Abstract

SARMIENTO-CASTILLO, JULIANA; PEREZ-RINCON, MARIO  and  GOMEZ-SANCHEZ, MAURICIO. ECONOMIC DECOUPLING OF THE EXTRACTIVE SECTOR IN COLOMBIA. Rev.Bio.Agro [online]. 2018, vol.16, n.2, pp.38-45. ISSN 1692-3561.  https://doi.org/10.18684/bsaa.v16n2.1164.

This article aims to provide arguments about the supposed economic benefits that the extractivist model has left to the country, after more than two decades of execution in which it has been a catalyst of social and environmental conflicts, a subject of academic and policy importance for Colombia. For this purpose two logarithmic models were submitted, previously submitted to a cointegration analysis that guaranteed non-spurious regressions. The results of the first econometric model showed evidence of the decoupling between the economic growth of the country and macroeconomic variables of the extractive sector, such as foreign direct investment, international price index and exports of mining-energy products. The discoveries of the second model confirmed the direct relationship between extractive exports and the international mineral and hydrocarbon price index, as well as the GDP behavior of emerging and developing economies that demand Colombian commodities, despite the relationship between these variables was not so strong. Thus, the hypothesis of the positive effects associated with the promotion of a development model based on the massive exploitation of exhaustible natural resources is rejected.

Keywords : Commodities; Deindustrialization; Economic growth; Extractivism; Logarithmic models.

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