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Manufacturing sector resiliency to energy booms: Empirical evidence from Norway, the Netherlands and the United Kingdom

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  • Michael M Hutchison

    (University of California, Santa Cruz - Department of Economics)

Abstract

A natural resource based export boom can increase overall national wealth and improve a country's balance of payments position, but leave some sectors in a protracted and costly adjustment process. This phenomenon is known as "Dutch disease", a term associated with the difficulties experienced by the Dutch manufacturing sector after the natural gas boom, hike in world energy prices and expansion of the gas-revenue financed government sector expansion in the Netherlands. This paper reviews the theoretical predictions of a country experiencing a resource boom. It then briefly describes the country experiences of the Netherlands, Norway and the United Kingdom in this regard and finally develops a methodology for a more formal statistical analysis designed to shed light on the relationships between the energy sector and manufacturers in these countries, as well as to identify other potential explanatory factors.

Suggested Citation

  • Michael M Hutchison, 1990. "Manufacturing sector resiliency to energy booms: Empirical evidence from Norway, the Netherlands and the United Kingdom," BIS Working Papers 13, Bank for International Settlements.
    • Handle: RePEc:bis:biswps:13
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