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The Macro Management of Commodity Booms: Africa and Latin America's Response to Asian Demand
| Content Provider | Semantic Scholar |
|---|---|
| Author | Avendaño, Rolando Reisen, Helmut Santiso, Javier López |
| Copyright Year | 2008 |
| Abstract | Strong growth in China and India has led to improvements in raw-material exporting countries' terms of trade and attracted complementary finance. The long-term challenge for these countries, where institutions are often fragile, is to avoid the so-called “resource curse”. This paper aims to provide a comparative perspective between policy choices in commodity-exporting countries, contrasting the experiences of Africa and Latin America. First, it highlights global macroeconomic links between the Asian Drivers (China and India) and these regions. Second, it discusses optimal policy responses from a macroeconomic and institutional perspective. Third, it presents empirical evidence on macroeconomic, particularly fiscal responses to Dutch disease and the specialisation effects caused by Asian Drivers' demand and assesses the benefits and challenges offered by the Asian Drivers from a macro perspective for both Africa and Latin America. La forte croissance enregistree par la Chine et l'Inde a permis aux pays exportateurs de matieres premieres d'ameliorer substantiellement leurs termes de l'echange et d'enregistrer des afflux de capitaux consequents. A long terme, le defi pour ces pays, aux institutions souvent fragiles, sera d'eviter de tomber dans la trappe de la malediction des matieres premieres. Le travail ici presente se propose d'analyser de maniere comparee les reponses en matiere de politiques economiques de la part des pays qui beneficient de cette nouvelle manne, en contrastant en particulier les experiences africaines et latino-americaines. On souligne en premier lieu les liens macro-economiques entre les locomotives asiatiques (Chine et Inde) et ces deux regions. Ensuite, on discute les reponses economiques optimales face a ce choc de demande positif. Enfin, on presente les resultats empiriques et, en particulier, les reponses macroeconomiques en matiere budgetaire et commerciale des pays beneficiaires puis on evalue les benefices et les defis aussi bien pour l'Afrique que pour l'Amerique latine. |
| File Format | PDF HTM / HTML |
| DOI | 10.2139/ssrn.1298926 |
| Alternate Webpage(s) | http://www.oecd.org/dev/41159361.pdf |
| Alternate Webpage(s) | https://doi.org/10.2139/ssrn.1298926 |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
