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Financing Sustainable Growth Through Energy Exports and Implications for Human Capital Investment

In: Inequality and Finance in Macrodynamics

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  • Unurjargal Nyambuu

    (The City University of New York)

Abstract

This paper examines the impact of energy resources financing on investment in human capital through the mechanism of growth dynamics. This is done within a context that includes global financial markets and exports of non-renewable energy. These are frequently related to issues of debt accumulation, which naturally raises questions relating to sustainability and welfare—both present and future. Energy export’s contribution to economic growth is emphasized and the distinction between resource-rich and resource-poor countries is highlighted. Major external disturbances for sustained resource-driven development, which can make a country more vulnerable to economic shocks, are discussed. Numerical analysis using Nonlinear Model Predictive Control confirms the empirically observed long-run patterns when non-renewable resources decline monotonically and become depleted. The solutions also confirm typical boom/bust cycle phenomena, where excessive debt may effectively strangle growth. In addition, the implications of investment in human capital for inequality are discussed.

Suggested Citation

  • Unurjargal Nyambuu, 2017. "Financing Sustainable Growth Through Energy Exports and Implications for Human Capital Investment," Dynamic Modeling and Econometrics in Economics and Finance, in: Bettina Bökemeier & Alfred Greiner (ed.), Inequality and Finance in Macrodynamics, pages 191-219, Springer.
    • Handle: RePEc:spr:dymchp:978-3-319-54690-2_9
    DOI: 10.1007/978-3-319-54690-2_9
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    Cited by:

    1. Nyambuu, Unurjargal & Semmler, Willi, 2017. "Emerging markets’ resource booms and busts, borrowing risk and regime change," Structural Change and Economic Dynamics, Elsevier, vol. 41(C), pages 29-42.

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