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Optimal stockpiling policies for resource-dependent economies

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  • Behrens, Axel

Abstract

In this paper we derive optimal stockpiling policies for an economy that faces an embargo threat with respect to essential resources. The properties of the optimal program depend crucially on the access of this country to a perfect capital market and on the factor allocation in embargo periods. This paper is similar to Bergstrom/Loury/Persson (1985) but in contrast to them focuses on the relationship of stockpiling to domestically produced resources and on the use of these resources as an input in production.

Suggested Citation

  • Behrens, Axel, 1990. "Optimal stockpiling policies for resource-dependent economies," Kiel Working Papers 437, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwkwp:437
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    File URL: https://www.econstor.eu/bitstream/10419/46862/1/256263132.pdf
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    1. Harold Hotelling, 1931. "The Economics of Exhaustible Resources," Journal of Political Economy, University of Chicago Press, vol. 39(2), pages 137-137.
    2. Arye L. Hillman & Ngo Van Long, 1983. "Pricing and Depletion of an Exhaustible Resource When There is Anticipation of Trade Disruption," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 98(2), pages 215-233.
    3. Arad, Ruth W. & Hillman, Arye L., 1979. "Embargo threat, learning and departure from comparative advantage," Journal of International Economics, Elsevier, vol. 9(2), pages 265-275, May.
    4. Brian D. Wright & Jeffrey C. Williams, 1982. "The Roles of Public and Private Storage in Managing Oil Import Disruptions," Bell Journal of Economics, The RAND Corporation, vol. 13(2), pages 341-353, Autumn.
    5. Partha Dasgupta & Geoffrey Heal, 1974. "The Optimal Depletion of Exhaustible Resources," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 41(5), pages 3-28.
    6. Bergstrom, Clas & Loury, Glenn C & Persson, Mats, 1985. "Embargo Threats and the Management of Emergency Reserves," Journal of Political Economy, University of Chicago Press, vol. 93(1), pages 26-42, February.
    7. Loury, Glenn C, 1983. "The Welfare Effects of Intermittent Interruptions of Trade," American Economic Review, American Economic Association, vol. 73(2), pages 272-277, May.
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    Cited by:

    1. Klodt, Henning, 1990. "Government support for restructuring the East German economy," Kiel Working Papers 450, Kiel Institute for the World Economy (IfW Kiel).

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