Growth in an oil abundant economy: The case of Venezuela

Betty Agnani and Amaia Iza

DEGIT Conference Papers from DEGIT, Dynamics, Economic Growth, and International Trade

Abstract: Venezuela growth experience in the last fifty years is characterized by a high economic growth rate during the period (1950-70), and a low economic growth rate in the last thirty years. In spite Venezuela is an oil abundant economy, this growth experience is mainly accounted by the evolution of the real GDP in the non-oil sector of the economy. Further- more, we make a growth accounting to quantify for how much the growth experience in the non-oil sector is due to physical capital accumulation and we find that most of its growth experience is accounted by the evolution of its TFP. On the other hand, the evolution of the oil rents have a high correlation with the TFP in the non-oil sector in the period (1950-80). During the high growth rate period, Venezuela experienced an impressive modernization. In consequence, the use of these oil rents, by the Government, may help to understand, at least partly, the growth experience of the non-oil sector of the venezuelan economy. We have constructed a model to check the importance of the venezuelan public policies.

Keywords: non-renewable resources; growt accounting; TFP; oil rents (search for similar items in EconPapers)
Pages: 25 pages JEL Classification:
Date: 2005-06
New Economics Papers: this item is included in nep-dev, nep-ene and nep-his
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

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Related works:
Journal Article: Growth in an oil abundant economy: The case of Venezuela (2011)
Journal Article: Growth in an Oil Abundant Economy: The Case of Venezuela (2011)
Working Paper: Growth in an oil abundant economy: The case of Venezuela (2008)
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