Dutch disease

Last updated

In economics, the Dutch disease is the apparent causal relationship between the increase in the economic development of a specific sector (for example natural resources) and a decline in other sectors (like the manufacturing sector or agriculture). The putative mechanism is that as revenues increase in the growing sector (or inflows of foreign aid), the given nation's currency becomes stronger (appreciates) compared to currencies of other nations (manifest in an exchange rate). This results in the nation's other exports becoming more expensive for other countries to buy, and imports becoming cheaper, making those sectors less competitive. While it most often refers to natural resource discovery, it can also refer to "any development that results in a large inflow of foreign currency, including a sharp surge in natural resource prices, foreign assistance, and foreign direct investment". [1]

Economics Social science that analyzes the production, distribution, and consumption of goods and services

Economics is the social science that studies the production, distribution, and consumption of goods and services.

Agriculture Cultivation of plants and animals to provide useful products

Agriculture is the science and art of cultivating plants and livestock. Agriculture was the key development in the rise of sedentary human civilization, whereby farming of domesticated species created food surpluses that enabled people to live in cities. The history of agriculture began thousands of years ago. After gathering wild grains beginning at least 105,000 years ago, nascent farmers began to plant them around 11,500 years ago. Pigs, sheep and cattle were domesticated over 10,000 years ago. Plants were independently cultivated in at least 11 regions of the world. Industrial agriculture based on large-scale monoculture in the twentieth century came to dominate agricultural output, though about 2 billion people still depended on subsistence agriculture into the twenty-first.

Exchange rate rate at which one currency will be exchanged for another

In finance, an exchange rate is the rate at which one currency will be exchanged for another. It is also regarded as the value of one country’s currency in relation to another currency. For example, an interbank exchange rate of 114 Japanese yen to the United States dollar means that ¥114 will be exchanged for each US$1 or that US$1 will be exchanged for each ¥114. In this case it is said that the price of a dollar in relation to yen is ¥114, or equivalently that the price of a yen in relation to dollars is $1/114.


The term was coined in 1977 by The Economist to describe the decline of the manufacturing sector in the Netherlands after the discovery of the large Groningen natural gas field in 1959. [2]

<i>The Economist</i> English weekly news and international affairs publication

The Economist is an English-language weekly magazine-format newspaper owned by the Economist Group and edited at offices in London. Continuous publication began under its founder James Wilson in September 1843. In 2015, its average weekly circulation was a little over 1.5 million, about half of which were sold in the United States. Pearson PLC held a 50% shareholding via The Financial Times Limited until August 2015. At that time, Pearson sold their share in the Economist. The Agnelli family's Exor paid £287m to raise their stake from 4.7% to 43.4% while the Economist paid £182m for the balance of 5.04m shares which will be distributed to current shareholders. Aside from the Agnelli family, smaller shareholders in the company include Cadbury, Rothschild (21%), Schroder, Layton and other family interests as well as a number of staff and former staff shareholders.

Netherlands Constituent country of the Kingdom of the Netherlands in Europe

The Netherlands, also commonly known as Holland, is a country located mainly in Northwestern Europe. The European portion of the Netherlands consists of twelve separate provinces that border Germany to the east, Belgium to the south, and the North Sea to the northwest, with maritime borders in the North Sea with Belgium, Germany and the United Kingdom. Together with three island territories in the Caribbean Sea—Bonaire, Sint Eustatius and Saba— it forms a constituent country of the Kingdom of the Netherlands. The official language is Dutch, but a secondary official language in the province of Friesland is West Frisian.

Groningen gas field

The Groningen gas field is a giant natural gas field located near Slochteren in Groningen province in the northeastern part of the Netherlands. Discovered in 1959, it is the largest natural gas field in Europe and the tenth-largest in the world.


The classic economic model describing Dutch disease was developed by the economists W. Max Corden and J. Peter Neary in 1982. In the model, there is a non-tradable sector (which includes services) and two tradable sectors: the booming sector, and the lagging (or non-booming) tradable sector. The booming sector is usually the extraction of natural resources such as oil, natural gas, gold, copper, diamonds or bauxite, or the production of crops, such as coffee or cocoa. The lagging sector is usually manufacturing or agriculture.

J. Peter Neary FBA is an economist specialising in international trade. He is professor of economics at Oxford University, and a professorial fellow of Merton College, Oxford as well as associate member of Nuffield College, Oxford. He was previously professor of political economy at University College Dublin, from 1980 to 2006. He is also a research fellow of the Centre for Economic Policy Research.

