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The Capital Gains from Trade are not Enough: Evidence from the Environmental Accounts of Venezuela and Mexico

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Author Info
M. del Mar Rubio

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Abstract

In principle, a country can not endure negative genuine savings for long periods of time without experiencing declining consumption. Nevertheless, theoreticians envisage two alternatives to explain how an exporter of non-renewable natural resources could experience permanent negative genuine savings and still ensure sustainability. The first one alleges that the capital gains arising from the expected improvement in the terms of trade would suffice to compensate for the negative savings of the resource exporter. The second alternative points at technological change as a way to avoid economic collapse. This paper uses the data of Venezuela and Mexico to empirically test the first of these two hypotheses. The results presented here prove that the terms of trade do not suffice to compensate the depletion of oil reserves in these two open economies.

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File URL: http://www.econ.upf.edu/docs/papers/downloads/689.pdf
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Publisher Info
Paper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 689.

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Date of creation: May 2003
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Handle: RePEc:upf:upfgen:689

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Related research
Keywords: Exhaustive resources; environmental accounts; net national product; genuine savings; foreign trade;

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Find related papers by JEL classification:
Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
N5 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries
P24 - Economic Systems - - Socialist Systems and Transition Economies - - - National Income, Product, and Expenditure; Money; Inflation
F18 - International Economics - - Trade - - - Trade and Environment

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  1. M. del Mar Rubio Varas, 2005. "Value and Depreciation of Mineral Resources Over the Very Long Run: An Empirical Contrast of Different Methods," Economics Working Papers 867, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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