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Resource depletion and terms of trade collapse : "The zambian disease"

Author

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  • Desmond Norton

Abstract

This paper considers the response of a labour-abundant developing economy, initially heavily dependent on a single resource, to depletion of that resource or to permanent collapse in the terms of international trade agaist the resource sector. It is shown that agriculture will be the new long-run growth sector. But if the country borrows abroad in order to maintain living standards in the short-run and medium-run following the resource sector collapse, the economy might be forced to repudiate its international debts even if growth occurs in the longer-run.

Suggested Citation

  • Desmond Norton, 1988. "Resource depletion and terms of trade collapse : "The zambian disease"," Working Papers 198802, School of Economics, University College Dublin.
    • Handle: RePEc:ucn:wpaper:198802
    as

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    File URL: http://hdl.handle.net/10197/1450
    File Function: First version, 1988
    Download Restriction: no
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