Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte.
Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. 2) The term commodity is used as short-hand expression for primary commodities. Natural resources are defined as essential and specific factors in the production of commodities. Sectors making use of either exhaustible or inexhaustible natural resources are called mining and .agricultural sectors respectively.-> •.
Terms of use:
Documents in EconStor may• .. .. -3 -regime of fixed exchange rates, in particular when foreign exchange reserves or an international compensatory facility are used for financing contra-cyclical policies. As specialization in commodity production increases, the economy is left more vulnerable should a world commodity price decline turn out as permanent. The market, in effect, provides for less security when a specific stabilization policy transfers risk from private economic units to government. In order to regain the good, the authorities might substitute a policy of export diversificationfor example taxing commodity exports and subsidizing exports of other goods -for the market solution. The costs of such supplementary measures should then be added to the other costs of the specific stabilization strategy. Export diversification may, however, also be welfare-increasing for reasons other than commodity price uncertainty -serving as first, second or thirdbest solution to some market imperfection or policy-imposed distortion. The commodity problem would then appear in another light as the severity of earnings fluctuations would be partly due to suboptimal specialization. Removing or compensating for the distortion causing it,excess demand for stability or costs of stabilization policies would also be reduced. If there is a case for export diversification irrespective of the commodity problem, the policy should be applied in any case.The costs and benefits of export diversification in an old non-oil commodity exporting country are the subject matter of the following analysis. In chapter 2 the causal nexus from commodity price fluctuations to domestic disturbances is developed from well-established macro-and microeconomic theory-. As both structural change and multiple distortions are central to the argument, the analysis is promising only in a quantitative multisectoral general equilibrium framework applied to some appropriate country. The case of copper-exporting Chile will be studied here. The country model is described in chapter 3 and documented in the appendix. The model experiments used for determining the costs and benefits a...
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.