Resource Rents: When to spend and when to save
Anthony Venables ()
No 44, OxCarre Working Papers from Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford
Countries with substantial revenues from renewable resources face a complex range of revenue management issues. What is the optimal time profile of consumption from the revenue, and how much should be saved? Should saving be invested in foreign funds or in the domestic economy? How does government policy influence the private sector, where sustainable growth in the domestic economy must ultimately be generated? This paper develops the issues in a simple two-period model, and argues that analysis must go well beyond the simple permanent income approach sometimes recommended.
Keywords: Natural resources; revenue management; resource curse; permanent income (search for similar items in EconPapers)
JEL-codes: Q32 O11 E2 H0 (search for similar items in EconPapers)
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