumulation, finding that non-oil sector behavior can largely be explained by the evolution of TFP. Finally, we also make some correlations to determine whether the oil sector has affected the non-oil sector, either through its capital accumulation or through its TFP. We find that the correlation between oil revenues and capital per worker or non-oil TFP is always negative.

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File URL: http://www.ugr.es/~teoriahe/RePEc/gra/wpaper/thepapers08_18.pdf
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Paper provided by Department of Economic Theory and Economic History of the University of Granada. in its series ThE Papers with number 08/18.

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Length: 20 pages
Date of creation: 31 Dec 2008
Date of revision:
Handle: RePEc:gra:wpaper:08/18
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