Commodity dependence, structural reforms, and commodity trap: South America 1970-2017

Isabella, Fernando

Resumen:

Commodity dependence is a long-lasting feature of South American economies, with far reaching effects in economic and social performance. This paper focuses in the interaction between commodity prices and real exchange rate and in its effects on productive capabilities. New-Developmentalist approach has labeled that situation as a “Dutch-Disease”. I propose a Balance of Payment Constraint Growth model especially designed to address some specificities of commodity dependence that allow to theoretically analyze this issue. Empirical tests are conducted for the period 1970-2017. It is found that price surges are damaging for productive capabilities only in the context of the dismantling of state intervention.

Detalles Bibliográficos
2024
Real exchange rate
Structural reforms
Balance of payments constraint growth model
Commodity-dependence
DESARROLLO ECONOMICO
COMERCIALIZACION
HISTORIA ECONOMICA
Inglés
Universidad de la República
COLIBRI
https://hdl.handle.net/20.500.12008/51425
https://doi.org/10.1590/0101-31572024-3643
Acceso abierto
Licencia Creative Commons Atribución (CC - By 4.0)
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author Isabella, Fernando
author_facet Isabella, Fernando
author_role author
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dc.contributor.filiacion.none.fl_str_mv Isabella Fernando, Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía
dc.creator.none.fl_str_mv Isabella, Fernando
dc.date.accessioned.none.fl_str_mv 2025-09-04T12:04:56Z
dc.date.available.none.fl_str_mv 2025-09-04T12:04:56Z
dc.date.issued.none.fl_str_mv 2024
dc.description.abstract.none.fl_txt_mv Commodity dependence is a long-lasting feature of South American economies, with far reaching effects in economic and social performance. This paper focuses in the interaction between commodity prices and real exchange rate and in its effects on productive capabilities. New-Developmentalist approach has labeled that situation as a “Dutch-Disease”. I propose a Balance of Payment Constraint Growth model especially designed to address some specificities of commodity dependence that allow to theoretically analyze this issue. Empirical tests are conducted for the period 1970-2017. It is found that price surges are damaging for productive capabilities only in the context of the dismantling of state intervention.
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dc.identifier.citation.es.fl_str_mv ISABELLA, Fernando. Commodity dependence, structural reforms, and commodity trap: South America 1970-2017. Brazilian Journal of Political Economy, 2024, vol. 44, n° 3. https://doi.org/10.1590/0101-31572024-3643
dc.identifier.doi.none.fl_str_mv https://doi.org/10.1590/0101-31572024-3643
dc.identifier.uri.none.fl_str_mv https://hdl.handle.net/20.500.12008/51425
dc.language.iso.none.fl_str_mv en
eng
dc.publisher.es.fl_str_mv Centro de Economía Política
dc.relation.none.fl_str_mv Brazilian Journal of Political Economy, 2024, vol. 44, n° 3. https://doi.org/10.1590/0101-31572024-3643
dc.rights.license.none.fl_str_mv Licencia Creative Commons Atribución (CC - By 4.0)
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
dc.source.none.fl_str_mv reponame:COLIBRI
instname:Universidad de la República
instacron:Universidad de la República
dc.subject.es.fl_str_mv Real exchange rate
Structural reforms
Balance of payments constraint growth model
Commodity-dependence
dc.subject.other.es.fl_str_mv DESARROLLO ECONOMICO
COMERCIALIZACION
HISTORIA ECONOMICA
dc.title.none.fl_str_mv Commodity dependence, structural reforms, and commodity trap: South America 1970-2017
dc.type.es.fl_str_mv Artículo
dc.type.none.fl_str_mv info:eu-repo/semantics/article
dc.type.version.none.fl_str_mv info:eu-repo/semantics/publishedVersion
description Commodity dependence is a long-lasting feature of South American economies, with far reaching effects in economic and social performance. This paper focuses in the interaction between commodity prices and real exchange rate and in its effects on productive capabilities. New-Developmentalist approach has labeled that situation as a “Dutch-Disease”. I propose a Balance of Payment Constraint Growth model especially designed to address some specificities of commodity dependence that allow to theoretically analyze this issue. Empirical tests are conducted for the period 1970-2017. It is found that price surges are damaging for productive capabilities only in the context of the dismantling of state intervention.
eu_rights_str_mv openAccess
format article
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identifier_str_mv ISABELLA, Fernando. Commodity dependence, structural reforms, and commodity trap: South America 1970-2017. Brazilian Journal of Political Economy, 2024, vol. 44, n° 3. https://doi.org/10.1590/0101-31572024-3643
instacron_str Universidad de la República
institution Universidad de la República
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language eng
