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Sustainabilty in Closed and Open Economies

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  • Klepper, Gernot
  • Stahler, Frank

Abstract

This paper discusses unilateral sustainability policies for tradable resources in closed and open economies. The effects of sustainability policies are modeled in an intertemporal, competitive framework by applying different sustainability rules which are introduced unilaterally in the domestic country. The paper shows that no sustainability rule will lead to a slower rate of extraction of the resource. Unilateral policies will lead to an "import of sustainability." It is also shown that the foreign country may well gain in terms of consumption and real income from such unilateral sustainability policies but not in terms of sustainability. Copyright 1998 by Blackwell Publishing Ltd.

Suggested Citation

  • Klepper, Gernot & Stahler, Frank, 1998. "Sustainabilty in Closed and Open Economies," Review of International Economics, Wiley Blackwell, vol. 6(3), pages 488-506, August.
  • Handle: RePEc:bla:reviec:v:6:y:1998:i:3:p:488-506
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    References listed on IDEAS

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    1. R. M. Solow, 1973. "Intergenerational Equity and Exhaustable Resources," Working papers 103, Massachusetts Institute of Technology (MIT), Department of Economics.
    2. John M. Hartwick, 1978. "Substitution Among Exhaustible Resources and Intergenerational Equity," Review of Economic Studies, Oxford University Press, vol. 45(2), pages 347-354.
    3. Joseph E. Stiglitz, 1974. "Growth with Exhaustible Natural Resources: The Competitive Economy," Review of Economic Studies, Oxford University Press, vol. 41(5), pages 139-152.
    4. Heinz Welsch & Frank Stähler, 1990. "On externalities related to the use of exhaustible resources," Journal of Economics, Springer, pages 177-195.
    5. Ethier, Wilfred J. & Svensson, Lars E. O., 1986. "The theoremes of international trade with factor mobility," Journal of International Economics, Elsevier, pages 21-42.
    6. John Hartwick, 1977. "Intergenerational Equity and the Investment of Rents from Exhaustible Resources in a Two Sector Model," Working Papers 281, Queen's University, Department of Economics.
    7. Joseph Stiglitz, 1974. "Growth with Exhaustible Natural Resources: Efficient and Optimal Growth Paths," Review of Economic Studies, Oxford University Press, vol. 41(5), pages 123-137.
    8. Geir B. Asheim, 1986. "Hartwick's Rule in Open Economies," Canadian Journal of Economics, Canadian Economics Association, vol. 19(3), pages 395-402, August.
    9. Svensson, Lars E.O., 1984. "Factor trade and goods trade," Journal of International Economics, Elsevier, pages 365-378.
    10. R. M. Solow, 1974. "Intergenerational Equity and Exhaustible Resources," Review of Economic Studies, Oxford University Press, vol. 41(5), pages 29-45.
    11. Hartwick, John M, 1977. "Intergenerational Equity and the Investing of Rents from Exhaustible Resources," American Economic Review, American Economic Association, pages 972-974.
    12. Hartwick, John M, 1977. "Intergenerational Equity and the Investing of Rents from Exhaustible Resources," American Economic Review, American Economic Association, pages 972-974.
    13. Pearce, David W. & Atkinson, Giles D., 1993. "Capital theory and the measurement of sustainable development: an indicator of "weak" sustainability," Ecological Economics, Elsevier, vol. 8(2), pages 103-108, October.
    14. van Geldrop, Jan H. & Withagen, Cees A. A. M., 1993. "General equilibrium and international trade with exhaustible resources," Journal of International Economics, Elsevier, pages 341-357.
    15. Ethier, Wilfred J. & Svensson, Lars E. O., 1986. "The theoremes of international trade with factor mobility," Journal of International Economics, Elsevier, pages 21-42.
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    Cited by:

    1. Louis Dupuy & Matthew Agarwala, 2014. "International trade and sustainable development," Chapters,in: Handbook of Sustainable Development, chapter 25, pages 399-417 Edward Elgar Publishing.
    2. Atkinson, G. & Hamilton, K., 2002. "International trade and the 'ecological balance of payments'," Resources Policy, Elsevier, pages 27-37.
    3. Harris, Michael & Fraser, Iain, 2002. "Natural resource accounting in theory and practice: A critical assessment," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 46(2), June.

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