| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11832 |
| DP11832 Revisiting the Commodity Curse: A Financial Perspective | |
| Gianluca Benigno; Enrique Alberola | |
| 发表日期 | 2017-02-06 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We study the response of a three-sector commodity-exporter small open economy to a commodity price boom. When the economy has access to international borrowing and lending, a temporary commodity price boom brings about the standard wealth effect that stimulates demand and has long-run implications on the sectoral allocation of labour. If dynamic productivity gains are concentrated in the traded goods sector, the commodity boom crowds out the traded sector and delays convergence to the world technology frontier. Financial openness by stimulating current demand, amplifies the crowding out effect and may even lead to a growth trap, in which no resources are allocated to the traded sector. From a normative point of view, our analysis suggests that capital account management policies could be welfare improving in those circumstances. |
| 主题 | International Macroeconomics and Finance |
| URL | https://cepr.org/publications/dp11832 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540645 |
| 推荐引用方式 GB/T 7714 | Gianluca Benigno,Enrique Alberola. DP11832 Revisiting the Commodity Curse: A Financial Perspective. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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