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publishDate 2024
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repository.mail.fl_str_mv karina.camps@seciu.edu.uy
repository.name.fl_str_mv COLIBRI - Universidad de la República
repository_id_str 4771
rights_invalid_str_mv Licencia Creative Commons Atribución (CC - By 4.0)
spelling Isabella Fernando, Universidad de la República (Uruguay). Facultad de Ciencias Económicas y de Administración. Instituto de Economía2025-09-04T12:04:56Z2025-09-04T12:04:56Z2024ISABELLA, Fernando. Commodity dependence, structural reforms, and commodity trap: South America 1970-2017. Brazilian Journal of Political Economy, 2024, vol. 44, n° 3. https://doi.org/10.1590/0101-31572024-3643https://hdl.handle.net/20.500.12008/51425https://doi.org/10.1590/0101-31572024-3643Commodity dependence is a long-lasting feature of South American economies, with far reaching effects in economic and social performance. This paper focuses in the interaction between commodity prices and real exchange rate and in its effects on productive capabilities. New-Developmentalist approach has labeled that situation as a “Dutch-Disease”. I propose a Balance of Payment Constraint Growth model especially designed to address some specificities of commodity dependence that allow to theoretically analyze this issue. Empirical tests are conducted for the period 1970-2017. It is found that price surges are damaging for productive capabilities only in the context of the dismantling of state intervention.Submitted by Pérez Lorenza (eva3956611@hotmail.com) on 2025-09-01T15:29:09Z No. of bitstreams: 2 license_rdf: 24942 bytes, checksum: 58cb336ce230a47d2f88ad02838a665f (MD5) 10.1590.pdf: 3569152 bytes, checksum: c4df9aa0b9f62bfc34bcc3a237936029 (MD5)Approved for entry into archive by Arigón Fernández María Concepción (mcarigon@fcea.edu.uy) on 2025-09-03T18:59:37Z (GMT) No. of bitstreams: 2 license_rdf: 24942 bytes, checksum: 58cb336ce230a47d2f88ad02838a665f (MD5) 10.1590.pdf: 3569152 bytes, checksum: c4df9aa0b9f62bfc34bcc3a237936029 (MD5)Made available in DSpace by Luna Fabiana (fabiana.luna@seciu.edu.uy) on 2025-09-04T12:04:56Z (GMT). No. of bitstreams: 2 license_rdf: 24942 bytes, checksum: 58cb336ce230a47d2f88ad02838a665f (MD5) 10.1590.pdf: 3569152 bytes, checksum: c4df9aa0b9f62bfc34bcc3a237936029 (MD5) Previous issue date: 202421 p.application/pdfenengCentro de Economía PolíticaBrazilian Journal of Political Economy, 2024, vol. 44, n° 3. https://doi.org/10.1590/0101-31572024-3643Las obras depositadas en el Repositorio se rigen por la Ordenanza de los Derechos de la Propiedad Intelectual de la Universidad de la República.(Res. Nº 91 de C.D.C. de 8/III/1994 – D.O. 7/IV/1994) y por la Ordenanza del Repositorio Abierto de la Universidad de la República (Res. Nº 16 de C.D.C. de 07/10/2014)info:eu-repo/semantics/openAccessLicencia Creative Commons Atribución (CC - By 4.0)Real exchange rateStructural reformsBalance of payments constraint growth modelCommodity-dependenceDESARROLLO ECONOMICOCOMERCIALIZACIONHISTORIA ECONOMICACommodity dependence, structural reforms, and commodity trap: South America 1970-2017Artículoinfo:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionreponame:COLIBRIinstname:Universidad de la Repúblicainstacron:Universidad de la RepúblicaIsabella, FernandoLICENSElicense.txtlicense.txttext/plain; charset=utf-84267http://localhost:8080/xmlui/bitstream/20.500.12008/51425/5/license.txt6429389a7df7277b72b7924fdc7d47a9MD55CC-LICENSElicense_urllicense_urltext/plain; charset=utf-844http://localhost:8080/xmlui/bitstream/20.500.12008/51425/2/license_urla0ebbeafb9d2ec7cbb19d7137ebc392cMD52license_textlicense_texttext/html; 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públicahttps://udelar.edu.uy/https://www.colibri.udelar.edu.uy/oai/requestkarina.camps@seciu.edu.uyUruguayopendoar:47712025-09-04T12:04:56COLIBRI - Universidad de la Repúblicafalse
spellingShingle Commodity dependence, structural reforms, and commodity trap: South America 1970-2017
Isabella, Fernando
Real exchange rate
Structural reforms
Balance of payments constraint growth model
Commodity-dependence
DESARROLLO ECONOMICO
COMERCIALIZACION
HISTORIA ECONOMICA
status_str publishedVersion
title Commodity dependence, structural reforms, and commodity trap: South America 1970-2017
title_full Commodity dependence, structural reforms, and commodity trap: South America 1970-2017
title_fullStr Commodity dependence, structural reforms, and commodity trap: South America 1970-2017
title_full_unstemmed Commodity dependence, structural reforms, and commodity trap: South America 1970-2017
title_short Commodity dependence, structural reforms, and commodity trap: South America 1970-2017
title_sort Commodity dependence, structural reforms, and commodity trap: South America 1970-2017
topic Real exchange rate
Structural reforms
Balance of payments constraint growth model
Commodity-dependence
DESARROLLO ECONOMICO
COMERCIALIZACION
HISTORIA ECONOMICA
url https://hdl.handle.net/20.500.12008/51425
https://doi.org/10.1590/0101-31572024-3643