Crecimiento sostenible y políticas medioambientales en un modelo AK con reducción de contaminación

An AK model with pollution abantement in which pollution has a negative influence on individual welfare and on the productivity of aggregate capital is presented. Conditions for a sustainable balanced growth and the design and features of the environmental policy are studied in the framework of this model. The results show that the level of environmental quality associated with the market equilibrium path is below the efficient level, while the growth rate may be higher or lewer depending on the extent of the external environmental effects in the production. As regards environmental policies, the results indicate that starting from the pollution level corresponding to the market equilibrium, a small tightening of the environmental standard has a positive effect both on environmental quiality and on economic growth. However, reached a certain level of environmental quiality, the environmental policy no longer has margin to promote growth. It is also shown that the optimal pollution tax must increase at the balanced growth rate of the economy. Finally, it is found that the efficient path can be replicated through a constant tax rate on production combined with a constant subsidy rate on pollution abatement. Furthermoreover, this environmental policy is selffinancing.