BOFIT Discussion Papers, Institute for Economies in Transition, Bank of Finland
Dutch disease in former Soviet Union: Witch-hunting?
Abstract: This study seeks to determine the extent to which
countries of the former Soviet Union are “infected” by the Dutch Disease.
We take a detailed look at the functioning of the trans-mission mechanism
of the Dutch Disease, i.e. the chains that run from commodity prices to
real output in manufacturing. We complement this with two econometric
exercises. First, we estimate nominal and real exchange rate models to see
whether commodity prices are correlated with the exchange rate. Second, we
run growth equations to analyse the possible effects of commodity prices
and the dependency of economic growth on natural resources.
Keywords: Dutch disease; commodity prices; exchange rate; Commonwealth of Independent States; (follow links to similar papers)
JEL-Codes: E31; E32; F31; Q33; (follow links to similar papers)
37 pages, April 20, 2009
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