Endogenous growth and property rights over renewable resources

Suphaphiphat, Nujin, Peretto, Pietro and Valente, Simone (2015) Endogenous growth and property rights over renewable resources. European Economic Review, 76. 125–151. ISSN 0014-2921

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Abstract

We study how different regimes of access rights to renewable natural resources - namely, open access versus full property rights – affect sustainability, growth and welfare in the context of modern endogenous growth theory. Resource exhaustion may occur under both regimes but is more likely to arise under open access. Moreover, under full property rights, positive resource rents increase expenditures on manufacturing goods and temporarily accelerate productivity growth, but also yield a higher resource price at least in the short-to-medium run. We characterize analytically and quantitatively the model’s dynamics to assess the welfare implications of differences in property rights enforcement.

Item Type: Article
Uncontrolled Keywords: endogenous growth,innovation,property rights,sustainable development,renewable resources
Faculty \ School: Faculty of Social Sciences > School of Economics
Depositing User: Pure Connector
Date Deposited: 23 Mar 2015 16:50
Last Modified: 04 Nov 2020 00:40
URI: https://ueaeprints.uea.ac.uk/id/eprint/52589
DOI: 10.1016/j.euroecorev.2015.02.003

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