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| Author: | Auty, R. M. |
| Title: | Resource-based industry in boom, downswing and liberalization: Mexico |
| Journal: | Market Research Society Journal
1991 : JAN-FEB, VOL. 19:1, p. 13-23 |
| Index terms: | OIL INDUSTRY MEXICO COMPANIES PUBLIC SECTOR INVESTMENTS PRICES BUSINESS CYCLES |
| Language: | eng |
| Abstract: | Despite the advantageously late start and small size of Mexico's oil windfall, the economic impact was disappointing. The pre-boom emphasis on import substitution had distorted prices and blunted efficiency incentives. The windfall was absorbed too quickly, inflation accelerated, the exchange rate appreciated and diversification into competitive non-oil tradeables, like resource-based industry /RBI/, was retarded. Too much RBI investment was channelled through state enterprises whose performance deteriorated. It relied heavily on the protected domestic market which fell short of projections. Excess capacity and inadequate revenues then made RBI vulnerable as Mexico rapidly liberalized its economy in the late 1980s. |
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