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Accumulation, Structural Change, and External Balances in a World with Internationally Traded Environmental Assets

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  • Arslan Razmi

    (University of Massachusetts, Amherst)

Abstract

Environmental literature has largely neglected macroeconomic considerations, especially open economy ones. This paper develops a small country framework that seeks to address these issues. Medium- and long-run aspects are explored using standard trade and portfolio balance models, modified to incorporate trade in claims on non-renewable resources (environmental assets). In the medium-run, changes in environmental regulations, saving behavior, and other variables affect the current account, investment, and composition of output. In the long-run, both the sectoral intensity of environment use and the structure of the economy are affected, as are the capital stock and the global distribution of claims on resources. JEL Categories:

Suggested Citation

  • Arslan Razmi, 2013. "Accumulation, Structural Change, and External Balances in a World with Internationally Traded Environmental Assets," UMASS Amherst Economics Working Papers 2013-03, University of Massachusetts Amherst, Department of Economics.
    • Handle: RePEc:ums:papers:2013-03
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    References listed on IDEAS

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    1. Dornbusch, Rudiger, 1975. "A portfolio balance model of the open economy," Journal of Monetary Economics, Elsevier, vol. 1(1), pages 3-20, January.
    2. Sim, Nicholas C.S., 2006. "Environmental Keynesian macroeconomics: Some further discussion," Ecological Economics, Elsevier, vol. 59(4), pages 401-405, October.
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