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| Tekijä: | Mar Rubio, M. del |
| Otsikko: | The capital gains from trade are not enough: evidence from the environmental accounts of Venezuela and Mexico |
| Lehti: | Journal of Environmental Economics and Management
2004 : NOV, VOL. 48:3, p. 1175-1191 |
| Asiasana: | INTERNATIONAL TRADE Mexico non-renewable resources Venezuela |
| Kieli: | eng |
| Tiivistelmä: | This paper discusses how an exporter of non-renewable natural resources could experience permanent negative genuine savings and still ensure sustainability. The first alternative to explain that argues that the capital gains arising from the expected improvements in the terms of trade would suffice to compensate for the negative savings of the resource exporter. The secod alternative sees technological change as a way to avoid economic collapse. Data of Venezuela and Mexico is used to test the first of these hypotheses. It is shown that the terms of trade do not suffice to compensate the deppletion of oil reserves in these two open economies. |
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