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| 008 | 080304s2008 bl ||||gr |0|| 0 por d | ||
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_91455 _aBresser-Pereira, Luiz Carlos |
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| 245 | 1 | 0 |
_aThe Dutch disease and its neutralization : _ba ricardian approach |
| 260 |
_aSão Paulo : _bEditora 34, _cjan./mar. 2008 |
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| 520 | 3 | _aThe Dutch disease is a major market failure originated in the existence of cheap and abundant natural or human resources that keep overvalued the currency of a country for an undetermined period of time, thus turning non profitable the production of tradable goods using technology in the state-of-the-art. It is an obstacle to growth on the demand side, because it limits investment opportunities. The severity of the Dutch disease varies according to the extent of the Ricardian rents involved, i.e., according to the difference between two exchange rate equilibriums: the current or market rate and the industrial rate the one that make viable efficient tradable industries. Its main symptoms, besides overvalued currency, are low rates of growth of the manufacturing industry, artificially high real wages, and unemployment. Its neutralization requires managing the exchange rate. The principal instrument for that is a sales or export tax on the commodities that give origin to the Dutch disease. In order to neutralize it policymakers face major political obstacles since it involves taxing exports and reducing wages. Finally, this papers argues that there is an extended concept of Dutch disease: besides having its origin in natural resources, it may arise from cheap labor provided that the wage spread in the developing country is considerably larger than in the developed one a condition that is usually present | |
| 590 | _av. 28, n. 1(109) | ||
| 773 | 0 | 8 |
_tRevista de Economia Política = Brazilian Journal of Political Economy _g28, 1, p. 47-71 _dSão Paulo : Editora 34, jan./mar. 2008 _xISSN 01013157 _w |
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_a20080304 _b1526^b _cTiago |
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_aConvertido do Formato PHL _bPHL2MARC21 1.1 _c25802 _d25802 |
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