publication . Article . 2015

Venezuela 1999–2014: Macro-Policy, Oil Governance and Economic Performance

Leonardo Vera;
Open Access
  • Published: 01 Jan 2015 Journal: Comparative Economic Studies, volume 57, issue 3 September, pages 539-568
Abstract
During the administration of President Chavez, Venezuela registered some celebrated and encouraging socio-economic achievements, however; in the macroeconomic realm the country underperformed compared with other countries in Latin America of a similar size. The country, for instance, did not manage to avoid recurrent external crisis, suffered from unprecedented net transfers of financial resources abroad and, despite the oil windfall, has not accumulated a strong level of defensive international reserves. Moreover, inflation has been rampant and output growth has been very volatile and, on average, poor. This study provides a descriptive account and analysis of ...
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