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Author: Warner Max Corden
Publisher:
ISBN: 9780734042651
Category : Australia
Languages : en
Pages : 27
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Book Description
This paper expounds the concept of Dutch Disease as it applies currently to Australia, noting the various gains and losses resulting from the Australian mining boom. "Dutch Disease" refers to the adverse effects through real exchange rate appreciation that such a boom can have on various export and import-competing industries. Particular firms or industries may be both gainers and losers. The distinction is made between the Booming Sector (mining), the Lagging Sector (exports not part of the Booming Sector, and import-competing goods and services), and the Non-tradable Sector. The main discussion focuses on policy options, given a floating exchange rate regime. What should the government do - if anything - to reduce or avoid this Dutch "disease"? The principal options are: Do nothing, piecemeal protectionism, and run a fiscal surplus, combined with lowering the interest rate and possibly establishing a Sovereign Wealth Fund. Piecemeal protectionism is likely to be politically popular but there are strong arguments against it. The costs of any measures that successfully moderate real appreciation of the exchange rate and thus Dutch Disease effects are noted, and may be considerable. This is "exchange rate protection". Gains to some industries are likely to be balanced by losses to others. It is shown, surprisingly, that a fiscal surplus that is financed by taxation of the profits of the Booming Sector may ot significantly moderate real appreciation. The reason is that this sector is to a significant extent foreign owned. An issue is whether firms and industries can be clearly divided into those that belong to the Non-tradable Sector and those that belong to the Lagging Sector, the latter being the losers from Dutch Disease. If such a clear distinction cannot usually be made, then the case for "doing nothing" is strengthened.
Author: Warner Max Corden
Publisher:
ISBN: 9780734042651
Category : Australia
Languages : en
Pages : 27
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Book Description
This paper expounds the concept of Dutch Disease as it applies currently to Australia, noting the various gains and losses resulting from the Australian mining boom. "Dutch Disease" refers to the adverse effects through real exchange rate appreciation that such a boom can have on various export and import-competing industries. Particular firms or industries may be both gainers and losers. The distinction is made between the Booming Sector (mining), the Lagging Sector (exports not part of the Booming Sector, and import-competing goods and services), and the Non-tradable Sector. The main discussion focuses on policy options, given a floating exchange rate regime. What should the government do - if anything - to reduce or avoid this Dutch "disease"? The principal options are: Do nothing, piecemeal protectionism, and run a fiscal surplus, combined with lowering the interest rate and possibly establishing a Sovereign Wealth Fund. Piecemeal protectionism is likely to be politically popular but there are strong arguments against it. The costs of any measures that successfully moderate real appreciation of the exchange rate and thus Dutch Disease effects are noted, and may be considerable. This is "exchange rate protection". Gains to some industries are likely to be balanced by losses to others. It is shown, surprisingly, that a fiscal surplus that is financed by taxation of the profits of the Booming Sector may ot significantly moderate real appreciation. The reason is that this sector is to a significant extent foreign owned. An issue is whether firms and industries can be clearly divided into those that belong to the Non-tradable Sector and those that belong to the Lagging Sector, the latter being the losers from Dutch Disease. If such a clear distinction cannot usually be made, then the case for "doing nothing" is strengthened.
Author: W. Max Corden
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
'Dutch Disease' refers to the adverse effects through real exchange rate appreciation that the mining boom can have on various export- and import-competing industries. The distinction is made between the booming sector (mining), the lagging sector (exports not part of the booming sector and import-competing goods and services) and the non-tradeable sector. What should the government do to reduce this Dutch 'disease'? The principal options are: do nothing, piecemeal protectionism, moderate exchange rate effects by running a fiscal surplus, combined with lowering the interest rate, and possibly establishing a sovereign wealth fund. The costs of the latter measures may be considerable.
Author: Muhammad Shafiullah
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
The recent mining boom represents one of the largest external shocks to the Australian economy in its post-war history. Although most agree that it had a positive effect on the Australian economy as well as on people's living standards, there is disagreement over the extent to which this boom has caused deindustrialisation and the so-called Dutch disease in Australia. Our empirical findings support the presence of Dutch disease nationally for Australia using data for the period 1984-2013. Regionally, the results show that Dutch disease was concentrated mainly in the eastern and southern states of Australia--Victoria, Queensland, South Australia and Tasmania.
