Book

Natural Resources and the Macroeconomy

A striking feature of the world economy in the 1970s and 1980s has been the frequency and magnitude of the shocks to many economies because of changes in the price or availability of natural resources. Resource-poor countries have suffered, of course, but paradoxically resource-rich countries have not been immune. Resource-based booms have frequently been blamed for a tendency towards deindustrialization. This and related problems have been dubbed the 'Dutch Disease' - a reference to the difficulties experienced by The Netherlands following the exploitation of its natural gas reserves in the 1960s.
This book represents the first attempt to combine both theoretical and empirical studies of the phenomenon. It contains the proceedings of a June 1985 conference organized by the Centre for Economic Policy Research in London and attended by leading economists working in this area. An introductory chapter reviews the theoretical literature dealing with the Dutch Disease and this is followed by eight chapters which examine the problems of particular countries. The concluding round-table discussion reviews the state of knowledge on the subject and provides a fascinating insight into the wide range of views of professional economists on the consequences of natural resource booms and the appropriate policy responses to them.

Citation

van Wijnbergen, S and P Neary (eds) (1986), ‘Natural Resources and the Macroeconomy‘, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/natural-resources-and-macroeconomy

Citation

van Wijnbergen, S and P Neary (1986), ‘Introduction: Natural Resources and the Macroeconomy‘, in van Wijnbergen, S and P Neary (eds), Natural Resources and the Macroeconomy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/natural-resources-and-macroeconomy

Citation

Neary, P, S van Wijnbergen and W Branson (1986), ‘Natural resources and the macroeconomy: a theoretical framework‘, in van Wijnbergen, S and P Neary (eds), Natural Resources and the Macroeconomy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/natural-resources-and-macroeconomy

Citation

Gelb, A and S Edwards (1986), ‘Adjustment to windfall gains: a comparative analysis of oil-exporting countries‘, in van Wijnbergen, S and P Neary (eds), Natural Resources and the Macroeconomy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/natural-resources-and-macroeconomy

Citation

Kremers, J and J Frijns (1986), ‘The Dutch Disease in The Netherlands‘, in van Wijnbergen, S and P Neary (eds), Natural Resources and the Macroeconomy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/natural-resources-and-macroeconomy

Citation

Smith, A, S van Wijnbergen and R Martin (1986), ‘Shadow prices and the intertemporal aspects of remittances and oil revenues in Egypt‘, in van Wijnbergen, S and P Neary (eds), Natural Resources and the Macroeconomy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/natural-resources-and-macroeconomy

Citation

Bjerkholt, O, D Newbery and I Aslaksen (1986), ‘Certainty equivalence methods in the macroeconomic management of petroleum resources‘, in van Wijnbergen, S and P Neary (eds), Natural Resources and the Macroeconomy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/natural-resources-and-macroeconomy

Citation

Yurukoglu, K, M Pesaran, L Taylor and S Chaudhry (1986), ‘A macro model of an oil exporter: Nigeria‘, in van Wijnbergen, S and P Neary (eds), Natural Resources and the Macroeconomy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/natural-resources-and-macroeconomy

Citation

Honohan, P and S Edwards (1986), ‘A commodity export boom and the real exchange rate: the money-inflation link‘, in van Wijnbergen, S and P Neary (eds), Natural Resources and the Macroeconomy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/natural-resources-and-macroeconomy

Citation

Forsyth, P and J Flemming (1986), ‘Booming sectors and structural change in Australia and Britain: a comparison‘, in van Wijnbergen, S and P Neary (eds), Natural Resources and the Macroeconomy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/natural-resources-and-macroeconomy

Citation

Warr, P and D Purvis (1986), ‘Indonesia's other Dutch Disease: economic effects of the petroleum boom‘, in van Wijnbergen, S and P Neary (eds), Natural Resources and the Macroeconomy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/natural-resources-and-macroeconomy

Citation

Purvis, D, J Kay, D Newbery and M Corden (1986), ‘Round-table discussion‘, in van Wijnbergen, S and P Neary (eds), Natural Resources and the Macroeconomy, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/natural-resources-and-macroeconomy