dc.contributor.author | Agnani, Betty | |
dc.contributor.author | Iza Padilla, María Amaya | |
dc.date.accessioned | 2012-02-06T13:31:58Z | |
dc.date.available | 2012-02-06T13:31:58Z | |
dc.date.issued | 2005-09 | |
dc.identifier.issn | 1988-088X | |
dc.identifier.uri | http://hdl.handle.net/10810/6737 | |
dc.description | This paper has been presented at DEGIT-X held in México 2005.-- Revised: 2008-08. | es |
dc.description.abstract | Venezuela's growth experience over the past fifty years is characterized by a high economic growth rate from 1950 to 1970 and a low economic growth rate in the last thirty years. Although Venezuela is an oil abundant economy, this growth experience is largely accounted for by the evolution of its real non-oil GDP. We use growth accounting to quantify the extent to which the growth experience in non-oil sector is due to physical capital accumulation and we find that whereas in the period 1950-1980 most of the growth experience is accounted for by the evolution of TFP, this is not the case in the period 1980-1998. Nonetheless, the Venezuelan GDP is mainly driven by non-oil GDP; the use of oil revenues by the government may help us to understand, at least in part, the growth experience of the non-oil sector of the Venezuelan economy. Through the calculation of some correlations, we find a positive correlation of oil rents with physical capital, and of oil rents with non-oil TFP in the period 1950-1970, when the flow of oil rents was relatively high (the good times). However, in the period 1971-1998, there is a negative correlation of oil rents with non-oil TFP and with physical capital. Finally, we construct a simple growth model to study the effect of the oil rents, managed by the government, on private physical capital accumulation. | es |
dc.description.sponsorship | The authors gratefully acknowledge the nancial support received from the Spanish Ministry of Education and Science through Projects SEJ2007-62081/ECON and SEJ2006-10827/ECON, the University of the Basque Country through UPV GIU06/41 and the Basque Government through HM-2007-1-4. | es |
dc.language.iso | eng | es |
dc.publisher | University of the Basque Country, Department of Foundations of Economic Analysis II | es |
dc.relation.ispartofseries | DFAEII 2005.15 | |
dc.rights | info:eu-repo/semantics/openAccess | es |
dc.rights.uri | http://creativecommons.org/licenses/by-nc-sa/3.0/ | * |
dc.subject | non-renewable resources | es |
dc.subject | growth accounting | es |
dc.subject | TFP | es |
dc.subject | oil rents | es |
dc.title | Growth in an oil abundant economy: The case of Venezuela | es |
dc.type | info:eu-repo/semantics/workingPaper | es |
dc.rights.holder | Attribution-NonCommercial-ShareAlike 3.0 Unported | * |
dc.subject.jel | O57 | |
dc.subject.jel | Q32 | |
dc.identifier.repec | RePEc:ehu:dfaeii:200515 | es |
dc.departamentoes | Fundamentos del análisis económico II | es_ES |
dc.departamentoeu | Ekonomia analisiaren oinarriak II | es_ES |
dc.subject.categoria | AGRICULTURAL AND NATURAL RESOURCE ECONOMICS; ENVIRONMENTAL AND ECOLOGICAL ECONOMICS | |
dc.subject.categoria | ECONOMIC DEVELOPMENT, TECHNOLOGICAL CHANGE, AND GROWTH | |
dc.subject.categoria | ECONOMICS, ECONOMETRICS AND FINANCE | |