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on Mining |
| By: | May, Liz |
| JEL: | R14 J01 |
| Date: | 2026–06 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:140864 |
| By: | Schmidt, Mario |
| Abstract: | Die europäische Rohstoffpolitik leidet weniger unter einem Mangel an Problemdiagnosen als unter einem Ordnungsproblem. Über Jahrzehnte wurde die Wirtschaft auf einen Normalzustand optimiert, in dem internationale Märkte offen, Lieferbeziehungen im Wesentlichen verlässlich und staatliche Eingriffe die Ausnahme sind. Dieses Modell hat Wohlstand und Effizienz geschaffen. Es erzeugt aber zu wenig Redundanz, strategische Lager, Reservekapazität und Reaktionsfähigkeit, wenn wirtschaftliche Abhängigkeiten selbst zum geopolitischen Instrument werden. Für kritische Rohstoffe reicht es deshalb nicht, den Markt besser zu informieren oder Unternehmen zu mehr Vorsorge anzuhalten. Erforderlich ist ein vorab definiertes Betriebsmodell, in dem sich mit der Lage auch die Aufgabenverteilung zwischen Wirtschaft und Staat in drei Stufen ändert: Normalbetrieb, Vorsorgebetrieb und Krisenbetrieb. - Die folgenden Überlegungen richten sich ausdrücklich nicht gegen internationale Arbeitsteilung oder gegen marktwirtschaftliche Preisbildung. Deutschland kann keine Rohstoffautarkie erreichen. Die These ist enger und zugleich anspruchsvoller: Bei systemkritischen Rohstoffen ist die Entscheidung über das gesellschaftlich angemessene Maß an Vorsorge nicht identisch mit der einzelwirtschaftlich optimalen Beschaffungsentscheidung. Genau an dieser Stelle muss staatliche Rohstoffpolitik neu ansetzen. |
| Abstract: | European raw materials policy suffers less from a lack of problem identification than from a regulatory problem. For decades, the economy was optimized for a "normal" state in which international markets were open, supply chains were essentially reliable, and government intervention was the exception. This model has created prosperity and efficiency. However, it generates too little redundancy, strategic stockpiles, reserve capacity, and responsiveness when economic dependencies themselves become a geopolitical tool. For critical raw materials, it is therefore not enough to better inform the market or urge companies to take more precautionary measures. What is needed is a predefined operational model in which the division of responsibilities between the private sector and the government changes in three stages in response to the situation: normal operations, precautionary operations, and crisis operations. |
| JEL: | Q34 Q38 F13 F52 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:pfobei:343984 |
| By: | Alice Chiocchetti (Paris School of Economics, Institute for Public Policies); Ninon Moreau-Kastler (Paris School of Economics, International Tax Observatory) |
| Abstract: | The extraction of oil, gas, and minerals generates large economic rents, yet it remains unknown how commodity price windfalls are distributed across the global networks of multinational enterprises (MNEs) that dominate production in most resource-rich countries. We study this question by combining administrative records covering the worldwide profits, revenues, and employees of large MNEs across all jurisdictions, with comprehensive data on their physical extraction activity at the affiliate level. Extractive MNEs have a substantial presence in countries in which they do not extract: downstream and consumption countries, as well as low-tax jurisdictions. Combining differences in firms’ commodity specialization with heterogeneous market price changes in a shift-share design, we find that windfall profits are partly diverted to low-tax jurisdictions. For every additional dollar of consolidated windfall profit, $0.8 accrues to extractive affiliates, $0.2 to tax havens, and nothing to the rest of the group. This diversion intensifies during booms: the share of profits booked in tax havens rises by one percentage point for every 10% increase in group profitability. |
| Keywords: | multinational enterprises |
| JEL: | H25 H26 F63 |
| Date: | 2026–04 |
| URL: | https://d.repec.org/n?u=RePEc:dbp:wpaper:044 |
| By: | Enisse Kharroubi |
