Dynamics of the Venezuelan productive structure: 1950-2012

José Contreras () and Karelys Medina ()
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José Contreras: PhD en Economía. Investigador Senior de Economía de la Oficina de Investigaciones Económicas del Banco Central de Venezuela.
Karelys Medina: Lic. en Matemáticas. Analista Financiero I de la Oficina de Investigaciones Económicas del Banco Central de Venezuela.

Economía, 2018, vol. 43, issue 45, 11-48

Abstract: This research explores the dynamics of the Venezuelan productive structure during the period 1950-2012. Also analyzes the configuration of production, the dynamics of exports, and uses a model of general equilibrium, with heterogeneous sectors regarding the scale, to explain the observed pattern. Results reveal a tendency to create jobs in sectors of low productivity, loss of space in the participation of employment and value-added in the manufacturing sector with specialization in primary products. The equilibrium model predicts that the size of a country is decisive in the primary sector specialization if historically already depended on natural resource intensive sectors. Then, public policy is needed to change the productive structure towards more intensive sectors of knowledge.

Keywords: Productive structure; productivity; exports; returns to scale. (search for similar items in EconPapers)
JEL-codes: C60 D4 D50 L10 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:ula:econom:v:43:y:2018:i:45:p:11-48

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