Service (economics) intangible offering inseparable from its creators labor, which brings utility value to their client

In economics, a service is a transaction in which no physical goods are transferred from the seller to the buyer. The benefits of such a service are held to be demonstrated by the buyer's willingness to make the exchange. Public services are those that society as a whole pays for. Using resources, skill, ingenuity, and experience, service providers benefit service consumers. Service is intangible in nature.

The tradable sector of a country's economy is made up of the industry sectors whose output in terms of goods and services are traded internationally, or could be traded internationally given a plausible variation in relative prices. Most commonly, the tradable sector consists largely of sectors of the manufacturing industry, while the non-tradable sector consists of locally-rendered services, including health, education, retail and construction.

A resource boom affects this economy in two ways:

  1. In the "resource movement effect", the resource boom increases demand for labor, which causes production to shift toward the booming sector, away from the lagging sector. This shift in labor from the lagging sector to the booming sector is called direct-deindustrialization. However, this effect can be negligible, since the hydrocarbon and mineral sectors tend to employ few people. [3]
  2. The "spending effect" occurs as a result of the extra revenue brought in by the resource boom. It increases demand for labor in the non-tradable sector (services), at the expense of the lagging sector. This shift from the lagging sector to the non-tradable sector is called indirect-deindustrialization. [3] The increased demand for non-traded goods increases their price. However, prices in the traded good sector are set internationally, so they cannot change. This amounts to an increase in the real exchange rate. [4]

Resource-based international trade

In a model of international trade based on resource endowments as the Heckscher–Ohlin/Heckscher–Ohlin-Vanek, the Dutch disease can be explained by the Rybczynski Theorem.

Heckscher–Ohlin model

The Heckscher–Ohlin model is a general equilibrium mathematical model of international trade, developed by Eli Heckscher and Bertil Ohlin at the Stockholm School of Economics. It builds on David Ricardo's theory of comparative advantage by predicting patterns of commerce and production based on the factor endowments of a trading region. The model essentially says that countries export products that use their abundant and cheap factors of production, and import products that use the countries' scarce factors.


Using data on 118 countries over the period 1970–2007, a study by economists at the University of Cambridge provides evidence that the Dutch disease does not operate in primary commodity-abundant countries.[ why? ] [5] They also show that it is the volatility in commodity prices, rather than abundance per se, that drives the resource curse paradox since the negative impact of commodity terms of trade volatility on GDP per capita is larger than the growth enhancing effects of commodity booms. A study of the resource-rich Australian and Norwegian economies has shown that a booming resource sector can have positive effects (or ‘spillovers’) on non-resource sectors, which have not been captured in previous analysis. Construction and services, and to a lesser extent manufacturing benefit from these spillovers. [6] [7]

The resource curse, also known as the paradox of plenty, refers to the paradox that countries with an abundance of natural resources, tend to have less economic growth, less democracy, and worse development outcomes than countries with fewer natural resources. There are many theories and much academic debate about the reasons for, and exceptions to, these adverse outcomes. Most experts believe the resource curse is not universal or inevitable, but affects certain types of countries or regions under certain conditions.

In economics a spillover is an economic event in one context that occurs because of something else in a seemingly unrelated context. For example, externalities of economic activity are non-monetary spillover effects upon non-participants. Odors from a rendering plant are negative spillover effects upon its neighbors; the beauty of a homeowner's flower garden is a positive spillover effect upon neighbors.


Simple trade models suggest that a country should specialize in industries in which it has a comparative advantage; so a country rich in some natural resources would be better off specializing in the extraction of those natural resources.

The law or principle of comparative advantage holds that under free trade, an agent will produce more of and consume less of a good for which they have a comparative advantage. Comparative advantage is the economic reality describing the work gains from trade for individuals, firms, or nations, which arise from differences in their factor endowments or technological progress. In an economic model, agents have a comparative advantage over others in producing a particular good if they can produce that good at a lower relative opportunity cost or autarky price, i.e. at a lower relative marginal cost prior to trade. One shouldn't compare the monetary costs of production or even the resource costs of production. Instead, one must compare the opportunity costs of producing goods across countries.

