This paper develops a multi-sector, small open economy Dynamic Stochastic General Equilibrium model, which includes the accumulation of human capital, built via public expenditures in education and health. Four possible fiscal rules are examined for total public investment in infrastructure,...

The paper is a synthesis of research conducted for sustainable development and environmental protection, without compromising the satisfaction of future generations. The paper approach the importance of natural resources and social development sustainability

Developing countries that experience commodity booms struggle to mobilize sustainable tax revenues. Emerging literature on the subject notwithstanding, there is limited exploration of the specific types of institutions critical for improving fiscal capacity in resourcerich contexts. This paper...

Countries regularly track gross domestic product (GDP) as an indicator of their economic progress, but not wealth-the assets such as infrastructure, forests, minerals, and human capital that produce GDP. In contrast, corporations routinely report on both their income and assets to assess their...

Different approaches to making the economic case for improved management of natural capital in national planning are reviewed in this report. In many low-income countries natural resources sectors (agriculture, mining, forestry, fishery, nature-based tourism) are identified as the engines of...

This publication demonstrates that natural resources can contribute to growth, employment, exports and fiscal revenues in low-income countries, where natural capital constitutes a quarter of total wealth. It highlights the importance of policies encouraging the sustainable management of these...