Terms of Trade, GDP and Real Domestic Income in Bolivia
DOI:
https://doi.org/10.35319/lajed.20162657Keywords:
Gross Domestic Product, Gross Domestic Income, Terms of Trade, Economic GrowthAbstract
Quantifying real domestic income from Real GDP figures is acceptable for economies with low or moderate level of external openness, and also with a diversified export sector. However, for economies such as that of Bolivia, with a high level of external openness and with exports concentrated in a handful of primary products, using real GDP as an indicator of real domestic income is ill-advised, and may lead to serious errors in the analysis of economic variables. For these economies, the preferred indicator of domestic income and economic well-being is Real Gross Domestic Income (Real GDI). This concept (Real GDI) includes real income gains (or losses) brought out by changes in foreign trade prices.
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