International Trade and Open-Access Renewable Resources: The Small Open Economy Case
The authors examine a small open economy with an open-access renewable resource. Using a two-sector general equilibrium model, they characterize the autarkic steady state and then show that trade reduces steady-state utility for a diversified resource exporter. Instantaneous gains occur as trade opens but they are eroded by ongoing resource depletion. The present value of utility falls for appropriate discount rates and terms-of-trade 'improvements' may be welfare reducing. The authors also show that autarky prices, the pattern of trade, and the structure of production all are linked to a simple ratio of the intrinsic resource growth rate to labor supply.
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Volume (Year): 30 (1997)
Issue (Month): 3 (August)
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References listed on IDEAS
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- McRae, James J., 1978. "Optimal and competitive use of replenishable natural resources by open economies," Journal of International Economics, Elsevier, vol. 8(1), pages 29-54, February.
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- James R. Markusen, 1976. "Production and Trade from International Common Property Resources," Canadian Journal of Economics, Canadian Economics Association, vol. 9(2), pages 309-319, May.
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- John Hartwick, 1976. "Intergenerational Equity and the Investing of Rents from Exhaustible Resources," Working Papers 220, Queen's University, Department of Economics.
- Tawada, Makoto, 1982. "A Note on International Trade with a Renewable Resource," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 23(1), pages 157-163, February.
- Chichilnisky, G., 1993. "Global Environment and North-South Trade," Papers 93-16, Columbia - Graduate School of Business.
- Loayza, E.A. & Sprague, L.M., 1992. "A STrategy for Fisheries Development," World Bank - Discussion Papers 135, World Bank.
- Munro, Gordon R. & Scott, Anthony D., 1985. "The economics of fisheries management," Handbook of Natural Resource and Energy Economics, in: A. V. Kneese† & J. L. Sweeney (ed.), Handbook of Natural Resource and Energy Economics, edition 1, volume 2, chapter 14, pages 623-676 Elsevier. Full references (including those not matched with items on IDEAS)
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