| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7038 |
| DP7038 The Design of the University System | |
| Gianni De Fraja; Paola Valbonesi | |
| 发表日期 | 2008-11-10 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | We investigate the Hartwick rule for saving of a nation necessary to sustain a constant level of private consumption for a small open economy with an exhaustible stock of natural resources. The amount by which a country saves and invests less than the marginal resource rents equals the expected capital gains on reserves of natural resources plus the expected increase in interest income on net foreign assets plus the expected fall in the cost of resource extraction due to expected improvements in extraction technology. Effectively, depletion is then postponed until better times. This suggests that it is not necessarily sub-optimal for resource-rich countries to have negative genuine saving. However, in countries with different groups with imperfectly defined property rights on natural resources, political distortions induce faster resource depletion than suggested by the Hotelling rule. Fractionalised societies with imperfect property rights build up more foreign assets than their marginal resource rents, but in the long run accumulate less foreign assets than homogenous societies. Hence, such societies end up with lower sustainable consumption and are worse off, especially if seepage is strong, the number of rival groups is large and the country does not enjoy much monopoly power on the resource market. Genuine saving is zero in such societies. However, World Bank genuine saving figures based on market rather than accounting prices will be negative, albeit less so in more fractionalised societies with less secure property rights. |
| 主题 | International Macroeconomics |
| 关键词 | Accounting price Capital Common pool Exhaustible resources Extraction technology Fractionalisation Genuine saving Hartwick rule Hotelling rule Property rights |
| URL | https://cepr.org/publications/dp7038 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535875 |
| 推荐引用方式 GB/T 7714 | Gianni De Fraja,Paola Valbonesi. DP7038 The Design of the University System. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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