The Dependence of the Potential Sustainability of a Resource Economy on the Initial State: a Comparison of Models Using the Example of Russian Oil Extraction
Andrei Bazhanov
Journal of the New Economic Association, 2011, issue 12, 77-100
Abstract:
The studies of the International Monetary Fund offer a model for recom-mending sustainable budget policy to oil-exporting countries including Russia. The model does not contain any resource as a factor of production and assumes that Russian oil reserves will be exhausted by the middle of the 21st century. The current paper examines the sustainability of open and closed models, which are calibrated on Russia’s data and include a resource as a factor of production. The open-model case shows that monotonic economic growth is impossible given the current state of the Russian economy. This paper offers an approach for estimating changes that improve long-term sustainability.
Keywords: nonrenewable resource; weak sustainability; open imperfect economy; Russian oil extraction (search for similar items in EconPapers)
JEL-codes: O13 Q32 Q38 (search for similar items in EconPapers)
Date: 2011
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)
Downloads: (external link)
http://www.econorus.org/journal/pdf/Bazhanov_12.pdf (application/pdf)
http://www.econorus.org/repec/journl/2011-12-77-100r.pdf (application/pdf)
Related works:
Working Paper: The dependence of the potential sustainability of a resource economy on the initial state: a comparison of models using the example of Russian oil extraction (2011) 
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:nea:journl:y:2011:i:12:p:77-100
Access Statistics for this article
Journal of the New Economic Association is currently edited by Victor Polterovich and Aleksandr Rubinshtein
More articles in Journal of the New Economic Association from New Economic Association Contact information at EDIRC.
Bibliographic data for series maintained by Alexey Tcharykov ().