Accumulation, Structural Change, and External Balances in a World with Internationally Traded Environmental Assets

Arslan Razmi (arazmi@econs.umass.edu)
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Arslan Razmi: University of Massachusetts, Amherst

UMASS Amherst Economics Working Papers from University of Massachusetts Amherst, Department of Economics

Abstract: Environmental literature has largely neglected macroeconomic considerations, especially open economy ones. This paper develops a small country framework that seeks to address these issues. Medium- and long-run aspects are explored using standard trade and portfolio balance models, modified to incorporate trade in claims on non-renewable resources (environmental assets). In the medium-run, changes in environmental regulations, saving behavior, and other variables affect the current account, investment, and composition of output. In the long-run, both the sectoral intensity of environment use and the structure of the economy are affected, as are the capital stock and the global distribution of claims on resources. JEL Categories:

Date: 2013-03
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