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Capital - importing oil exporters : adjustment issues and policy choices (Inglês)

The main unifying feature of the capital-importing oil exporters is the need to utilize petroleum export revenues--available over the next 10 to 20 years to representative members--to effect transitions to sustainable growth trajectories with acceptable distributional characteristics. A second common feature is the nature of the short- to medium-run difficulties of economic management occasioned by oil windfalls. These themes viewed in the aftermath of the first oil shock, and with an eye towards the second, form the subject of this paper. Using a simple two-sector model involving traded and nontraded goods as a conceptual framework, the paper compares the evolution of critical macro and sectoral variables for a number of oil economies after 1974. Similarities and differences in observed government behavior are discussed, as are their consequences for the respective nonoil economies.

Detalhes

  • Autor

    Gelb, Alan

  • Data do documento

    1981/08/31

  • TIpo de documento

    Documento de trabalho sobre o pessoal

  • No. do relatório

    SWP475

  • Nº do volume

    1

  • Total Volume(s)

    1

  • Data de divulgação

    2010/07/01

  • Nome do documento

    Capital - importing oil exporters : adjustment issues and policy choices

  • Palavras-chave

    oil exporter;gdp growth rate;real appreciation;oil shock;real exchange rate;relative price;private investment;oil producer;fixed nominal exchange rate;income elasticity of demand;sectoral composition of output;external terms of trade;composition of public spending;Incremental Capital-Output Ratio;oil price;capital spending;oil economy;capital good;oil revenue;nontraded good;Manufacturing;Petroleum;public sector spending;public sector saving;traded sector;domestic demand;Agriculture;errors and omission;total export revenue;total factor productivity;internationally competitive level;capital goods industry;economies of scale;oil export revenue;real interest rate;labor market segmentation;shares of oil;pattern of development;cost of living;exports of oil;educational social service;lack of investment;urban informal sector;official minimum wage;crude oil price;public sector investment;real import growth;domestic resource mobilization;effective exchange rate;public sector budget;domestic revenue collection;share of investment;public sector deficit;central government revenue;categories of expenditure;fundamental structural changes;public sector agency;public sector revenue;gross domestic product;Foreign Exchange Reserve;component of investment;domestic capacity constraint;domestic capital formation;inflow of capital;capital goods exports;rate of investment;natural gas reserves;saving rate;

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