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• W2292699903 abstract "In this paper, we consider,the case of a resource-exporting country that invests part of its resource earnings in the international capital market. We can show that the recycling of Hotelling rents introduces an incentive to supply more resources today and thus alleviates the resource shortage for the present generation. But the other side of the coin is that scarcities in the future will be more severe, that quantities extracted will decline more rapidly, that exhaustion will occur at an earlier date and that the price of the natural resource will rise faster. The paper also shows that the introduction of a capital market with a given interest rate separates the problem of optimal consumption and the optimal intertemporal supply of natural resources. The Intertemporal Supply of Natural Resources and the Recycling of Hotelling Rents. The Case of the Saudis Horst Siebert The Hotelling rule (1931) of intertemporal supply behavior is derived for a competitive supplier of natural resources in a partial equilibrium framework where the !recycling of the Hotelling rents is not further j? • •• considered. This model of a profit maximizing firm cannot be used for the explanation of the intertemporal supply behavior of a resource : exporting country if that country uses part of its resource earnings for portfolio or real investment in the international capital market. In.... this paper, we analyze the intertemporal supply behavior of a resource . exporter when the recycling of resource earnings is explicitly taken into. consideration. We will compare a situation in which the Hotelling rents L. are not recycled with the case where resource earnings are reinvested. The basic proposition is: A resource-exporting country that uses part of its earnings from natural resources to build up financial capital will have an incentive to supply more resources today and thus alleviate the resource shortage for the present generation. But the other side of the coin logically is that the country becomes less dependent on resource earnings in the future and will have a smaller incentive to extract resources in future periods. Although the price of the resource will be lower initially, the price will rise faster and exhaustion occurs at an earlier date. The price setting and the supply behavior of the OPEC countries has been analyzed in a number of models, for instance by Cremer and Weitzman (1976), Hnyilicza and Pindyck (1976), and Pindyck (1976; 1981). The -2recycling of petro-dollars is partly addressed by Schmalensee (1976) and explicitly analyzed by Calvo and Findlay .(197,8). They, however, neglect, the exhaustibility of oil (p. 524). In a more recent paper, Hoel (1981) has introduced the accumulation of financial wealth by a resource extracting monopolist and applied his results to ithe OPEC case. In ; -:? contrast to Hoel, this paper is more specifically tailored to analyzing,,, i the incidence of recycling, i.e. to the comparison of the recycling with } the non-recycling scenario. We explicitly introduce demand behavior, ... ; market equilibrium in the resource market and balance of payment considerations. . ;: • .. . .'/U Tlie. assumptions of the model are presented in Section 1. •. The ;• necessary conditions for a welfare maximum of the resource exporting ; country without recycling are discussed in Section 2. In Section 3,. . recycling is explicitly introduced. The two cases are compared in Section 4. Finally, some potential extensions are indicated. . ,, 1. Assumptions A country owns a stock of natural resources K . It sells qt units of resources in the world market at price pt. The change in the stock of the nonrenewable resources is given by" @default.
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• W2292699903 date "1981-01-01" @default.
• W2292699903 modified "2023-09-24" @default.
• W2292699903 title "The intertemporal supply of natural resources and the recycling of Hotelling rents: The case of the Saudis" @default.
• W2292699903 hasPublicationYear "1981" @default.
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