Showing 1 - 10 of 39
The response of an economy to a windfall of foreign exchange (be it aid or natural resource revenues) is often constrained by absorptive capacity. We provide a micro-founded analysis of absorption constraints, based on the idea that expanding the economy's capital stock (in aggregate or...
Persistent link: https://www.econbiz.de/10008725686
A new and extensive panel of outward non-resource and resource FDI is used to obtain panel error-correction and estimates with spatial lags of the determinants of non-resource and resource FDI. Our main findings are as follows. First, for those countries which were not a resource producer...
Persistent link: https://www.econbiz.de/10008725687
The Green Paradox states that, in the absence of a tax on CO2 emissions, subsidizing a renewable backstop such as solar or wind energy brings forward the date at which fossil fuels become exhausted and consequently global warming is aggravated. We shed light on this issue by solving a model of...
Persistent link: https://www.econbiz.de/10008670349
We analyse optimal carbon taxes, optimal redistribution within and between non-overlapping generations, and optimal spending levels on climate abatement and adaptation. A positive probability of unexpected large increases in CO2 emissions results in a lower discount rate for global warming...
Persistent link: https://www.econbiz.de/10008670350
The volatility of unanticipated output growth in income per capita is detrimental to long-run development,controlling for initial income per capita, population growth, human capital,investment, openness and natural resource dependence. This effect is significant and robust over awide range of...
Persistent link: https://www.econbiz.de/10008670354
Although the relationship between natural resources and civil war has received much attention, little is known about the underlying mechanisms. Controversies and contradictions in the stylized facts persist because resource extraction is treated as exogenous while in reality fighting affects...
Persistent link: https://www.econbiz.de/10008670363
We propose a framework for estimating forward-looking fiscal reaction functions for non-hydrocarbon tax and public spending shares and the deficit using official projections for hydrocarbon revenues and the burden of pensioners used by government agencies. We apply this framework to Norway and...
Persistent link: https://www.econbiz.de/10008670373
Brunnschweiler and Bulte (2008) provide cross-country evidence that the resource curse is a “red herring” once one corrects for endogeneity of resource exports and allows resource abundance affect growth. Their results show that resource exports are no longer significant while the value of...
Persistent link: https://www.econbiz.de/10008670380
One of the most important developments in international finance and resource economics in the past twenty years is the rapid and widespread emergence of the $6 trillion sovereign wealth fund industry. Oil exporters typically ignore below-ground assets when allocating these funds, and ignore...
Persistent link: https://www.econbiz.de/10011004123
Unilateral, second-best carbon taxes are analysed in a two-period, two-country model with international trade in final goods, oil and bonds. The increase in oil demand and acceleration of global warming resulting from a future carbon tax are large if the price elasticities of oil demand are...
Persistent link: https://www.econbiz.de/10011276406