Economic growth without welfare. the case of the impact of commodities on the Colombian economy

A. Oviedo-Gómez, J.M. Candelo Viáfara

Brazilian Journal of Political Economy Vol. 42, nº. 1, pp. 71 - 87

Summary:

Economic growth is not always related to social welfare. Therefore, this paper takes the case of the Colombian economy that has a strong dependence on commodity exploitation to identify the impacts of different commodities such as oil, coffee, coal, and nickel over economic variables. The results show that the increase in prices of commodities generates significant impacts on economic activity in variables such as GDP and investment. Also, there are no significant impacts on variables that provide welfare to individuals as total consumption or the unemployment rate.

Keywords: Prices of raw materials; economic activity; international trade; analysis of time series; VAR models; Colombia

DOI reference: https://doi.org/10.1590/0101-31572021- 3018

Published on paper: January 2022.

Citation:
A. Oviedo-Gómez, J.M. Candelo Viáfara, Economic growth without welfare. the case of the impact of commodities on the Colombian economy. Brazilian Journal of Political Economy. Vol. 42, nº. 1, pp. 71 - 87, January 2022.