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@article{201129,
        author = {Dr.R.Muthusubramanian},
        title = {Oil Dependency and Hyperinflation: An Analysis of the Venezuelan Economic Crisis and Lessons for Resource-Dependent Economies},
        journal = {International Journal of Innovative Research in Technology},
        year = {2026},
        volume = {12},
        number = {12},
        pages = {2548-2553},
        issn = {2349-6002},
        url = {https://ijirt.org/article?manuscript=201129},
        abstract = {The Venezuelan economic crisis represents one of the most significant examples of economic collapse in the twenty-first century. Despite possessing the world’s largest proven oil reserves, Venezuela experienced hyperinflation, declining gross domestic product (GDP), institutional deterioration, and severe humanitarian consequences. This study investigates the relationship between oil dependency and hyperinflation within the framework of Resource Curse Theory and Dutch Disease Theory. Using a mixed-method research design that combines quantitative macroeconomic analysis with qualitative institutional evaluation, the paper examines how excessive reliance on petroleum exports undermined economic diversification and contributed to fiscal instability. Secondary data from the International Monetary Fund (IMF), World Bank, OPEC, and scholarly sources are utilized to analyze trends in inflation, GDP, oil exports, and public revenue. The findings indicate that overdependence on oil revenues, weak governance, monetary expansion, exchange-rate distortions, and institutional failures collectively accelerated Venezuela’s economic collapse. The paper concludes by identifying policy lessons for resource-dependent economies, emphasizing diversification, fiscal prudence, institutional strengthening, and macroeconomic stability as essential requirements for sustainable development. (Springer Link)},
        keywords = {Venezuela, Resource Curse Theory, Hyperinflation, Oil Dependency, Dutch Disease, Economic Crisis, Petroleum Economy},
        month = {May},
        }