FROM DUTCH DISEASE TO ENERGY TRANSITION - Noé van Hulst - FROM DUTCH DISEASE

Earlier in his career he has worked at the Vrije Universiteit in Amsterdam, the Social and Economic Council in The Hague, the Netherlands, and the Ministry of Economic Affairs and Climate Policy in The Hague, as Deputy Director Technology Policy, Director Competition Policy, Director-General for Energy and Envoy for Hydrogen. [...] In addition, he has been Director of the Energy Academy Europe in Groningen, the Netherlands, and the Dutch Ambassador to the OECD and IEA in Paris. [...] The energy sector is one of the largest sectors in the global economy and poses the biggest challenge for climate policy, while the energy bills for consumers and companies play a very big role in the politics of nearly every country on the plan- et. [...] 27 28 FROM DUTCH DISEASE TO ENERGY TRANSITION CHAPTER 1 DUTCH DISEASE: THEORY AND EMPIRICAL EVIDENCE 29 30 FROM DUTCH DISEASE TO ENERGY TRANSITION CHAPTER 1 — DUTCH DISEASE: THEORY AND EMPIRICAL EVIDENCE 1.1 WHAT IS DUTCH DISEASE? The term ‘‘Dutch Disease’’ was coined by The Economist in 1977 to describe the decline of the manufacturing sector in the Netherlands after the discovery of the large Gr. [...] The IMF has also observed that the financial sector of resource-rich countries typically shows a lower level of development, due to a lack of integration of the resource sector to the rest of the economy, among other factors (Mlachila & Ouedraogo 2017).28 This implies that the traded sector in resource-rich countries has less access to domestic credit than in resource-poor countries.