The Resource Sector in an Open Economy

ISBN-13: 9783540127000 / Angielski / Miękka / 1983 / 164 str.

K. Enders;E. Gerken;H. Herberg

Opis

the economics of exhaustible " assets presents a whole forest of intriguing problems." 1 Harald Hotelling ) The two energy price shocks in 1973/74 and 1979/80 have arosed interest in the new area of resource economics. The affluent societies of Europe, North America and Japan were confronted with the new scarcity paradigm of the "space ship earth" with only a limited supply of natural resources aboard whereas population is growing and the environment can not accomodate the increasing volume of pollutants. The problem of natural resource scarcity gives rise to the question how resource-dependent economies like European coun tries and Japan are affected by an increase in resource prices and how they can adjust to rising energy prices. The new para digm also has focused new interest on the problem of the re source-extracting firm and of the resource-exporting country. The Hotelling revival of resource economics has given new im portance to the behavior and to the policy issues of resource exporting countries."

Spis treści

I. Allocation Policy in a Resource-Exporting Country.- 1. The Role of Resource Exports.- 2. The Impact of the Resource Sector on the Economy.- 3. Intertemporal Allocation.- 3.1 Intertemporal Optimality.- 3.2 Factors Influencing Intertemporal Supply.- 4. Some Policy Issues.- II. On the Short-Run and Long-Run Effects of a Resource Boom.- 1. Introduction.- 2. Possible Causes of a Resource Boom.- 3. Short-Run Effects of a Resource Boom.- 3.1 Model 1: The Transfer-Equivalent Effect of a Resource Boom.- 3.2 Model 2: The Direct Resource-Pull Effect of an Export Boom.- 3.3 Model 3: Real Wage Inflexibility.- 4. Some Long-Run Considerations.- 5. Concluding Remarks.- III. More on the Consequences of a Resource Boom and the Cures of the Dutch Disease.- 1. Introduction.- 2. The Model.- 2.1 Notation.- 2.2 Assumptions.- 2.3 Some Basic Relationships.- 3. Consequences of a Resource Boom.- 3.1 The Case of a Resource-Output Boom.- 3.2 The Case of a Resource-Price Boom.- 4. Policies Against Adverse Boom Effects.- 4.1 Demand Policy.- 4.2 Wage Policy.- 4.3 Devaluation.- 4.4 Resource-Price Subsidy.- 4.5 Production-Cost Subsidy.- 4.6 Import Tariffs.- 5. Extensions and General Conclusions.- IV. Taxation of the Australian Resource Sector.- 1. Some Institutional Background.- 2. Mineral Profits, Taxation and Riskiness.- 3. Mineral Exports — Impact on other Sectors.- 4. Taxation and the Sale of Mineral Leases.- 5. The Objectives of Taxation Policy.- 6. Auctioning of Leases versus Resource Taxation.- 7. Exhaustability and Taxation.- 8. Bonanzas.- 9. The Northern Territory — The Proposed Mineral Royalty Bill.- 10. Conclusion.- V. Diversification and Stabilization in a Resource-Exporting Country.- 1. Introduction.- 2. Disturbances in a Small Commodity Exporting Country.- 2.1 The Case of Flexible Exchange Rates.- 2.2 The Case of Fixed Exchange Rates.- 2.3 Gains and Losses from a Diversification Policy.- 3. Analytical Framework.- 3.1 Sector Disaggregation.- 3.2 System of Equations.- 3.3 Experiments.- 4. Results.- 4.1 Export Diversification.- 4.2 Instability under Flexible Exchange Rates.- 4.3 Opportunity Costs of Stabilization under Fixed Exchange Rates.- 4.4 Instability under Fixed Exchange Rates.- 5. Summary and Conclusions.- Author Index.