LEADER 04880oam 22010694 450 001 9910788320303321 005 20230721045740.0 010 $a1-4623-0232-7 010 $a1-4527-7128-6 010 $a9786612841057 010 $a1-282-84105-X 010 $a1-4518-7012-4 035 $a(CKB)3170000000056225 035 $a(EBL)1607909 035 $a(SSID)ssj0000943983 035 $a(PQKBManifestationID)11503316 035 $a(PQKBTitleCode)TC0000943983 035 $a(PQKBWorkID)10982807 035 $a(PQKB)10093913 035 $a(OCoLC)763089245 035 $a(MiAaPQ)EBC1607909 035 $a(IMF)WPIEE2008154 035 $a(EXLCZ)993170000000056225 100 $a20020129d2008 uf 0 101 0 $aeng 181 $ctxt 182 $cc 183 $acr 200 10$aBolivia : $eThe Hydrocarbons Boom and the Risk of Dutch Disease /$fEugenio Cerutti, Mario Mansilla 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (22 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/154 300 $aDescription based upon print version of record. 311 $a1-4519-1465-2 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; II. Key Developments in the Hydrocarbons Sector; Figures; 1. Foreign Direct Investment by Sectors; 2. Natural Gas Reserves; A. Looming Capacity Constraints and Prospects for Additional Investments; 3. Natural Gas Sales Volume; B. Recent Institutional Changes and Possible Impact on Investment; III. Hydrocarbons Boom and Risk of Dutch Disease; A. Evolution of the real exchange rate; 4. Distribution of Gas Exports Receipts and Fiscal Balances; 5. Real and Nominal Exchange Rate; 6. Inflation and Relative Prices; IV. Policy Implications 327 $a7. External Sector Performance and Growth Appendix: Equilibrium Real Exchange Rate; References 330 3 $aThe hydrocarbons sector has become one of the most dynamic economic activities in the Bolivian economy and the main driver of improved export performance and international reserve accumulation. The central role of the hydrocarbons sector in the economy is attributable to the high levels of investment made in the late 1990s, which permitted much higher production levels, particularly of natural gas. However those positive developments in the hydrocarbons sector have given rise to the possibility of a new case of "Dutch disease." While Bolivia's economy has already seen many benefits from its higher gas exports, especially in terms of lower external vulnerability and improved fiscal stance, the new resources could also limit the development of other economic sectors in terms of output and factor income. This paper explores the transmission channels of Dutch disease, as well as its main symptom, the appreciation of the real exchange rate. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/154 606 $aHydrocarbons$xEconomic aspects$zBolivia 606 $aForeign exchange rates$zBolivia 606 $aExports and Imports$2imf 606 $aForeign Exchange$2imf 606 $aEconomic Theory$2imf 606 $aIndustries: Energy$2imf 606 $aTrade: General$2imf 606 $aHydrocarbon Resources$2imf 606 $aResource Booms$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aInternational economics$2imf 606 $aPetroleum, oil & gas industries$2imf 606 $aEconomic theory & philosophy$2imf 606 $aReal exchange rates$2imf 606 $aExports$2imf 606 $aNatural gas sector$2imf 606 $aDutch disease$2imf 606 $aReal effective exchange rates$2imf 606 $aGas industry$2imf 606 $aEconomic forecasting$2imf 607 $aBolivia$xEconomic conditions 607 $aBolivia$2imf 615 0$aHydrocarbons$xEconomic aspects 615 0$aForeign exchange rates 615 7$aExports and Imports 615 7$aForeign Exchange 615 7$aEconomic Theory 615 7$aIndustries: Energy 615 7$aTrade: General 615 7$aHydrocarbon Resources 615 7$aResource Booms 615 7$aCurrency 615 7$aForeign exchange 615 7$aInternational economics 615 7$aPetroleum, oil & gas industries 615 7$aEconomic theory & philosophy 615 7$aReal exchange rates 615 7$aExports 615 7$aNatural gas sector 615 7$aDutch disease 615 7$aReal effective exchange rates 615 7$aGas industry 615 7$aEconomic forecasting 676 $a628.161 700 $aCerutti$b Eugenio$01476601 701 $aMansilla$b Mario$01117599 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788320303321 996 $aBolivia$93747514 997 $aUNINA