However, other theories suggest that this is detrimental, for example when the natural resources deplete. Also, prices may decrease and competitive manufacturing cannot return as quickly as it left. This may happen because technological growth is smaller in the booming sector and the non-tradable sector than the non-booming tradable sector. [8] Because that economy had smaller technological growth than did other countries, its comparative advantage in non-booming tradable goods will have shrunk, thus leading firms not to invest in the tradables sector. [9]

Also, volatility in the price of natural resources, and thus the real exchange rate, limits investment by private firms, because firms will not invest if they are not sure what the future economic conditions will be. [10] Commodity exports such as raw materials, drive up the value of the currency. This is what leads to the lack of competition in the other sectors of the economy. The extraction of natural resources is also extremely capital intensive, resulting in few new jobs being created. [11]


There are two basic ways to reduce the threat of Dutch disease: by slowing the appreciation of the real exchange rate and by boosting the competitiveness of the adversely affected sectors. One approach is to sterilize the boom revenues, that is, not to bring all the revenues into the country all at once, and to save some of the revenues abroad in special funds and bring them in slowly. In developing countries, this can be politically difficult as there is often pressure to spend the boom revenues immediately to alleviate poverty, but this ignores broader macroeconomic implications.

Sterilisation will reduce the spending effect, alleviating some of the effects of inflation. Another benefit of letting the revenues into the country slowly is that it can give a country a stable revenue stream, giving more certainty to revenues from year to year. Also, by saving the boom revenues, a country is saving some of the revenues for future generations. Examples of these sovereign wealth funds include the Australian Government Future Fund, Iranian national development fund, the Government Pension Fund in Norway, the Stabilization Fund of the Russian Federation, the State Oil Fund of Azerbaijan, Alberta Heritage Savings Trust Fund of Alberta, Canada, and the Future Generations Fund of the State of Kuwait established in 1976. Recent[ when? ] talks led by the United Nations Development Programme in Cambodia – International Oil and Gas Conference on fueling poverty reduction – point out the need for better education of state officials and energy CaDREs (Capacity Needs Diagnostics for Renewable Energies) linked to a sovereign wealth fund to avoid the resource curse (Paradox of plenty). [12]

Another strategy for avoiding real exchange rate appreciation is to increase saving in the economy in order to reduce large capital inflows which may appreciate the real exchange rate. This can be done if the country runs a budget surplus. A country can encourage individuals and firms to save more by reducing income and profit taxes. By increasing saving, a country can reduce the need for loans to finance government deficits and foreign direct investment.

Investments in education and infrastructure can increase the competitiveness of the lagging manufacturing or agriculture sector. Another approach is government protectionism of the lagging sector, that is, increase in subsidies or tariffs. However, this could worsen the effects of Dutch disease, as large inflows of foreign capital are usually provided by the export sector and bought up by the import sector. Imposing tariffs on imported goods will artificially reduce that sector's demand for foreign currency, leading to further appreciation of the real exchange rate. [13]


It is usually difficult to be certain that a country has Dutch disease because it is difficult to prove the relationship between an increase in natural resource revenues, the real-exchange rate, and a decline in the lagging sector. An appreciation in the real exchange rate could be caused by other things such as productivity increases in the Balassa-Samuelson effect, changes in the terms of trade and large capital inflows. [14] Often these capital inflows are caused by foreign direct investment or to finance a country's debt.


See also

Related Research Articles

Economy of Cambodia national economy

The economy of Cambodia at present follows an open market system and has seen rapid economic progress in the last decade. Cambodia had a GDP of $18.05 billion in 2015. Per capita income, although rapidly increasing, is low compared with most neighboring countries. Cambodia's two largest industries are textiles and tourism, while agricultural activities remain the main source of income for many Cambodians living in rural areas. The service sector is heavily concentrated on trading activities and catering-related services. Recently, Cambodia has reported that oil and natural gas reserves have been found off-shore.

Guinea is richly endowed with minerals, possessing an estimated quarter of the world's proven reserves of bauxite, more than 1.8 billion metric tons of high-grade iron ore, significant diamond and gold deposits, and undetermined quantities of uranium.

Economy of Indonesia national economy

Indonesia has the largest economy in Southeast Asia and is one of the emerging market economies of the world. The country is also a member of G20 and classified as a newly industrialised country. It is the 16th largest economy in the world by nominal GDP and the 7th largest in terms of GDP (PPP). Its GDP per capita, however, ranks below the world average. Indonesia still depends on domestic market and government budget spending and its ownership of state-owned enterprises. The administration of prices of a range of basic goods also plays a significant role in Indonesia's market economy. However, since the 1990s, the majority of the economy has been controlled by individual Indonesians and foreign companies.

