Kiel Working Papers, Kiel Institute for World Economics
No 1784:
Can Oil-led Growth and Structural Change Go Hand in Hand in Ghana? A Multi-sector Intertemporal General Equilibrium Assessment
Clemens Breisinger, Xinshen Diao and Manfred Wiebelt
Abstract: Unlike in Asia, the manufacturing sector has not (yet)
become a driver of structural change in Africa. One common explanation is
that the natural resource-focus of many African economies leads to Dutch
disease effects. To test this argument for the case of newly found oil in
Ghana we develop a multi-sector intertemporal general equilibrium model
with endogenous savings and investment behavior. Results show that in
addition to the well-known short-term Dutch disease effects, long-term
structural effects can indeed impede Asian-style economic transformation in
Ghana (and other resource rich countries). We also demonstrate how oil
wealth may go hand in hand with structural change in the future
Keywords: transformation, growth, structural change, oil revenue, Dutch disease, Ghana, intertemporal general equilibrium; (follow links to similar papers)
JEL-Codes: C68,; D58,; D90,; F43,; O11,; O41,; O55; (follow links to similar papers)
31 pages, July 2012
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