Optimal saving policy for exhaustible resource economies

• 成果类型: Article
• 署名作者: Farzin, YH
• 署名单位: University of California System; University of California Davis
• 刊物名称: JOURNAL OF DEVELOPMENT ECONOMICS
• ISSN/ISSBN: 0304-3878
• DOI: 10.1016/S0304-3878(98)00107-2
• 发表日期: 1999
• 页码: 149-184
• 关键词: optimal saving policy; resource-exporting economies; nonextractive economies

摘要

The paper examines the optimal saving policy for a small exhaustible resource-exporting economy (ERE) that has an exhaustible asset and a reproducible capital stock. It shows that, both in magnitude and time profile, the optimal saving policy for an ERE sharply differs from (a) that of a nonextractive economy and (b) that derived from the conventional models of growth with exhaustible resources. These differences arise from the specific economic features that distinguish the small resource-exporting developing economies both from other developing economies and from mature industrial ones. For a wide range of plausible parameter values, comparisons of computed optimal saving paths with actual savings rates of selected EREs suggest substantial deficiencies in their savings rates. (C) 1999 Elsevier Science B.V. All rights reserved.