Economy of Nicaragua

Nicaragua's economy is focused primarily on the agricultural sector. It is the least developed country in Central America, and the second poorest in the Americas by nominal GDP. In recent years, under the administrations of Daniel Ortega, the Nicaraguan economy has expanded somewhat, following the global recession of 2009, when the country's economy actually contracted by 1.5%, due to decreased export demand in the US and Central American markets, lower commodity prices for key agricultural exports, and low remittance growth. The economy saw 4.5% growth in 2010 thanks to a recovery in export demand and growth in its tourism industry. Nicaragua's economy continues to post growth, with preliminary indicators showing the Nicaraguan economy growing an additional 5% in 2011. Consumer Price inflation have also curtailed since 2008, when Nicaragua's inflation rate hovered at 19.82%. In 2009 and 2010, the country posted lower inflation rates, 3.68% and 5.45%, respectively. Remittances are a major source of income, equivalent to 15% of the country's GDP, which originate primarily from Costa Rica, the United States, and European Union member states. Approximately one million Nicaraguans contribute to the remittance sector of the economy.

Economy of Nigeria national economy

Nigeria is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. It is ranked as the 27th-largest economy in the world in terms of nominal GDP, and the 22nd-largest in terms of purchasing power parity. It is the largest economy in Africa; its re-emergent manufacturing sector became the largest on the continent in 2013, and it produces a large proportion of goods and services for the West African subcontinent. In addition, the debt-to-GDP ratio is 11 percent, which is 8 percent below the 2012 ratio.

Economy of Pakistan national economy of the South Asian country Pakistan

The economy of Pakistan is the 23rd largest in the world in terms of purchasing power parity (PPP), and 40th largest in terms of nominal gross domestic product. Pakistan has a population of over 207 million, giving it a nominal GDP per capita of $1,641 in 2018, which ranks 147th in the world and giving it s PPP GDP per capita of 5,709 in 2018, which ranks 130th in the world for 2018. However, Pakistan's undocumented economy is estimated to be 36% of its overall economy, which is not taken into consideration when calculating per capita income. Pakistan is a developing country and is one of the Next Eleven countries identified by Jim O'Neill in a research paper as having a high potential of becoming, along with the BRICS countries, among the world's largest economies in the 21st century. The economy is semi-industrialized, with centres of growth along the Indus River. Primary export commodities include textiles, leather goods, sports goods, chemicals, carpets/rugs and medical instruments.

Economy of Paraguay

Paraguay has a market economy highly dependent on agriculture products. In recent years, the economy has grown as a result of increased agricultural exports, especially soybeans. Paraguay has the economic advantages of a young population and vast hydroelectric power but has few mineral resources, and political instability has undercut some of the economic advantages present. The government welcomes foreign investment.

Economy of Saint Lucia

Saint Lucia is one of the Windward Islands, a group of islands located off the southeast coast of North America. St Lucia's economy relies primarily on the sale of bananas, and the income generated from tourism, with additional input from small-scale manufacturing.

Economy of Senegal national economy

Predominantly rural, and with limited natural resources, the economy of Senegal gains most of its foreign exchange from fish, phosphates, groundnuts, tourism, and services. The agricultural sector of Senegal is highly vulnerable to variations in rainfall and changes in world commodity prices. The former capital of French West Africa, is also home to banks and other institutions which serve all of Francophone West Africa, and is a hub for shipping and transport in the region.

In economics, hot money is the flow of funds from one country to another in order to earn a short-term profit on interest rate differences and/or anticipated exchange rate shifts. These speculative capital flows are called 'hot money' because they can move very quickly in and out of markets, potentially leading to market instability.

Foreign-exchange reserves is money or other assets held by a central bank or other monetary authority so that it can pay its liabilities if needed, such as the currency issued by the central bank, as well as the various bank reserves deposited with the central bank by the government and other financial institutions. Reserves are held in one or more reserve currencies, mostly the United States dollar and to a lesser extent the Euro.

Export-oriented industrialization Development strategy based on global trade

Export-oriented industrialization (EOI) sometimes called export substitution industrialization (ESI), export led industrialization (ELI) or export-led growth is a trade and economic policy aiming to speed up the industrialization process of a country by exporting goods for which the nation has a comparative advantage. Export-led growth implies opening domestic markets to foreign competition in exchange for market access in other countries.