Author: W. Max Corden
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
'Dutch Disease' refers to the adverse effects through real exchange rate appreciation that the mining boom can have on various export- and import-competing industries. The distinction is made between the booming sector (mining), the lagging sector (exports not part of the booming sector and import-competing goods and services) and the non-tradeable sector. What should the government do to reduce this Dutch 'disease'? The principal options are: do nothing, piecemeal protectionism, moderate exchange rate effects by running a fiscal surplus, combined with lowering the interest rate, and possibly establishing a sovereign wealth fund. The costs of the latter measures may be considerable.
Author: Warner Max Corden
Publisher:
ISBN: 9780868310794
Category : Business cycles
Languages : en
Pages : 37
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Book Description
Author: Simon Huston
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Dutch disease refers to the negative consequences of a resource boom, including the fragmentation of property markets. In Australia, some mining-exposed regional cities are under demographic and housing pressure. Gladstone in Queensland is a city struggling to digest mineral-induced growth. Dutch disease also hurts competitiveness in fringe urban locations where most retail, service and manufacturing workers live. So the twin urban facets of Dutch disease are, on the one hand, growth without territorial foresight or 'predator development' in boom towns and, on the other, fringe urban neglect. Smart regional and fringe regeneration can treat both symptoms but requires foresight, portfolio governance and systems resilience. Insight to inform it emerges from the eclectic study of past cities or successful regeneration schemes. Limited evidence from local authorities suggests inadequate resources for smart strategic planning to treat urban symptoms of Dutch disease in Australia.
Author: Edwyna Harris
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Centre for Economic Policy Research (Great Britain)
Publisher: Cambridge, Mass. : MIT Press
ISBN:
Category : Business & Economics
Languages : en
Pages : 376
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Book Description
These contributions bring both theoretical models and case studies to bear on the consequences of natural resource discoveries in developed and developing countries. Whether it is natural gas in the Netherlands, oil in the UK, Norway, or Mexico, or minerals in Australia, these discoveries have been accused of causing severe structural problems, which have been given the name "Dutch Disease." Although a sizeable literature dealing with various aspects of the Dutch Disease has now developed, this is the first attempt to confront theory with evidence. Natural Resources and the Macroeconomycontains contributions by such scholars as Alan Gelb, Ricardo Martin, Kadir R. Yurukoglu, and Shahid A. Chaudhry (all at the World Bank); Jeroen J. M. Kremers (Oxford University); Julie Aklaksen and Olav Bjerkholt (Central Bureau of Statistics, Oslo); Lance Taylor (MIT); William Branson (Princeton); Partha Dasgupta (University of Cambridge); and Ronald Jones (University of Rochester). The editors, J. Peter Neary (University College, Dublin) and Sweder Van Wijnbergen (World Bank) have written the opening chapter, Natural Resources and the Macroeconomy: A Theoretical Framework. Other topics include: Adjustment to Windfall Gains: A Comparative Analysis of Oil Exporting Countries; Government and the Dutch Disease in the Netherlands; Policy Analysis of Shadow Pricing, Foreign Borrowing, and Resource Extraction in Egypt; Certainty Equivalent Procedures in the Macroeconomic Planning of an Oil Economy: The Case of Norway; A Macro Model of an Oil Exporter: Nigeria; Commodity Export Prices and the Real Exchange Rate in Columbia: The Money-Inflation Link; Booming Sectors and Structural Change in Australia and Britain; Indonesia's Other Dutch Disease: Economic Effects of the Petroleum Boom. The book concludes with a roundtable discussion which illustrates the divergent views among economists of the consequences of natural resource booms and the appropriate policies which should be adopted toward them. The book is based on a conference held in June 1985 by the Centre for Economic Policy Research in London.
Author:
Publisher:
ISBN: 9781921153556
Category : Australia
Languages : en
Pages : 422
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Book Description
Author: Leif Wenar
Publisher: Oxford University Press
ISBN: 0190262923
Category : Business & Economics
Languages : en
Pages : 553
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Book Description
In this sweeping book, one of today's leading political philosophers, Leif Wenar, goes behind the headlines in search of the hidden global rule that thwarts democracy and development-and that puts shoppers into business with some of today's most dangerous men.
