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Genuine saving as a sustainability indicator (English)

Growth theory provides the intellectual underpinning for expanded national accounting and, through the measure of genuine saving, an indicator of when economies are on an unsustainable development path. This theory points in useful directions for countries concerned with sustainable development. The genuine savings analysis raises an important set of policy questions that goes beyond the traditional concern with the macroeconomic and microeconomic determinants of savings efforts. The questions of rent capture, public investments of resource revenues, resource tenure policies, and the social costs of pollution emissions are equally germane in determining the overall level of saving, although it is clear that monetary and fiscal policy remain the big levers. This analysis also provides a practical way for natural resource and environmental issues to be discussed in the language that ministries of Finance understand. This may prove to be an important advantage as many resource-dependent economies struggle to achieve their development goals.

Details

  • Author

    Hamilton, Kirk

  • Document Date

    2000/10/31

  • Document Type

    Working Paper (Numbered Series)

  • Report Number

    22744

  • Volume No

    1

  • Total Volume(s)

    1

  • Disclosure Date

    2010/07/01

  • Doc Name

    Genuine saving as a sustainability indicator

  • Keywords

    saving rate;marginal propensity to consume;social cost of pollution;human capital;resource rent;world price;exhaustible resource;Natural Resources;environment and development;sustainability of development;cost of extraction;world market price;socially sustainable development;macroeconomic policy regime;elasticity of substitution;natural resource extraction;unit of resource;savings and investment;country income group;pollution control policy;measure of investment;education expenditure;development path;resource endowments;natural capital;pollution stock;policy question;intergenerational equity;Fiscal policies;pollution emission;capital saving;pollution abatement;domestic saving;fiscal policy;net saving;national accounting;environment department;natural rate;productive asset;carbon dioxide;regression line;statistical yearbook;national product;dynamic economy;International Trade;resource revenue;environmental issue;oil windfall;export value;unsustainable development;ecological economics;regression equation;export boost;public resource;cost data;present value;co2 emission;estimation method;empirical result;pollution damage;exposure data;industrial source;global pollutant;property right;data availability;rental rate;ethical decision;small country;forest depletion;cost structure;simple average;uniform price;iron ore;phosphate rock;expenditure depletion;mining cost;lifting cost;marginal resource;national saving;production function;accounting method;saving behaviour;capital depreciation;asset base;foreign saving;natural growth;living resources;forest harvest;resource rental;current expenditure;region-specific average;extractive economy;oil crisis;scarcity rent;constant value;development study;regression results;cross-sectional data;resource economics;capital theory;policy prescriptions;

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Citation

Hamilton, Kirk

Genuine saving as a sustainability indicator (English). Environment Department papers ; no. 77. Environmental economics series Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/908161468740713285/Genuine-saving-as-a-sustainability-indicator