COMMODITY PRICES AND GROWTH

摘要

In this article, we propose an endogenous growth model of commodity-rich economies in which: (ⅰ) long-run (steady-state) growth is endogenous and yet independent of commodity prices; (ⅱ) commodity prices affect short-run growth through transitional dynamics; and (ⅲ) the status of net commodity importer/exporter is endogenous. We argue that these predictions are consistent with historical evidence from the 19th to the 21st century.