Resources Booms and Macroeconomic Adjustments in Developing Countries
Mamta Banu Chowdhury addresses fundamental issues of policy management in resource-based developing countries, by providing an extension of the existing Dutch Disease theory and its applications to the developing country context. economies. To date the analytical and empirical investigations of these issues have not been available. Essentially, this study will help fill this gap. long-term growth implications of related policy choices with reference to Papua New Guinea. Like many other primary commodity exporting developing economies, Papua New Guinea has experienced several short-lived export booms since the 1970s, providing an interesting case study of potential gains from resources booms and the accompanying complex problems of policy management. This study also incorporates a comparative study of resources boom and policy management issues between Papua New Guinea, Indonesia and Nigeria.
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An Overview of the Papua New Guinea Economy
1 Economic growth in PNG and lowermiddle income
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agricultural sector AusAID Australian dollar average cent of GDP cent of total changes commodity competitiveness construction sector current account declined deficit depreciation developing countries domestic absorption domestic price level domestic savings Dutch disease econometric employment equation equilibrium real export sector fiscal foreign savings GDP deflator government consumption government expenditure impact import competing income income effect increased indicates Indonesia and Nigeria inflation interest rate kina labour Lagrange multiplier long-term macroeconomic macroeconomic policies million mineral sector money supply nominal devaluation nominal exchange rate non-mining nontradable sector oil boom output Papua New Guinea period PNG economy PNG's price of nontradables price of tradables private savings production proxy real exchange rate reduced relative price RER1 RER2 RER3 resources boom result revenue savings behaviour serial correlation share significant significantly tariff tradable and nontradable tradable sector trade policy trade restrictions trade-weighted real exchange variables World Bank