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Commodity prices and growth: An empirical investigation.

Abstract:

Whereas empirical evidence on the effect of higher commodity prices on the long-run growth of commodity exporters is ambiguous, time series analyses using vector autoregressive (VAR) models have found that commodity booms raise income in the short run. In this paper we adopt panel error correction methodology to analyze global data for 1963 to 2008 to disentangle the short and long run effects of international commodity prices on output per capita. Our results show that commodity booms have u...

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Publisher:
Elsevier
Journal:
European Economic Review
Volume:
56
Issue:
6
Pages:
1241 - 1260
Publication date:
2012-01-01
DOI:
ISSN:
0014-2921
Language:
English
UUID:
uuid:0786f9cc-0ced-4a2c-93ae-40a1dce64883
Local pid:
oai:economics.ouls.ox.ac.uk:15441
Deposit date:
2013-04-20

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