The economic history of Brazil covers various economic events and traces the changes in the Brazilian economy over the course of the history of Brazil. Portugal, which first colonized the area in the 16th century, enforced a colonial pact with Brazil, an imperial mercantile policy, which drove development for the subsequent three centuries. Independence was achieved in 1822. Slavery was fully abolished in 1888. Important structural transformations began in the 1930s, when important steps were taken to change Brazil into a modern, industrialized economy.

Economic history of Turkey

The economic history of Republic of Turkey may be studied according to sub-periods signified with major changes in economic policy: i) 1923-1929, when development policy emphasised private accumulation; ii) 1929-1945 when development policy emphasised state accumulation in a period of global crises; iii) 1950-1980, a period of state guided industrialisation based on import substituting protectionism; iv) 1980 onwards, opening of the Turkish economy to liberal trade in goods, services and financial market transactions. However one distinct characteristic between 1923–1985, in large part as a result of government policies, a backward economy developed into a complex economic system producing a wide range of agricultural, industrial, and service products for both domestic and export markets the economy grew at an average annual rate of six percent.

Economy of the Middle East

The economy of the Middle East is very diverse, with national economies ranging from hydrocarbon-exporting rentiers to centralized socialist economies and free-market economies. The region is best known for oil production and export, which significantly impacts the entire region through the wealth it generates and through labor utilization. In recent years, many of the countries in the region have undertaken efforts to diversify their economies.

A sudden stop in capital flows is defined as a sudden slowdown in private capital inflows into emerging market economies, and a corresponding sharp reversal from large current account deficits into smaller deficits or small surpluses. Sudden stops are usually followed by a sharp decrease in output, private spending and credit to the private sector, and real exchange rate depreciation. The term “sudden stop” was inspired by a banker’s comment on a paper by Rüdiger Dornbusch and Alejandro Werner about Mexico, that “it is not speed that kills, it is the sudden stop”.

This article is about the economic history of Ecuador and its evolution from colonial to modern times.

An oil boom is a period of largeinflow of income as a result of high global oil prices or large oil production in an economy. Generally, this short period initially brings economic benefits, in terms of increased GDP growth, but might later lead to a resource curse.


