Why Do Many Resource-Rich Countries Have Negative Genuine Saving? Anticipation of better times for rapacious rent seeking.
We investigate the Hartwick rule for saving of a nation necessary to sustain a constant level of private consumption for a small open economy with an exhaustible stock of natural resources. The amount by which a country saves and invests less than the marginal resource rents equals the expected capi...
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| Format: | Working paper |
| Language: | English |
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OxCarre
2008
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