Dutch Disease, Resource Curse and Development*

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Venezuela – no growth despite oilabundance Figure 10: Venezuela: GDP per capita 1980-2010 Source: World Bank 2011, World Development Indicators, own calculations 30 UNCTAD Division on Technology and Logistics - Knowledge Sharing, Training and Capacity Development Branch
Venezuela – no growth despite oilabundance • Fairly high income p.c. level in Venezuela since long in PPP, but hardly any trend growth since 1980 • Strong increase of average incomes in current US-$, but this view is deceptive: real incomes hardly rose • Nominal exchange rate is controlled, but inflation is not real appreciation • Spending effect dominates: much of windfalls is spent locally for consumption, in recent years in a pro-poor manner; Gini coefficient fell • Industrial sector is kept alive, often highly subsidized and inefficient • Venezuela suffers both DD and RC UNCTAD Division on Technology and Logistics - Knowledge Sharing, Training and Capacity Development Branch 31
Page 1 and 2: *based on Teaching Material on “D
Page 3 and 4: 1. Introduction • Dutch Disease (
Page 5 and 6: Focus on Institutions and “Good G
Page 7 and 8: Dutch Disease: The Standard Model I
Page 9 and 10: Dutch Disease: The Standard Model I
Page 11 and 12: Resource Curse I • Sachs/Warner (
Page 13 and 14: Resource Curse III Figure 3: Growth
Page 15 and 16: 4. DEBATES ON STANDARD THEORIES: LI
Page 17 and 18: Limitations, Shortcomings, Criticis
Page 19 and 20: Empirical Evidence for DD and RC I
Page 21 and 22: Empirical evidence III • Oil boom
Page 23 and 24: % of GDP Empirical Evidence for DD
Page 25 and 26: Nigeria, Iran, Algeria, Sambia, Sau
Page 27 and 28: Empirical evidence IX: External Sav
Page 29: Nigeria - Dutch disease, Resource C
Page 33 and 34: US$, p.c. index, 2005 = 100 Norway
Page 35 and 36: 6. COPING WITH DD AND RC : SEARCHIN
Page 37 and 38: Alternative Strategies for Resource
Page 39 and 40: 7. CONCLUSION AND OUTLOOK UNCTAD Di
Page 41 and 42: Conclusion and Outlook II • There

Dutch Disease, Resource Curse and Development*

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