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

Vol. 42 No. 1 (2022)

Jan-Mar / 2022
Published January 20, 2022
PDF-English
PDF-English

How to Cite

Oviedo-Gómez, Andrés Felipe, and Juan Manuel Candelo Viafara. 2022. “Economic Growth Without Welfare. The Case of the Impact of Commodities on the Colombian Economy”. Brazilian Journal of Political Economy 42 (1):71-87. https://doi.org/10.1590/0101-31572021- 3018.
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Economic growth without welfare. The case of the impact of commodities on the Colombian economy

Andrés Felipe Oviedo-Gómez
Ph.D.(c) student in Engineering at Universidad del Valle, Colombia. Electronic Engineer at Pontificia Universidad Javeriana Cali, Colombia. Master’s in applied economics at Universidad del Valle, Colombia.
Juan Manuel Candelo Viafara
Assistant professor at Universidad del Valle, Buga and Palmira, Colombia. Business Manager at Universidad del Valle, master’s in applied economics at Universidad del Valle, and Ph.D.(c) student in Management at Universidad del Valle, Colombia.
Brazilian Journal of Political Economy, Vol. 42 No. 1 (2022), Jan-Mar / 2022, Pages 71-87

Abstract

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.

JEL Classification: F14; F41; O54.


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