| Abstract: | The conflict in the Middle East and the subsequent disruption of traffic in the Strait of Hormuz have triggered an unprecedented shock to the global economy. Using historical data from the IMF/University of Oxford Portwatch database on maritime traffic, this paper empirically examines some of the potential economic and financial consequences of disruptions to traffic in the Strait of Hormuz. The analysis highlights the role of this chokepoint as a global supply indicator, with traffic disruptions acting as a global stagflation-inducing force. While commodity prices — especially energy prices — tend to increase after an adverse shock to traffic in the Strait of Hormuz, such negative shocks are systematically followed by a combination of lower global output and higher global consumer prices. In addition, negative shocks to traffic in the Strait of Hormuz tighten financial conditions, with spreads on both advanced economies (AEs) corporate bonds and emerging market economies (EMEs) sovereign bonds widening significantly. These findings underscore the Strait of Hormuz’s critical role in the global economy and highlight avenues for future research on chokepoint shocks. |
| Keywords: | chokepoints, Strait of Hormuz, maritime traffic, global supply shocks, financial conditions |
| JEL: | E23 E24 E31 E32 E52 J64 |
| Date: | 2026–09 |
| URL: | https://d.repec.org/n?u=RePEc:bis:biswps:1378 |
| By: | Acar-Burkay, Sinem |
| Abstract: | This paper addresses the question of the effects of ethnic diversity on economic growth. It extends the cross-country growth regressions in Easterly and Levine (1997) by allowing for growth effects of natural resources to depend on the amount of ethnic fractionalization to see if ethnic diversity, natural resource abundance, and the interaction of the two can explain Middle Eastern Countries' poor economic performance. And, the answer is found to be “yes”: The resource curse applies in ethnically heterogeneous countries but not in homogenous ones. |
| Date: | 2026–09–18 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:mkq3e_v1 |
| By: | Gary D. Libecap |
| Abstract: | The US federal government owns and administers 472, 892, 659 acres or 21% of the land area of the lower 48 states, the country’s largest landowner. The resource is held and managed as a collective resource, the Federal Lands, through political and bureaucratic interpretation of the Multiple Use principle and generally, the biological aim of maximum sustained-yield. By contrast, access, exchange, and investment for most other US natural resources are through private property rights and markets. Despite the magnitude of the resource, economists have devoted relatively limited attention to the economic and welfare impact. The objective is to suggest economic implications and to encourage additional economic analyses. The discussion summarizes federal lands privatization through 1891, when withholding of federal lands began. The literature reveals no demonstratable market failure or increased resource scarcity from private exploitation between 1870 and 1957 when most lands were withheld. Because land was nonmobile and observable private property rights could have been assigned and any externalities addressed via Pigouvian restrictions or Coasean exchange. Federal ownership was not obviously required. Progressive Era reformers, driven by concerns of impending resource depletion, called for scientific, sustained-yield management by government officials. The institutional change is economically important. As outlined by Dixit and others, private rights holders have high powered incentives for efficient resource use that are lacking in decision making by agency officials who do not hold exchangeable property rights and do not directly bear the economic costs and benefits of their actions. Consequential public goods delivery could be an offset, but these are not measured for tradeoff calculations. Following Krueger, a rent-seeking framework is presented for comparing outcomes with economic property rights and political management. The analysis suggests that a.) federal lands will have lower production value than comparable private, all else equal; (b). federal lands management will be less responsive to shifts in economic costs and benefits. Public goods may be provided for high amenity, recreation, and ecological areas, but the dominant Multiple Use management principle provides no objective criteria for allocation or for periodic outcome assessment and adjustment. A literature review and data for contemporary federal forests, range, and oil and gas lands are provided. |
| JEL: | N4 N52 N53 Q11 Q18 Q20 Q23 Q24 Q26 Q28 Q29 Q30 Q32 Q33 Q35 Q38 |
| Date: | 2026–09 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:35745 |
| By: | Ibrić, Muhamed; Kozarević, Emira |
