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on Energy Economics |
| By: | Kirk Hamilton; Giovanni Ruta; Liaila Tajibaeva |
| Abstract: | How rich would resource-abundant countries be if they had actually followed the Hartwick Rule (invest resource rents in other assets) over the past 30 years? Hamilton, Ruta, and Tajibaeva use time series data on investments and rents on exhaustible resource extraction for 70 countries to answer this question. The results are striking: Gabon, Trinidad and Tobago, and Venezuela would all be as wealthy as the Republic of Korea, while Nigeria would be five times as well off as it is currently. The authors also derive a more general rule for sustainability—maintain positive constant genuine investment—and use this to draw further empirical results. This paper—a product of the Environment Department—is part of a larger effort in the department to foster sustainable development. |
| Keywords: | Environment; Macroecon & Growth |
| Date: | 2005–01–06 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:3480&r=ene |
| By: | Christian Groth (Institute of Economics, University of Copenhagen); Poul Schou (Danish Rational Economic Agents Model (DREAM)) |
| Abstract: | The conventional view within the endogenous growth literature is that interest income taxes impede economic growth and investment subsidies promote economic growth. The present paper lays out a simple framework to see whether this is still true when non-renewable resources enter the ”growth engine” in an essential way. It is not! The framework allows a rich set of determinants of longrun growth, including some fiscal policy measures, but interest income taxes and investment subsidies are not among these. The results not only contrast with the modern literature on taxes and endogenous growth, but also with observations in the literature from the 1970’s on non-renewable resources and taxation - observations which were not based on general equilibrium considerations. |
| Keywords: | non-renewable resources; endogenous growth; greenhouse effect; taxes; subsidies |
| JEL: | H2 O4 Q3 |
| Date: | 2004–07 |
| URL: | http://d.repec.org/n?u=RePEc:kud:epruwp:04-16&r=ene |
| By: | Gert Brunekreeft; Sven Twelemann |
| Abstract: | The German energy industries will be subjected to regulation of network access enforced by a sector-specific regulator. Whereas the gas industry broke the regime of negotiated third party access, in electricity nTPA ‘worked’, although it clearly resulted in a margin squeeze. The government currently discusses whether to use rate-of-return or incentive regulation, to allow ex-ante approval of charges, and the length of the regulatory lag. Close examination suggests that generation capacity still is adequate, but in the longer term there is reason to be alert. The regulatory changes and emission trading system can both contribute to retain supply security by increasing investment. |
| Keywords: | regulation, competition, emission trading, gas, electricity |
| JEL: | L42 L43 L94 |
| Date: | 2005–01 |
| URL: | http://d.repec.org/n?u=RePEc:cam:camdae:0501&r=ene |
| By: | Claude Crampes; Natalia Fabra |
| Abstract: | In this paper we describe the Spanish electricity industry and its current regulatory regime. Special emphasis is given to the description and discussion of market design issues (including stranded cost recovery), the evolution of market structure, investment in generation capacity and network activities. We also provide a critical assessment of the 1997 regulatory reform, which did not succeed in introducing effective competition, but retained an opaque regulation which has been subject to continuous governmental interventionism. Furthermore, the implementation of the Kyoto agreement could show the lack of robustness of the regulatory regime. |
| Date: | 2005–01 |
| URL: | http://d.repec.org/n?u=RePEc:cam:camdae:0502&r=ene |
| By: | DR. GODWIN CHUKWUDUM NWAOBI (QUANTITATIVE ECONOMIC RESEARCH PAPER, NIGERIA) |
| Abstract: | COAL WAS DISCOVERED IN NIGERIA IN 1909 AND COAL MINING STARTED WITH A DRIFT MINE AT OGBETE, ENUGU IN 1915. SINCE 1958/59, WHEN COAL PRODUCTION REACHED ITS PEAK, THERE HAS BEEN A PERSISTENT FLUCTUATION IN THE AMOUNT OF COAL PRODUCED IN SUBSEQUENT YEARS. THIS PAPER THEREFORE INVESTIGATES THE MAJOR CAUSES OF THE DECLINE OF THE NIGERIA COAL INDUSTRY AND PROVIDES A FRAMEWORK FOR GREATER(IMPROVED) PERFORMANCE. |
| Keywords: | NIGERIA, COAL, INDUSTRY, MINING, COSTING, PRODUCTION, MARKET, REVITALIZATION SCHEME, PERFORMANCE, ANALYSIS, ENUGU |
| JEL: | D40 D24 M10 L10 L70 Q30 |
| Date: | 2005–01–02 |
| URL: | http://d.repec.org/n?u=RePEc:wpa:wuwpio:0501002&r=ene |
| By: | DR. GODWIN CHUKWUDUM NWAOBI (QUANTITATIVE ECONOMIC RESEARCH BUREAU, NIGERIA) |
| Abstract: | OIL AS AN ENERGY PROPELLER, IS THE LARGEST INTERNATIONALLY TRADED COMMODITY THAT SHOWS HIGHLY VISIBLE INTERPLAY OF POLITICS AND ECONOMICS IN THE DETERMINATION OF ITS INVESTMENT, PRODUCTION, TRADE AND PRICING POLICIES. THIS UNIQUENESS, NO DOUBT DEMANDS A WELL ARTICULATED OIL POLICY FOR AN OIL PRODUCING NATION. THUS, THE THRUST OF THE PAPER WAS TO EVALUATE THE STATE OF THE NIGERIA'S OIL POLICY IN THE 1970S/80S. THIS PAPER THEREFORE ARGUES THAT IN THE OIL POLICY FORMULATION PROCESS, WE HAVE TO TAKE INTO ACCOUNT THE VARIOUS STAKEHOLDERS WHOSE DECISIONS AND PARTICIPATION HAVE A GREAT IMPACT ON OIL INDUSTRY, AND WHO WANT TO SEE CLEAR TARGETS AND MINIMISE RISKS. |
| Keywords: | NIGERIA, ECONOMY, OIL, POLICY, ENVIRONMENT, NNPC, POLLUTANTS, OPEC, WORLDBANK,ENERGY, PETROLEUM, GOVERNMENT |
| JEL: | E60 F10 L70 L72 N50 N70 Q30 Q40 |
| Date: | 2005–01–02 |
| URL: | http://d.repec.org/n?u=RePEc:wpa:wuwppe:0501001&r=ene |