![]() The validity of such a position is questionable, however, because exhaustibility is likely to influence expectations about future income, thus inducing shifts in perceived wealth that may in turn affect private sector confidence and its behavior in the short run. Although these models do recognize that the exhaustibility of oil has major implications from the point of view of economic management, in general they consider exhaustibility as a long-run concept with little or no consequences in the short run. Although the economic literature is replete with studies of the implications of the exhaustibility of petroleum resources for optimal production and price strategies in petroleum-based economies, the short-run macroeconomic models of such economies have in general sidestepped the question of the depletability of the main source of income (Aghevli (1977), Aghevli and Sassanpour (1982), Khan (1976), and Knight and Mathieson (1980)). The second important characteristic is the exhaustibility of oil resources. It arises from the impact of resource availability on future expected income, which can in turn influence saving behavior, the pattern of expenditure, and the composition of asset portfolios. This effect has been highlighted by the studies of the “Dutch disease”-that is, the problem of deindustrialization attributable to a booming export sector (Buiter and Purvis (1983), Corden and Neary (1982), Eastwood and Venables (1982), Neary and van Wijnbergen (1984), and van Wijnbergen (1984)). The first relates to the possible “confidence effect” that resource availability might have on the behavior of economic agents. Although considerable attention has been paid in the economic literature to the manner in which the economies of oil producers such as Venezuela are influenced by variations in the flow of income generated by oil resources, the models used in the studies have in general ignored two important distinguishing characteristics of oil-based economies. ![]() World Vision Colombia Report “Hope of a future beyond the borders" reported that between September 2021 and August 2022 there were at least 443 children traveling alone or separated from their families.The purpose of this paper is to examine the short-run macroeconomic implications of natural resource availability-as well as its exhaustibility-in the case of Venezuela. Girls, boys and adolescents are part of this flows and many of them are not accompanied. This situation increases the protection vulnerability.ĭue to all the requirements the migrants seek new irregular routes, which tend to be more dangerous, exposing them more to physical and sexual violence, trafficking, xenophobia, extortion and death.Īs of October 2022, more than 187,000 people have crossed the Darien jungle and about 70% are Venezuelans, according to official figures from Panamá. The controls result in more people in border areas or towns and people in the streets trying to earn money to continue their travel. The visa requirements, need of a financial sponsorship, identity and sanitary controls and the registry through regular entry points in transit countries are some of the requirements applicable to Venezuelan migrants in host countries. This year has seen migrants and refugees searching for new destinations outside of their home country, resulting in new migration routes, specially from South America to the North America. Three of every four Venezuelan migrants are in situation of poverty or extreme poverty, including, 1.4 million are children. As a result, it is more difficult to have access to basic services such as food, housing, education and health care. This situation more acutely affects more to the Venezuelan refugees and migrants who lacks of a income-generating activities in their host countries. This year the LAC region registers an unemployment rate of 7,9% and is increasing due to the high inflation rates, the lingering impact of the pandemic, the war in Ukraine and the food crisis. This is considered one of the biggest refugees and migrants displacement crisis in the world and the biggest for the American continent in recent history. Approximately 80% are in Latin America and the Caribbean (LAC). ![]() As of September 2022, 7.1 million of Venezuelans had left the country (R4V October 2022).
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