Bolivia : The Hydrocarbons Boom and the Risk of Dutch Disease.
Eugenio. Cerutti
Bok Engelsk 2008 · Electronic books.
| Omfang | 1 online resource (22 pages)
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| Utgave | 1st ed.
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| Opplysninger | Intro -- Contents -- I. Introduction -- II. Key Developments in the Hydrocarbons Sector -- A. Looming Capacity Constraints and Prospects for Additional Investments -- B. Recent Institutional Changes and Possible Impact on Investment -- III. Hydrocarbons Boom and Risk of Dutch Disease -- A. Evolution of the real exchange rate -- IV. Policy Implications -- Figures -- 1. Foreign Direct Investment by Sectors -- 2. Natural Gas Reserves -- 3. Natural Gas Sales Volume -- 4. Distribution of Gas Exports Receipts and Fiscal Balances -- 5. Real and Nominal Exchange Rate -- 6. Inflation and Relative Prices -- 7. External Sector Performance and Growth -- Appendix: Equilibrium Real Exchange Rate -- References.. - The hydrocarbons sector has become one of the most dynamic economic activities in the Bolivian economy and the main driver of improved export performance and international reserve accumulation. The central role of the hydrocarbons sector in the economy is attributable to the high levels of investment made in the late 1990s, which permitted much higher production levels, particularly of natural gas. However those positive developments in the hydrocarbons sector have given rise to the possibility of a new case of "Dutch disease." While Bolivia's economy has already seen many benefits from its higher gas exports, especially in terms of lower external vulnerability and improved fiscal stance, the new resources could also limit the development of other economic sectors in terms of output and factor income. This paper explores the transmission channels of Dutch disease, as well as its main symptom, the appreciation of the real exchange rate.
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| ISBN | 9781451914658
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