Capital Accumulation and Resource Depletion : A Hartwick Rule Counterfactual

How rich would resource-abundant countries be if they had actually followed the Hartwick Rule (invest resource rents in other assets) over the past 30 years? The authors use time series data on investments and rents on exhaustible resource extraction for 70 countries to answer this question. The res...

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Main Authors:	Hamilton, Kirk, Ruta, Giovanni, Tajibaeva, Liaila
Format:	Policy Research Working Paper
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	ASSETS BASE YEAR CAPITAL ACCUMULATION CAPITAL GAINS CAPITAL STOCK CAPITAL STOCKS COAL COMPETITIVENESS CONSTANT RETURNS TO SCALE CONSUMPTION INCREASES CONSUMPTION LEVELS COPPER DEBT DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DEVELOPMENT INDICATORS DEVELOPMENT POLICY DUTCH DISEASE ECONOMIC ANALYSIS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC REFORMS ELASTICITY EMPIRICAL WORK ENVIRONMENTAL ECONOMICS EXCHANGE RATE EXCHANGE RATES EXTERNALITIES FINANCIAL CRISES GDP HISTORICAL DATA HOUSEHOLDS HUMAN CAPITAL INCOME COUNTRIES INTEREST RATE MACROECONOMIC MANAGEMENT METHODOLOGY NATURAL DISASTERS NATURAL RESOURCES NEGATIVE EFFECTS NICKEL NOMINAL EXCHANGE RATES OPEN ECONOMIES OUTPUT PER CAPITA INCOME PETROLEUM POLICY RESEARCH POLITICAL ECONOMY POPULATION GROWTH PRICE TAKERS PRODUCTION FUNCTION PUBLIC INVESTMENT SILVER SUSTAINABLE DEVELOPMENT
Online Access:	http://documents.worldbank.org/curated/en/2005/01/5595789/capital-accumulation-resources-depletion-hartwick-rule-counterfactual http://hdl.handle.net/10986/8896

