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Green accounting and sustainability of the Peruvian metal mining sector

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  • Figueroa B., Eugenio
  • Orihuela R., Carlos
  • Calfucura T., Enrique

Abstract

This paper estimates the true economic income of Peru's metal mining sector for the period 1992-2006, using a model of green economic income based on Hamilton (2000). The total depletion of natural capital caused by metal mining is calculated by estimating, on the one hand, the depreciation of mining resources (using the Hotelling rent approach) and, on the other, the environmental degradation provoked by metal mining activities. The results show that the total loss of natural capital represents between 31% and 51% of the metal mining GDP and between 2% and 4.9% of Peru's GDP. On the other hand, correcting the usual GDP measure produced by the traditional National Account System (NAS) for the total loss of natural capital caused by mining activities shows that the GDP traditional measure overestimated by 51-64% the true economic income generated by Peruvian's metal mining sector during the period 1992-2006. The importance of the generation, taxation, and disposition of mining economic rents for Peru's sustainable development in the future is also discussed.

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Bibliographic Info

Article provided by Elsevier in its journal Resources Policy.

Volume (Year): 35 (2010)
Issue (Month): 3 (September)
Pages: 156-167

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Handle: RePEc:eee:jrpoli:v:35:y:2010:i:3:p:156-167

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Web page: http://www.elsevier.com/locate/inca/30467

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Keywords: Green accounting Sustainable development Mining taxes Latin American mining Peru;

References

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  1. John Hartwick, 1976. "Intergenerational Equity and the Investing of Rents from Exhaustible Resources," Working Papers 220, Queen's University, Department of Economics.
  2. Young, Carlos Eduardo Frickmann & da Motta, Ronaldo Seroa, 1995. "Measuring sustainable income from mineral extraction in Brazil," Resources Policy, Elsevier, vol. 21(2), pages 113-125, June.
  3. Weitzman, Martin L., 2000. "The linearised Hamiltonian as comprehensive NDP," Environment and Development Economics, Cambridge University Press, vol. 5(01), pages 55-68, February.
  4. Asheim, Geir B, 1997. " Adjusting Green NNP to Measure Sustainability," Scandinavian Journal of Economics, Wiley Blackwell, vol. 99(3), pages 355-70, September.
  5. Eugenio Figueroa, B. & Enrique Calfucura, T., 2003. "Growth and green income: evidence from mining in Chile," Resources Policy, Elsevier, vol. 29(3-4), pages 165-173.
  6. M. L. Weitzman, 1974. "On the Welfare Significance of National Product in Dynamic Economy," Working papers 125, Massachusetts Institute of Technology (MIT), Department of Economics.
  7. Solow, Robert M, 1986. " On the Intergenerational Allocation of Natural Resources," Scandinavian Journal of Economics, Wiley Blackwell, vol. 88(1), pages 141-49.
  8. Davis, Graham A. & Moore, David J., 2000. "Valuing mineral stocks and depletion in green national income accounts," Environment and Development Economics, Cambridge University Press, vol. 5(01), pages 109-127, February.
  9. Andrés Gómez-Lobo E., 2001. "Sustainable development and natural resource accounting in a small open economy: a methodological clarification," Estudios de Economia, University of Chile, Department of Economics, vol. 28(2 Year 20), pages 203-216, December.
  10. John M. Hartwick, 1990. "Natural Resources, National Accounting and Economic Depreciation," Working Papers 771, Queen's University, Department of Economics.
  11. Karl-Göran Mäler, 1991. "National accounts and environmental resources," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 1(1), pages 1-15, March.
  12. James Otto & Craig Andrews & Fred Cawood & Michael Doggett & Pietro Guj & Frank Stermole & John Stermole & John Tilton, 2006. "Mining Royalties : A Global Study of Their Impact on Investors, Government, and Civil Society," World Bank Publications, The World Bank, number 7105, October.
  13. Hamilton, Kirk, 1994. "Green adjustments to GDP," Resources Policy, Elsevier, vol. 20(3), pages 155-168, September.
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