Revisiting the commodity curse: A financial perspective

• 成果类型: Article; Proceedings Paper
• 署名作者: Alberola, Enrique; Benigno, Gianluca
• 署名单位: Bank for International Settlements (BIS); University of London; London School Economics & Political Science
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2017.02.001
• 发表日期: 2017
• 页码: S87-S106
• 关键词: Commodity resource curse; Dutch-disease; Financial openness; endogenous growth

摘要

We study the response of a three-sector commodity-exporter small open economy to a commodity price boom. When the economy has access to international borrowing and lending, a temporary commodity price boom brings about the standard wealth effect that stimulates demand and has long-run implications on the sectoral allocation of labor. If dynamic productivity gains are concentrated in the traded good sector, the commodity boom crowds out the traded sector and delays convergence to the world technology frontier. Financial openness by stimulating current demand, amplifies the crowding out effect and may even lead to a growth trap, in which no resources are allocated to the traded sector. From a normative point of view, our analysis suggests that capital account management policies could be welfare improving in those circumstances. (C) 2017 The Authors. Published by Elsevier B.V.