Sambit Bhattacharyya y
Jeffrey G. Williamson publicaron Distributional Impact of Commodity Price Shocks: Australia over a Century. En el abstract escriben: "This paper studies the distributional impact of
commodity price shocks over the both the short and very long run. Using a GARCH
model, we find that Australia experienced more volatility than many commodity
exporting developing countries over the periods 1865-1940 and 1960-2007. A
single equation error correction model suggests that commodity price shocks
increase the income share of the top 1, 0.05, and 0.01 percents in the short
run. The very top end of the income distribution benefits from commodity booms
disproportionately more than the rest of the society. The short run effect is
mainly driven by wool and mining and not agricultural commodities. A sustained
increase in the price of renewables (wool) reduces inequality whreas the same
for non-renewable resources (minerals) increases inequality. We expect that the
initial distribution of land and mineral resources explains the asymmetric
result."
