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- Title
Dutch disease and the oil boom and bust.
- Authors
Smith, Brock
- Abstract
This paper examines the impact of the oil price boom in the 1970s and the subsequent bust on non‐oil economic activity in oil‐dependent countries. During the boom, manufacturing exports and output increased significantly relative to non‐oil countries. These measures decreased gradually during the bust and subsequent period of low prices, displaying a positive relationship with oil prices. However, exports of agricultural products sharply decreased during the boom. Imports of all types of goods displayed strong pro‐cyclicality with respect to oil prices. The results suggest that increased local demand and investment spillovers from the windfall resulted in increased manufacturing activity.
- Subjects
PETROLEUM sales &; prices; OIL spill booms; PETROLEUM industry; PETROLEUM export &; import trade; PRODUCE trade
- Publication
Canadian Journal of Economics, 2019, Vol 52, Issue 2, p584
- ISSN
0008-4085
- Publication type
Article
- DOI
10.1111/caje.12376