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Resources Booms and Macroeconomic Adjustments in Developing Countries

Author Mamta Banu Chowdhury
Release Date: 2017/11/01
ISBN: 9781351150149
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Book Description

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. The impact of resources booms is of paramount importance for the developing economies. To date the analytical and empirical investigations of these issues have not been available. Essentially, this study will fill this gap. The book investigates the macroeconomic impact of a resources boom and the 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 experienced several short-lived export booms over the past two and a half decades, providing a fascinating 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.

Table of Contents

  1. Cover
  2. Half Title
  3. Dedication
  4. Title
  5. Copyright
  6. Contents
  7. List of Tables
  8. List of Figures
  9. Abbreviations and Acronyms
  10. Preface
  11. Acknowledgments
  12. Map of Papua New Guinea
  13. 1 Introduction
    1. 1.1 Purpose and Scope of the Study
    2. 1.2 Statement of the Problem
    3. 1.3 Organisation of the Study
  14. 2 Resources Boom and Macroeconomic Adjustment: A Survey
    1. 2.1 Introduction
    2. 2.2 An Overview of Booming Sector Economics
    3. 2.3 The Core Model of ‘Dutch Disease’
    4. 2.4 Limitations and Extensions of the Core Dutch Disease Model
    5. 2.5 The Theory of Construction Boom
    6. 2.6 Summary and Conclusion
  15. 3 An Overview of the Papua New Guinea Economy
    1. 3.1 Introduction
    2. 3.2 Political Background
    3. 3.3 Economic Performance
    4. 3.4 Structure of the Economy
    5. 3.5 Labour Market
    6. 3.6 Public Sector
    7. 3.7 Financial Sector
    8. 3.8 Foreign Trade
    9. 3.9 Macroeconomic Policies
    10. 3.10 Summary and Conclusion
  16. 4 Determinants of Real Exchange Rate in Papua New Guinea
    1. 4.1 Introduction
    2. 4.2 Concept of Real Exchange Rate
    3. 4.3 Real Exchange Rate Indices
    4. 4.4 Theoretical Framework
    5. 4.5 Empirical Model
    6. 4.6 Variable Definition and Measurement
    7. 4.7 Econometric Procedure
    8. 4.8 Results
    9. 4.9 Summary and Conclusion
  17. 5 Determinants of Sectoral Output, Savings and Investment in Papua New Guinea
    1. 5.1 Introduction
    2. 5.2 Determinants of Sectoral Output
    3. 5.3 The Empirical Model
    4. 5.4 Results
    5. 5.5 Investment and Saving Behaviour in Papua New Guinea
    6. 5.6 Summary and Conclusion
  18. 6 Impact of Major Resources Booms in Papua New Guinea
    1. 6.1 Introduction
    2. 6.2 The Major Resources Booms: 1971–77
    3. 6.3 Policy Response
    4. 6.4 Effects of Resources Booms: 1972–78
    5. 6.5 Changes in Sectoral Composition
    6. 6.6 Resources Boom in the Early 1990s
    7. 6.7 Policy Response
    8. 6.8 Effects of Resources Boom: 1991–94
    9. 6.9 Changes in Sectoral Composition
    10. 6.10 Investment and Savings
    11. 6.11 Summary and Conclusion
  19. 7 A Comparative Study of Resources Booms in Papua New Guinea, Indonesia and Nigeria
    1. 7.1 Introduction
    2. 7.2 Mineral and Oil Booms in PNG, Indonesia and Nigeria: 1972–82
    3. 7.3 Policy Responses: Indonesia and Nigeria
    4. 7.4 Comparative Studies of Resources Booms
    5. 7.5 Summary and Conclusion
  20. 8 Conclusion
    1. 8.1 Introduction
    2. 8.2 Summary of Findings
    3. 8.3 Lessons from the PNG Experience
    4. 8.4 Qualifications and Suggestions for Further Research
  21. Statistical Appendix: Supplementary Statistical Tables, Notes and Basic Data
    1. Appendix to Chapter 3
      1. Table A3.1 Social development indicators
      2. Table A3.2 Growth rate of real GDP and inflation in Papua New Guinea, 1970–95
      3. Table A3.3 Government revenues and expenditures, 1971–2000 (current prices, kina million)
      4. Table A3.4 Minerals and agricultural exports of PNG, 1971-2000 (current prices, US dollar million)
      5. Table A3.5 Minerals and agricultural exports of PNG, 1971–2000 (current prices, kina million)
      6. Table A3.6 Total labour force and wage employment in PNG, 1968–95 (persons)
      7. Table A3.7 Foreign aid to PNG, 1970–94 (current prices, US dollar million)
    2. Appendix to Chapter 4
      1. Table A4.1 Nominal and real exchange rate indices, 1970–94
      2. Table A4.2 Test for unit roots
    3. Appendix to Chapter 5
      1. Table A5.1 Test for unit roots
    4. Appendix to Chapter 6
      1. Table A6.1 Central government revenues and expenditures, 1971–77 (kina million)
    5. Appendix to Chapter 7
      1. Table A7.1 Index of government consumption and domestic absorption in PNG, Indonesia and Nigeria, 1970–84
  22. Bibliography
  23. Index
3.145.94.251