A Sustainable Century: Genuine Savings in Developing and Developed Countries, 1900-2000
2017 (English)In: National Wealth: What is Missing, Why it Matters / [ed] Kirk Hamilton and Cameron Hepburn, Oxford: Oxford University Press, 2017Chapter in book (Refereed)
This chapter traces the long-run development of Genuine Savings (GS) using a panel of eleven countriesduring the twentieth century. This panel covers a number of developed countries (Great Britain, Germany,Switzerland, France, the US, and Australia) as well as a set of resource-abundant countries in Latin America(Argentina, Brazil, Chile, Colombia, and Mexico). These countries represent approximately 50 percentof the world’s output in terms of Gross Domestic Product (GDP) by 1950, and include large economiesand small open economies, and resource-rich and resource-scarce countries, thus allowing us to comparetheir historical experiences. Components of GS considered include physical and human capital as well asresource extraction and pollution damages. Generally, we find evidence of positive GS over the course of thetwentieth century, although the two World Wars and the Great Depression left considerable marks. Also, wefound striking differences between Latin American and developed countries when Total Factor Productivity(TFP) is included; this could be a signal of natural resource curse or technological gaps unnoticed in previousworks.
Place, publisher, year, edition, pages
Oxford: Oxford University Press, 2017.
Genuine Savings, Latin America, Developed countries, sustainable development
Economic History Economics Climate Research
Research subject Economic History; Economics
IdentifiersURN: urn:nbn:se:umu:diva-132718ISBN: 9780198803720 (print)OAI: oai:DiVA.org:umu-132718DiVA: diva2:1083453
ProjectsSustainable development, Fiscal Policy and Natural Resources Management. Bolivia, Chile and Perú in the Nordic countries’ mirror
FunderSwedish Research Council, 2016-05721