Dutch disease economics and oil syndrome: An empirical study

Fardmanesh, Mohsen

doi:10.1016/0305-750x(91)90205-v

Cited by 77 publications

(43 citation statements)

References 8 publications

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“…It would be therefore necessary to show some divergence between private and social valuations before any remedy could be proposed. Fardmanesh (1991) analyzed the oil world-price (and therefore the world price of manufacturing) effect on two sides. On the supply side, the increase in the world price of manufacturing raises the value added, hence, the relative profitability of this sector in the developing oil-exporting countries.…”

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Dutch disease effect of oil rents on agriculture value added in Middle East and North African (MENA) countries

et al. 2014

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Abstract. This paper investigates the effect of oil rents on agriculture value added in oil producing Middle East and North African (MENA) countries. Annual data from 1970 to 2011, panel cointegration tests by Pedroni (1999), long ran panel causality tests by Canning and Pedroni (2008), and two-step System GMM by Blundell and Bond (1998) are used in this study. We find a negative relationship between oil rents and agriculture value added in the long run, with a rather slow rate of short run adjustment of agriculture value added back to equilibrium after a boom in oil rents. These results indicate that an oil sector boom is associated with a contraction in the agriculture sectors of the countries in the panel in the long run. This is probably attributable to a resource movement effect from other economic sectors to the booming oil sector in these countries. This serves as evidence of a Dutch disease effect of an oil sector boom on agriculture in the MENA countries in this study.

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Dutch disease effect of oil rents on agriculture value added in Middle East and North African (MENA) countries

et al. 2014

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“…Rodriguez and Sachs () on Venezuela, Auty and Evia () on Bolivia, Auty () on Mexico, Brazil and Venezuela, Mikesell () on Venezuela and Peru, Fardmanesh () on Algeria, Ecuador, Indonesia, Nigeria and Venezuela, Timmer () on Indonesia and Bienen () on Nigeria. For the recent entries into the league of petro‐states , see Frynas, Wood and Soares de Oliveira () on the ongoing structural transformation in Sao Tome and Principe.…”

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Oil revenue, institutions and macroeconomic indicators in Nigeria

2013

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The influx of massive revenues during periods of abnormally high oil prices creates enormous challenges for policy‐makers in oil‐producing countries. In Nigeria, the prudent utilisation of oil revenues has remained elusive for policy‐makers over time. While the country has earned sizeable oil revenues from its natural endowment, poverty and income inequality have been persistent. This study tests the sensitivity of several important macroeconomic indicators to oil revenue shocks. We additionally test for the effect of ‘institutional quality’, in recognition of the important role played by the domestic institutional context in shaping the policy responses adopted by successive Nigerian governments to oil windfalls over time. The sensitivity analysis supports the general view that fluctuations in oil revenues have resulted in inflation, lower output growth and real exchange rate appreciation in Nigeria. More importantly, the aforementioned institutional variable is found to be very significant. This finding is consistent with the general assessment of fiscal performance in Nigeria during oil windfalls as being driven by domestic institutional dynamics. Ostentatious public consumption widened fiscal deficits, and government spending has been highly pro‐cyclical during windfall episodes. In conclusion, the study offers appropriate policy recommendations, which could be adopted to enhance the management of future oil windfalls in Nigeria.

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“…Ces phénomènes pervers, dont la conséquente i terme est l'atrophie du système productif, ont ainsi pu être mis en évidcncc tout au long des années 80 dans divers pays développés ou non (Ellman, 1977 ; A. Sid Ahmed, 1979, 1981et 1989Amuzcgar, 1982 ; Enders et H. Herbeg, 1983 ;Fardmancsh, 1991). Cette problématique a pu être généralisée à l'ensemble des économies minieres ( S .…”

Section: -~L~m E N T S D'une S T R a T~g I E Alternativeunclassified

La crise des économies maghrébines : les politiques redistributives en question

Ahmed¹

1993

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Dutch disease economics and oil syndrome: An empirical study

Cited by 77 publications

References 8 publications

Dutch disease effect of oil rents on agriculture value added in Middle East and North African (MENA) countries

Dutch disease effect of oil rents on agriculture value added in Middle East and North African (MENA) countries

Oil revenue, institutions and macroeconomic indicators in Nigeria

La crise des économies maghrébines : les politiques redistributives en question

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