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Resource Discoveries And "Excessive" External Borrowing

Listed author(s):
  • MANSOORIAN, A.

This paper incorporates a three-sector Dutch disease model into the overlapping generations framework of O. Blanchard (1985). It is shown that, if the extraction of natural resources is capital intensive, then a resource discovery may shift income away from labor. If this happens, then the asset holders at the time of the discovery will incur such a large debt that, in order to pay the interest on the debt, aggregate expenditure in the new steady state would have to be smaller than it was before the resource discovery. The country may then experience both real depreciation and proindustrialization. Copyright 1991 by Royal Economic Society.

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Paper provided by University of Western Ontario, The Centre for the Study of International Economic Relations in its series University of Western Ontario, The Centre for the Study of International Economic Relations Working Papers with number 8912.

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Length: 25 pages
Date of creation: 1989
Handle: RePEc:uwo:wocier:8912
Contact details of provider: Postal:
The Centre for the Study of International Economic Relations, Social Science Centre, University of Western Ontario, London, Ontario, Canada N6A 5C2

Phone: 519-661-2111 Ext.85244
Web page: http://economics.uwo.ca/

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