| Abstract: | The European Green Deal and the Sofia Declaration on the Green Agenda for the Western Balkans emphasise sustainable natural resource management, biodiversity conservation, and the transition to a circular economy as central priorities in pursuing climate neutrality. The main objective is to improve management practices and prevent the overexploitation of natural resources while recognising the critical importance of ecosystem services. This priority is equally relevant for Bosnia and Herzegovina, considering its rich yet vulnerable natural capital, high dependence on natural resources for economic activities, and the need to align with EU environmental standards and sustainable development goals as part of its EU integration process. Across Europe, market-based policy instruments reinforcing the polluter-pays principle, such as environmental taxes, particularly resource taxes, have become increasingly favoured as tools for pollution control and natural resource management. This paper explores the relationship between resource taxes and resource productivity within the green and circular economy context, focusing on the EU member states and Bosnia and Herzegovina from 2014 to 2023. Using a panel dataset and static panel regression models - including pooled Ordinary Least Squares (OLS), Fixed Effects (FE), and Random Effects (RE) - the study examines whether fiscal instruments, especially resource taxes, are associated with improvements in resource productivity and progress toward EU environmental performance targets. The expected findings will provide empirical insights into the role of fiscal policy in supporting the green transition and identify potential pathways for Bosnia and Herzegovina to fulfil its commitments under the Sofia Declaration for the Western Balkans, the European Green Deal, and relevant national strategies. |
| Keywords: | resource taxes, environmental taxes, resource productivity, circular economy, panel regression |
| JEL: | H21 H22 H23 C23 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:esconf:343368 |
| By: | Ibadoghlu, Gubad |
| Abstract: | Azerbaijan's oil revenues are conventionally understood as a function of two variables: production volume and world oil price. This article shows that this two-factor model is no longer sufficient to explain the country's fiscal trajectory. During the first half of 2026, Azerbaijan's oil and gas revenues continued to decline even as global oil prices rose sharply amid instability in the Strait of Hormuz - a combination the standard model cannot account for. Drawing on a sixteen-year dataset (2010-H1 2026) covering national production, price, and revenue, together with field-level data for the BP-operated Azeri-Chirag-Gunashli (ACG) block and SOCAR's own operations, the article identifies two structural forces operating beneath the price-and-volume surface: a sustained decline in the capital efficiency of ACG's investment (output generated per dollar of capital and operating expenditure) and a parallel decline in the drilling productivity of SOCAR's own fields (output generated per metre drilled). Both indicators point to the same underlying phenomenon, field maturation, but through different mechanisms and with different implications for producers, regulators, and fiscal planners. The article concludes that continued reliance on price and volume alone as explanatory variables for Azerbaijan's oil revenue trajectory will systematically misstate the country's fiscal outlook, and it proposes a set of institutional and technical responses to the productivity decline documented here. |
| Keywords: | Azerbaijan, ACG, SOCAR, SOFAZ, oil production, oil revenues, oil price, well productivity, capital efficiency, opex, capex, petroleum economics, resource depletion |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:esprep:343302 |
| By: | Bilal Aftab (Pakistan Institute of Development Economics) |
| Abstract: | Key Takeaways: The Machike-Thallian-Taru Jabba White Oil Pipeline (MTT-WOP) is the unaddressed strategic gap in Pakistan's south-to-north petroleum corridor. In lieu of its absence, the northern regions will be heavily reliant on a unstable and inefficient road tanker network, leading to a series of supply shocks and high logistics costs that would last much longer than they should. Joint utilization of MS and HSD in Punjab and Khyber Pakhtunkhwa provinces (around 11 million MT per year) already crosses the upper bound of the pipeline's initial capacity. More so, the project's viability is reliant on precise demand projections and is currently at the risk of a 4 million MT supply-demand gap opening up, which requires a clear plan, whether expansionary or through other sources. |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:pid:kbrief:2026:159 |
| By: | Theodore Panagiotidis (University of Macedonia, Greece); Zoi Tzitzimika (University of Macedonia, Greece); Konstantinos Kakouris (University of Macedonia, Greece) |
