Economic growth without welfare. The case of the impact of commodities on the Colombian economy

Andrés Felipe Oviedo-Gómez () and Juan Manuel Candelo Viáfara ()

Brazilian Journal of Political Economy, 2022, vol. 42, issue 1, 71-87

Abstract: Economic growth is not always related to social welfare. Therefore, this papertakes the case of the Colombian economy that has a strong dependence on commodityexploitation to identify the impacts of different commodities such as oil, coffee, coal, andnickel over economic variables. The results show that the increase in prices of commoditiesgenerates significant impacts on economic activity in variables such as GDP and investment.Also, there are no significant impacts on variables that provide welfare to individuals astotal consumption or the unemployment rate. JEL Classification: F14; F41; O54.

Keywords: Prices of raw materials; economic activity; international trade; analysis of time series; VAR models; Colombia (search for similar items in EconPapers)
Date: 2022
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