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Una revisión de la enfermedad holandesa a la luz de la teoría austriaca del ciclo económico
[A review of the Dutch disease in the light of the Austrian theory of business cycle]


  • Rodríguez González, Guillermo


The purpose of this paper is to review the phenomenon has been called Dutch disease in the light of Austrian business cycle theory. To this end we will see the history of Austrian business cycle theory from its roots in Wicksell ([1898] 2000) to the extension of the theory in open economies with fiat currencies in Cachanosky (2012). We will review the concept of Dutch disease and the positions of its nature negative, neutral or positive in terms of growth, along with the problem of real exchange rate and its possible relationship with the long term growth, and taking into account the relevant differences between the economies that emit fiat currencies used as reserves and economies that import those currencies as reserves to issue their money, finally we postulate that the Dutch disease, as the economic malaise, it´s simply a variant specific and peripheral, of the distortions in the inter-temporary structure of capital by bad investments, extensively studied in the Austrian business cycle theory.

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  • Rodríguez González, Guillermo, 2012. "Una revisión de la enfermedad holandesa a la luz de la teoría austriaca del ciclo económico
    [A review of the Dutch disease in the light of the Austrian theory of business cycle]
    ," MPRA Paper 39986, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:39986

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    References listed on IDEAS

    1. Emmanuel K. K. Lartey & Federico S. Mandelman & Pablo A. Acosta, 2012. "Remittances, Exchange Rate Regimes and the Dutch Disease: A Panel Data Analysis," Review of International Economics, Wiley Blackwell, vol. 20(2), pages 377-395, May.
    2. Andrew Berg & Yanliang Miao, 2010. "The Real Exchange Rate and Growth Revisited; The Washington Consensus Strikes Back?," IMF Working Papers 10/58, International Monetary Fund.
    3. Mohamed Tahar Benkhodja, 2011. "Monetary Policy and the Dutch Disease in a Small Open Oil Exporting Economy," Working Papers halshs-00654511, HAL.
    4. Dani Rodrik, 2007. "Introductiion to One Economics, Many Recipes: Globalization, Institutions, and Economic Growth," Introductory Chapters,in: One Economics, Many Recipes: Globalization, Institutions, and Economic Growth Princeton University Press.
    5. Kamas, Linda, 1986. "Dutch disease economics and the Colombian export boom," World Development, Elsevier, vol. 14(9), pages 1177-1198, September.
    6. Michael Bruno & Jeffrey Sachs, 1982. "Energy and Resource Allocation: A Dynamic Model of the "Dutch Disease"," NBER Working Papers 0852, National Bureau of Economic Research, Inc.
    7. Nicolas Cachanosky, 2014. "The Mises-Hayek business cycle theory, fiat currencies and open economies," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 27(3), pages 281-299, September.
    8. Kareem Ismail, 2010. "The Structural Manifestation of the ‘Dutch Disease’; The Case of Oil Exporting Countries," IMF Working Papers 10/103, International Monetary Fund.
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    More about this item


    Enfermedad holandesa; macroeconomía del capital; teoría austriaca del ciclo; dinero fiduciario;

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian

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