Published 2016-12-20
Keywords
- Per capita income,
- economic growth,
- petroleum,
- investment
How to Cite
Abstract
This research attempts to explain economic growth in Ecuador from oil revenues, since in the last ten years the oil sector and economic growth have attracted attention in the literature; its importance refers to the theory of Solow growth. The main variables analyzed were oil revenues, as a key variable in the production function, it was estimated per capita terms per worker; for this, statistical series Central Bank of Ecuador and ordinary least squares were used; Also, the gross fixed capital formation, economically active population and oil revenues, the latter as a foreign additional variable production function to explain economic growth. As a main result a positive relationship GDP per worker (y) with the gross fixed capital formation per worker (k) and oil income per worker (yp) is obtained, when the variables investment and income increase, GDP per worker also increases.
References
- Acemoglu, D. (2009). Introduction to Modern Economic Growth, Princeton University Press.
- Barbera, R. A. & L. M. Doncel (2009). La moderna economía del crecimiento, Editorial
- Síntesis.
- Barro, R. J. & X. Sala–i–Martin (2004), Economic Growth, MIT Press.
- Domar, E. (2004). “Capital Expansion, Rate of Growth and Employment”, Econometrica 14, (2004), pp. 137–147.
- Gadrey, J. & Jany-Catrice, F. (2006): The New Indicators of Well-Being and Development, Palgrave, Houndmills.
- Hernández, E. (2006), Renta petrolera y su impacto en crecimiento económico de Venezuela, Revista latinoamericana de desarrollo, Vol. 37, N. 147
- Karl, T., (1997). The Paradox of Plenty. Oil Booms and Petro States, Berkeley, University of California Press.
- Krugman, P. (1998, april). The Role of Geography in Development. Annual World Bank Conference on Development Economics, Washington D. C.
- Krugman, P. (2000). El retorno de la economía de la depresión, Editorial Crítica.
- López, E., Montes, E., & Garavito, A. (2012). La economia petrolera en Colombia. Bogota: Borradores de economía. Banco Central de Colombia.
- López, E., Montes, E., Garavito, A., & Collazos. (2013). La economia petrolera en Colombia, (Parte II). Bogotá.: Borradores de economia.Banco Central de Colombia.
- Lomelí, H., & B. Rumbos (2003). Métodos dinámicos en economía, Thomson Editores.
- Lucas, R. (1988). “On the Mechanics of Economic Development”, Journal of Monetary Economics
- (1988), pp. 3–42.
- Mehlum, H., Moene, K., & Torvik, R. (2006). Institutions and the Resource Curse. The Economic Journal, 116 (January), 1-20.
- Murshed, S. M. (2004). When does natural resource abundance lead to a resource curse?. EEP Discussion Paper 04-01. International Institute for Environment and Development, London.
- Olusi J. O. & Olagunju M. A. (2005). The Primary Sectors of the Economy and the Dutch Disease in Nigeria. The Pakistan Development Review , 44:2, 159–175
- Romer, P. (1993). Idea gaps and object gaps in economic development. Journal of Monetary Economics, 32, 543-573.
- Ross, M. L. (1999). The Political Economy of The Resource Curse. World Politics, 51, 297-322.
- Sachs, J. D. & Warner, A. M. (1997). Natural Resource Abundance and Economic Growth. Harvard University, Cambridge MA.
- Schliesser, J. & Silva, C. (2000), La renta petrolera y crecimiento económico de Venezuela, BCV.
- Samuelson, P., & Nordhaus, W. (2010). Macroeconomía con aplicaciones a Latinoamerica (19a ed.). Mexico D.F., Mexico: Mc Graw
- Snowdon, B. & H. R. Vane (2005). Modern Macroeconomics, Edward Elgar Publishing.
- Stiglitz, J. (2012), The Price of Inequality: How Today's Divided Society Endangers Our Future, W. W. Norton & Company.
- Solow, R. (1956), “A Contribution to the Theory of Economic Growth”, Quarterly Journal of Economics, Nº 70, págs. 65–94.
- Tödtling, F. & Trippl, M. (2005). One size fits all? Towards a differentiated regional innovation policy approach, Research Policy, 34, 1023-1209.