  1. Ebrahim-zadeh, Christine (March 2003). "Back to Basics – Dutch Disease: Too much wealth managed unwisely". Finance and Development, A quarterly magazine of the IMF. IMF. Archived from the original on 2008-06-17. Retrieved 2008-06-17. This syndrome has come to be known as "Dutch disease". Although the disease is generally associated with a natural resource discovery, it can occur from any development that results in a large inflow of foreign currency, including a sharp surge in natural resource prices, foreign assistance, and foreign direct investment. Economists have used the Dutch disease model to examine such episodes, including the impact of the flow of American treasures into sixteenth-century Spain and gold discoveries in Australia in the 1850s.
  2. "The Dutch Disease" (November 26, 1977). The Economist, pp. 82–83.
  3. 1 2 Corden WM (1984). "Boom Sector and Dutch Disease Economics: Survey and Consolidation". Oxford Economic Papers. 36 (3): 362. doi:10.1093/oxfordjournals.oep.a041643.
  4. Corden WM, Neary JP (1982). "Booming Sector and De-industrialisation in a Small Open Economy". The Economic Journal. 92 (December): 825–48. doi:10.2307/2232670. JSTOR   2232670.
  5. Cavalcanti, Tiago; Mohaddes, Kamiar & Raissi, Mehdi (2011). "Commodity Price Volatility and the Sources of Growth" (PDF). Cambridge Working Papers in Economics. Archived from the original (PDF) on 2014-11-21.
  6. Bjørnland, Hilde C. and Thorsrud, Leif Anders (February 13th, 2017). The ‘Dutch disease’ reexamined: Resource booms can benefit the wider economy. LSE Business Review.
  7. Bjørnland, Hilde C. and Thorsrud, Leif Anders. Boom or Gloom? Examining the Dutch Disease in Two-speed Economies, Economic Journal, Volume 126, Issue 598, December 2016, Pages 2219–2256
  8. Van Wijnbergen, Sweder (1984). "The 'Dutch Disease': A Disease After All?". The Economic Journal. 94 (373): 41–55. doi:10.2307/2232214. JSTOR   2232214.
  9. Krugman, Paul (1987). "The Narrow Moving Band, the Dutch Disease, and the Competitive Consequences of Mrs. Thatcher". Journal of Development Economics. 27 (1–2): 50. doi:10.1016/0304-3878(87)90005-8.
  10. Gylfason, T., Herbertsson, T.T., Zoega, G. (1999). A mixed blessing. Macroeconomics Dynamics . 3 June:212.
  11. "It's only natural". The Economist. 2010-09-09.
  12. 1947-, Karl, Terry Lynn (1997). The paradox of plenty : oil booms and petro-states. Berkeley: University of California Press. ISBN   9780520918696. OCLC   42855014.
  13. Collier, Paul (2007). "The Bottom Billion". Oxford University Press, p. 162
  14. De Gregorio, José; Wolf, Wolger C. (1994). "Terms of Trade, Productivity, and the Real Exchange Rate". NBER Working Paper No. 4807. SSRN   6891 .
  15. 1 2 Corden (1984), 359
  16. Peter Martin (2012-08-30). "Warning: After the boom it'll be Dutch and go". Sydney Morning Herlad.
  17. Paul Cleary (2007-11-11). "Mining boom could bust us". Melbourne: The Age.
  18. Peter Ker; Ben Schniders (2011-09-06). "Labor woeful on economic reform, Says Argus". The Sydney Morning Herald.
  19. http://www.economia.puc.cl/docs/luders_27_01_10.pdf
  20. "Boom and gloom". The Economist. 2007-03-08.
  21. Lee Greenberg (2011-07-20). "Growing Equalization Payments to Ontario Threaten Country". National Post.
  22. Michel Beine; Charles S. Bos; Serge Coulombe (January 2009). "Does the Canadian economy suffer from Dutch Disease?" (PDF).
  23. Peter McCawley, 'Indonesia's New Balance of Payments Problem: a Surplus to get rid of', Ekonomi dan Keuangan Indonesia, 28(1), March 1980, pp. 39–58.
  24. "Our Continent, Our Future" Archived 2007-04-16 at the Wayback Machine , Mkandawire, T. and C. Soludo. "In most recent attempts to explain Africa's performance with growth and investment regressions, studies find that inaccessible location, poor port facilities, and the 'Dutch Disease' syndrome, caused by large natural-resource endowments, constitute serious impediments to investment and growth".
  25. "Strong forex inflows now hurting economy, GMANews.TV.
  26. "Dutch Disease Hits Russia" Archived 2007-09-28 at the Wayback Machine , Latsis, O. (2005). Moscow News, June 8–14.
  27. Mining accounts for most of the economic growth
  28. Drelichman, Mauricio (2005-07-01). "The curse of Moctezuma: American silver and the Dutch disease". Explorations in Economic History. 42 (3): 349–80. CiteSeerX . doi:10.1016/j.eeh.2004.10.005.
  29. Bjørnland, Hilde (1998). "The Economic Effects of North Sea Oil on the Manufacturing Sector". Scottish Journal of Political Economy. 45 (5): 553–585. CiteSeerX . doi:10.1111/1467-9485.00112.
  30. Sisira Jayasuriya and Peter McCawley (2008), 'Reconstruction after a Major Disaster: Lessons from the Post-tsunami Experience in Indonesia, Sri Lanka, and Thailand', ADBI Working Paper No 125.
  31. "Venezuela – Exchange Rate". FocusEconomics. 2015-08-24.
  32. Evans-Pritchard, Ambrose (10 October 2016). "Britain should embrace weaker pound and it needs to fall further, says former BoE governor and currency guru". Telegraph. Retrieved 2017-03-26.
  33. Christensen, John; Shaxson, Nick; and Wigan Duncan (January 5, 2016). The Finance Curse: Britain and the World Economy. The British Journal of Politics and International Relations.
  34. Kaminska, Isabella (October 12, 2016). Brexit and Britain’s dutch disease. The Financial Times.
  35. Mody, Ashoka (18 November 2016). Unwinding of the pound carry trade. voxeu.org
  36. Krugman, Paul (October 11, 2016). "Notes on Brexit and the Pound". The New York Times. Retrieved 2016-10-13.
  37. MacAskill, Andrew (24 March 2017). "How banks lost the ear of Britain's government over Brexit". Reuters. Retrieved 2017-03-26.
  38. Armstrong, Angus (14 October 2016). "Pound in your pocket". National Institute of Economic and Social Research. Retrieved 2017-03-26.
  39. Oliver, Steven; Jablonski, Ryan; Hastings, Justin V. (2017). "The Tortuga Disease: The Perverse Effects of Illicit Foreign Capital". International Studies Quarterly. 61 (2): 312. doi:10.1093/isq/sqw051.

Further reading