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spelling	okr-10986-88962021-04-23T14:02:42Z Capital Accumulation and Resource Depletion : A Hartwick Rule Counterfactual Hamilton, Kirk Ruta, Giovanni Tajibaeva, Liaila ASSETS BASE YEAR CAPITAL ACCUMULATION CAPITAL GAINS CAPITAL STOCK CAPITAL STOCKS COAL COMPETITIVENESS CONSTANT RETURNS TO SCALE CONSUMPTION INCREASES CONSUMPTION LEVELS COPPER DEBT DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DEVELOPMENT INDICATORS DEVELOPMENT POLICY DUTCH DISEASE ECONOMIC ANALYSIS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC REFORMS ELASTICITY EMPIRICAL WORK ENVIRONMENTAL ECONOMICS EXCHANGE RATE EXCHANGE RATES EXTERNALITIES FINANCIAL CRISES GDP HISTORICAL DATA HOUSEHOLDS HUMAN CAPITAL INCOME COUNTRIES INTEREST RATE MACROECONOMIC MANAGEMENT METHODOLOGY NATURAL DISASTERS NATURAL RESOURCES NEGATIVE EFFECTS NICKEL NOMINAL EXCHANGE RATES OPEN ECONOMIES OUTPUT PER CAPITA INCOME PETROLEUM POLICY RESEARCH POLITICAL ECONOMY POPULATION GROWTH PRICE TAKERS PRODUCTION FUNCTION PUBLIC INVESTMENT SILVER SUSTAINABLE DEVELOPMENT How rich would resource-abundant countries be if they had actually followed the Hartwick Rule (invest resource rents in other assets) over the past 30 years? The authors use time series data on investments and rents on exhaustible resource extraction for 70 countries to answer this question. The results are striking: Gabon, Trinidad and Tobago, and Venezuela would all be as wealthy as the Republic of Korea, while Nigeria would be five times as well off as it is currently. The authors also derive a more general rule for sustainability-maintain positive constant genuine investment-and use this to draw further empirical results. 2012-06-22T22:03:20Z 2012-06-22T22:03:20Z 2005-01 http://documents.worldbank.org/curated/en/2005/01/5595789/capital-accumulation-resources-depletion-hartwick-rule-counterfactual http://hdl.handle.net/10986/8896 English Policy Research Working Paper; No. 3480 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	ASSETS BASE YEAR CAPITAL ACCUMULATION CAPITAL GAINS CAPITAL STOCK CAPITAL STOCKS COAL COMPETITIVENESS CONSTANT RETURNS TO SCALE CONSUMPTION INCREASES CONSUMPTION LEVELS COPPER DEBT DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DEVELOPMENT INDICATORS DEVELOPMENT POLICY DUTCH DISEASE ECONOMIC ANALYSIS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC REFORMS ELASTICITY EMPIRICAL WORK ENVIRONMENTAL ECONOMICS EXCHANGE RATE EXCHANGE RATES EXTERNALITIES FINANCIAL CRISES GDP HISTORICAL DATA HOUSEHOLDS HUMAN CAPITAL INCOME COUNTRIES INTEREST RATE MACROECONOMIC MANAGEMENT METHODOLOGY NATURAL DISASTERS NATURAL RESOURCES NEGATIVE EFFECTS NICKEL NOMINAL EXCHANGE RATES OPEN ECONOMIES OUTPUT PER CAPITA INCOME PETROLEUM POLICY RESEARCH POLITICAL ECONOMY POPULATION GROWTH PRICE TAKERS PRODUCTION FUNCTION PUBLIC INVESTMENT SILVER SUSTAINABLE DEVELOPMENT
spellingShingle	ASSETS BASE YEAR CAPITAL ACCUMULATION CAPITAL GAINS CAPITAL STOCK CAPITAL STOCKS COAL COMPETITIVENESS CONSTANT RETURNS TO SCALE CONSUMPTION INCREASES CONSUMPTION LEVELS COPPER DEBT DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DEVELOPMENT INDICATORS DEVELOPMENT POLICY DUTCH DISEASE ECONOMIC ANALYSIS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC REFORMS ELASTICITY EMPIRICAL WORK ENVIRONMENTAL ECONOMICS EXCHANGE RATE EXCHANGE RATES EXTERNALITIES FINANCIAL CRISES GDP HISTORICAL DATA HOUSEHOLDS HUMAN CAPITAL INCOME COUNTRIES INTEREST RATE MACROECONOMIC MANAGEMENT METHODOLOGY NATURAL DISASTERS NATURAL RESOURCES NEGATIVE EFFECTS NICKEL NOMINAL EXCHANGE RATES OPEN ECONOMIES OUTPUT PER CAPITA INCOME PETROLEUM POLICY RESEARCH POLITICAL ECONOMY POPULATION GROWTH PRICE TAKERS PRODUCTION FUNCTION PUBLIC INVESTMENT SILVER SUSTAINABLE DEVELOPMENT Hamilton, Kirk Ruta, Giovanni Tajibaeva, Liaila Capital Accumulation and Resource Depletion : A Hartwick Rule Counterfactual
relation	Policy Research Working Paper; No. 3480
description	How rich would resource-abundant countries be if they had actually followed the Hartwick Rule (invest resource rents in other assets) over the past 30 years? The authors use time series data on investments and rents on exhaustible resource extraction for 70 countries to answer this question. The results are striking: Gabon, Trinidad and Tobago, and Venezuela would all be as wealthy as the Republic of Korea, while Nigeria would be five times as well off as it is currently. The authors also derive a more general rule for sustainability-maintain positive constant genuine investment-and use this to draw further empirical results.
format	Publications & Research :: Policy Research Working Paper
author	Hamilton, Kirk Ruta, Giovanni Tajibaeva, Liaila
author_facet	Hamilton, Kirk Ruta, Giovanni Tajibaeva, Liaila
author_sort	Hamilton, Kirk
title	Capital Accumulation and Resource Depletion : A Hartwick Rule Counterfactual
title_short	Capital Accumulation and Resource Depletion : A Hartwick Rule Counterfactual
title_full	Capital Accumulation and Resource Depletion : A Hartwick Rule Counterfactual
title_fullStr	Capital Accumulation and Resource Depletion : A Hartwick Rule Counterfactual
title_full_unstemmed	Capital Accumulation and Resource Depletion : A Hartwick Rule Counterfactual
title_sort	capital accumulation and resource depletion : a hartwick rule counterfactual
publisher	World Bank, Washington, DC
publishDate	2012
url	http://documents.worldbank.org/curated/en/2005/01/5595789/capital-accumulation-resources-depletion-hartwick-rule-counterfactual http://hdl.handle.net/10986/8896
_version_	1764406945889910784

Capital Accumulation and Resource Depletion : A Hartwick Rule Counterfactual

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