Abstract
In this article, we propose an endogenous growth model of commodity-rich economies in which: (i) long-run (steady-state) growth is endogenous and yet independent of commodity prices; (ii) commodity prices affect short-run growth through transitional dynamics; and (iii) the status of net commodity importer/exporter is endogenous. We argue that these predictions are consistent with historical evidence from the 19th to the 21st century.
Original language | English (US) |
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Pages (from-to) | 3242-3265 |
Number of pages | 24 |
Journal | Economic Journal |
Volume | 128 |
Issue number | 616 |
DOIs | |
State | Published - Dec 2018 |
ASJC Scopus subject areas
- Economics and Econometrics