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Sustainability in Small Open Economies Under Uncertainty

Author

Listed:
  • Seiichi Katayama
  • Hiroshi Ohta

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.

Suggested Citation

  • Seiichi Katayama & Hiroshi Ohta, 1997. "Sustainability in Small Open Economies Under Uncertainty," Discussion Paper Series 78, Research Institute for Economics & Business Administration, Kobe University.
    • Handle: RePEc:kob:dpaper:78
    as

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    More about this item

    Keywords

    International investments; Environment; Economic development;
    All these keywords.

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • Q38 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Government Policy (includes OPEC Policy)

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