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Boom goes the price : giant resource discoveries and real exchange rate appreciation
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dc.contributor.author | Harding, Torfinn | |
dc.contributor.author | Stefanski, Radoslaw | |
dc.contributor.author | Toews, Gerhard | |
dc.date.accessioned | 2020-08-24T09:30:01Z | |
dc.date.available | 2020-08-24T09:30:01Z | |
dc.date.issued | 2020-08 | |
dc.identifier | 266337585 | |
dc.identifier | 451a2be5-f691-4087-a1ad-f69eb69e6a01 | |
dc.identifier | 000582320100008 | |
dc.identifier | 85087682626 | |
dc.identifier.citation | Harding , T , Stefanski , R & Toews , G 2020 , ' Boom goes the price : giant resource discoveries and real exchange rate appreciation ' , The Economic Journal , vol. 130 , no. 630 , pp. 1715-1728 . https://doi.org/10.1093/ej/ueaa016 | en |
dc.identifier.issn | 0013-0133 | |
dc.identifier.uri | https://hdl.handle.net/10023/20503 | |
dc.description | Funding: BP funded Oxford Centre for the Analysis of Resource Rich Economies (Oxcarre) and the Equinor chair in Economics at NHH is gratefully acknowledged. | en |
dc.description.abstract | We estimate the effect of giant oil and gas discoveries on bilateral real exchange rates. A giant discovery with the value of 10% of a country's GDP appreciates the real exchange rate by 1.5% within 10 years following the discovery. The appreciation starts before production starts and the non-traded component of the real exchange rate drives the appreciation. Labor reallocates from the traded goods sector to the non-traded goods sector, leading to changes in labor productivity. These findings provide direct evidence on the channels central to the theories of the Dutch disease and the Balassa-Samuelson effect. | |
dc.format.extent | 1500213 | |
dc.language.iso | eng | |
dc.relation.ispartof | The Economic Journal | en |
dc.subject | Real exchange rates | en |
dc.subject | Natural resource discoveries | en |
dc.subject | Dutch disease | en |
dc.subject | Oil | en |
dc.subject | Balassa-Samuelson effect | en |
dc.subject | HB Economic Theory | en |
dc.subject | HD Industries. Land use. Labor | en |
dc.subject | HG Finance | en |
dc.subject | 3rd-DAS | en |
dc.subject | BDC | en |
dc.subject | R2C | en |
dc.subject | SDG 15 - Life on Land | en |
dc.subject.lcc | HB | en |
dc.subject.lcc | HD | en |
dc.subject.lcc | HG | en |
dc.title | Boom goes the price : giant resource discoveries and real exchange rate appreciation | en |
dc.type | Journal article | en |
dc.contributor.institution | University of St Andrews. School of Economics and Finance | en |
dc.identifier.doi | 10.1093/ej/ueaa016 | |
dc.description.status | Peer reviewed | en |
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