| Abstract: | We examine how the Russian invasion of Ukraine affected equity prices in the global aluminum industry. Using an event-study framework applied to daily stock returns of ten major aluminum producers across countries, we document heterogeneous market responses. European firms exhibit negative cumulative average abnormal returns (CAARs), with losses of up to 6.5%, whereas non-European producers record positive CAARs of up to 10.5% in the immediate post-event period, suggesting that some firms benefited from shifting supply conditions. Our findings demonstrate that geopolitical shocks are priced unevenly within commodity-intensive industries, with proximity as a key determinant of market reactions. |
| Keywords: | Russian-Ukrainian war; geopolitical events; aluminum stock returns; event study methodology; multi-country sample; abnormal returns. |
| Date: | 2026–12 |
| URL: | https://d.repec.org/n?u=RePEc:mcd:mcddps:2026_12 |
| By: | Drechsel, Thomas; McLeay, Michael; Tenreyro, Silvana; Turri, Enrico |
| Abstract: | We show that the optimal monetary and exchange rate frameworks depend critically on the economy’s commodity exposure. We develop a flexible but tractable model economy with commodity exports and imports, in which international financial conditions depend on the commodity cycle. Stabilizing domestic prices is optimal for commodity exporters, in line with standard open-economy policy prescriptions. But when economies import commodities as production inputs, optimal policy largely ‘looks through’ their direct and indirect effects on domestic prices. In emerging economies, where financial conditions are closely related to commodity cycles, trade-offs are starker and limited credibility may make implementing optimal policy challenging. |
| Keywords: | monetary policy;exchange rates;inflation targeting;commodity prices;small open economy |
| JEL: | E31 E52 E58 F41 Q30 |
| Date: | 2026–09–07 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:140771 |
| By: | Lichtenthäler, Sarah; Bähr, Cornelius |
| Abstract: | Die Elektrifizierung des Verkehrs erhöht den Bedarf an Lithium, Nickel und Kobalt signifikant. Gleichzeitig verursacht die Herstellung der Fahrzeugbatterien einen großen Teil der Emissionen im Lebenszyklus eines Elektroautos, das im Betrieb emissionsfrei ist. Durch ein effizientes Batterierecycling können beide Herausforderungen adressiert werden, sodass Elektrofahrzeuge und deren Batterien klimafreundlicher werden. Werden die Batterien der bis 2045 in Europa neu zugelassenen Elektroautos am Ende ihres Lebenszyklus recycelt, lassen sich verglichen mit der Primärmaterialherstellung knapp 385 Millionen Tonnen CO₂ sparen. |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:iwkkur:343508 |
| By: | Tsepkov, Maksim |
| Abstract: | This meta-research is devoted to the systematization and conceptual comparison of key economic concepts that consider either the real sector and technological innovation, the financial sector, or state institutions as the fundamental drivers of economic development. Comparing traditional models is complicated by the fact that most authors focus on individual factors, ignoring complex interrelated relationships. To overcome this limitation, nine-layer scheme of the division of labor of Petr Shchedrovitsky is used as an integrative analytical framework, encompassing levels from natural resources and production technologies to knowledge accumulation institutions and monetary systems. The study spatially visualizes the theoretical perspectives of Karl Marx, R. Hilferding, V. Lenin, J. Keynes, H. Minsky, J. Schumpeter, and C. Perez, as well as those of Latin American structuralism, Japanese "knowledge capitalism, " and the Chinese school of socialism with Chinese characteristics. Positioning these concepts on a single map allows us to demonstrate their mutual complementarity at different phases of technological and financial cycles and lay the foundations for the synthesis of a comprehensive socioeconomic theory. The study also identified four main phases of technological and economic cycles, during each of which the role of the financial sector shifts from stimulating to destructive. It is shown that state and national-institutional mechanisms (the Chinese model, the Japanese J-firm) are capable of blocking the speculative separation of the ninth layer from the real sector. |
| Date: | 2026–09–22 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:c5z79_v1 |
| By: | Murphy, David |
| JEL: | F3 G3 |
| Date: | 2024–11–01 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:125363 |