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Managing Resource Abundance and WealthThe Norwegian Experience$
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Jonathon W. Moses and Bjørn Letnes

Print publication date: 2017

Print ISBN-13: 9780198787174

Published to Oxford Scholarship Online: June 2017

DOI: 10.1093/oso/9780198787174.001.0001

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Macroeconomic Balance

Macroeconomic Balance

Chapter:
(p.107) 6 Macroeconomic Balance
Source:
Managing Resource Abundance and Wealth
Author(s):

Jonathon W. Moses

Bjørn Letnes

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198787174.003.0006

One of the biggest challenges from petroleum wealth comes from a subsequent loss of international competitiveness. Resource wealth can easily inflate the local economy, making it more difficult for other economic sectors to maintain international competitiveness. This chapter introduces the challenge of Dutch Disease and its diverse remedies. The latter part of the chapter describes how Norway has always struggled with the need to maintain international competitiveness, and has developed a highly organized economy (corporatism) as a result. Norwegian incomes policy, responsible budgeting policies, devaluations, and a restricted pace of extraction have all been used, at various times, to limit the threat of a real exchange rate appreciation.

Keywords:   Dutch Disease, appreciation, incomes policies, pace of extraction, devaluations, corporatism

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