Free trade may save a renewable resource from exhaustion
AbstractThis study considers a small open economy in which two tradable final goods are produced by using a non-tradable resource good, which has an open-access property, as an input as well as a primary factor. If the intrinsic growth rate of the resource is relatively low, there may be no non-trivial steady state or multiple steady states. This implies that, by opening international trade, the economy can escape from the risk of complete depletion of the resource.
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Bibliographic InfoArticle provided by AccessEcon in its journal Economics Bulletin.
Volume (Year): 33 (2013)
Issue (Month): 1 ()
Contact details of provider:
International trade; Open-access renewable resources; Intermediate good; Multiple steady states; Resource depletion;
Find related papers by JEL classification:
- F1 - International Economics - - Trade
- Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation
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- James A. Brander & M. Scott Taylor, 1996.
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"International trade between consumer and conservationist countries,"
Resource and Energy Economics,
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- Karp, Larry & Sacheti, Sandeep, 1997.
"Common Ground Between Free-traders and Environmentalists,"
CEPR Discussion Papers
1598, C.E.P.R. Discussion Papers.
- Karp, Larry & Sacheti, Sandeep & Zhao, Jinhua, 2001. "Common Ground between Free-Traders and Environmentalists," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 42(3), pages 617-47, August.
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- Naoto Jinji, 2006. "International trade and terrestrial open-access renewable resources in a small open economy," Canadian Journal of Economics, Canadian Economics Association, vol. 39(3), pages 790-808, August.
- Naoto Jinji, 2007. "International trade and renewable resources under asymmetries of resource abundance and resource management," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 37(4), pages 621-642, August.
- Rögnvaldur Hannesson, 2000. "Renewable resources and the gains from trade," Canadian Journal of Economics, Canadian Economics Association, vol. 33(1), pages 122-132, February.
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