The Economic Effects of North Sea Oil on the Manufacturing Sector

Hilde Bjørnland ()

Scottish Journal of Political Economy, 1998, vol. 45, issue 5, 553-585

Abstract: This paper analyses the economic effects of the oil and gas sector (energy booms) on manufacturing output in two energy producing countries: Norway and the UK. In particular, I investigate whether there is evidence of a ‘Dutch disease’, that is whether energy booms have had adverse effects on manufactures. In addition to energy booms, three other types of structural disturbances are identified; demand, supply and oil price shocks. The different disturbances are identified by imposing dynamic restrictions on a vector autoregressive model. Overall, there is only weak evidence of a Dutch disease in the UK, whereas manufacturing output in Norway has actually benefited from energy discoveries and higher oil prices

Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:bla:scotjp:v:45:y:1998:i:5:p:553-585

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