Sustainability in Small Open Economies Under Uncertainty

Seiichi Katayama and Hiroshi Ohta

No 78, Discussion Paper Series from Research Institute for Economics & Business Administration, Kobe University

Abstract: We have analysed the impact of price and other uncertainties on Hartwick's rule. It is well known, by the rule that the consumption level for a source exporting small open economy is kept constant over time as far as the economy extracts the resource competitively under given world price and invests abroad the Hotelling rent of extraction to receive investment earnings.

Keywords: International investments; Environment; Economic development (search for similar items in EconPapers)
JEL-codes: F21 Q38 (search for similar items in EconPapers)
Pages: 19 pages
Date: 1997-04
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