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Constant Consumption Paths in Open Eocnomies with Exhaustible Resources

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  • Hartwick, John M

Abstract

We examine the effects of international trade on the paths of investment which maintain consumption constant over time in each country, each of which produces an essential exhaustible resource such as oil. For countries identical except for the sizes of their oil stocks, the investing of own oil rents in machine capital will not result in constant consumption in each country. Adjusted rent-investment strategies are developed which do yield constant consumption in each country. We also report results on the link in each country between its consumption levels and aggregate current wealth. Copyright 1995 by Blackwell Publishing Ltd.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Review of International Economics.

Volume (Year): 3 (1995)
Issue (Month): 3 (October)
Pages: 275-83

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Handle: RePEc:bla:reviec:v:3:y:1995:i:3:p:275-83

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0965-7576

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Cited by:
  1. John Hartwick & Kirk Hamilton, 2009. "Oil Stock Discovery and Dutch Disease," Working Papers 1220, Queen's University, Department of Economics.
  2. Argentino Pessoa & Mário Rui Silva, 2009. "Environment Based Innovation: Policy Questions," FEP Working Papers 308, Universidade do Porto, Faculdade de Economia do Porto.
  3. Taoyuan Wei, 2012. "Capital Gains and Income Arising from Nonrenewable Resources," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 52(2), pages 293-300, June.
  4. Eric Neumayer, 2000. "Resource Accounting in Measures of Unsustainability: Challenging the World Bank's Conclusions," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 15(3), pages 257-278, March.
  5. Klepper, Gernot & Stahler, Frank, 1998. "Sustainabilty in Closed and Open Economies," Review of International Economics, Wiley Blackwell, vol. 6(3), pages 488-506, August.
  6. van der Ploeg, Frederick, 2010. "Why do many resource-rich countries have negative genuine saving?: Anticipation of better times or rapacious rent seeking," Resource and Energy Economics, Elsevier, vol. 32(1), pages 28-44, January.
  7. Louis Dupuy, 2012. "International Trade and Sustainability: A survey," Larefi Working Papers 1201, Larefi, Université Bordeaux 4.
  8. David I. Stern & Cutler J. Cleveland, 2004. "Energy and Economic Growth," Rensselaer Working Papers in Economics 0410, Rensselaer Polytechnic Institute, Department of Economics.
  9. Martin L. Weitzman, 1996. "On the Welfare Significance of National Product Under Interest-Rate Uncertainty," Harvard Institute of Economic Research Working Papers 1776, Harvard - Institute of Economic Research.
  10. David I. Stern, 2010. "The Role of Energy in Economic Growth," CCEP Working Papers 0310, Centre for Climate Economics & Policy, Crawford School of Public Policy, The Australian National University.
  11. Beatrix Gaitan & Terry Roe, 2012. "International Trade, Exhaustible-Resource Abundance and Economic Growth," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 15(1), pages 72-93, January.

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