Городской экономический семинар (ВШЭ, ЕУ, ПОМИ) 12 декабря: Рик Ван дер Плоег (University of Oxford)

Тема: Harnessing and Managing Natural Resource Windfalls
Докладчик: Рик Ван дер Плоег (University of Oxford)
Дата и время: 12 декабря 2019 года, 18:00 - 19:30
Место: Санкт-Петербург, набережная Фонтанки, д.27 ПОМИ РАН, Мраморный зал (2й этаж)
Рабочий язык: английский

Приглашаем принять участие в Городском экономическом семинаре (ВШЭ, ЕУ, ПОМИ) в Санкт-Петербурге 12 декабря 2019 года.

Рик Ван дер Плоег (University of Oxford) выступит с докладом Harnessing and Managing Natural Resource Windfalls.

Время: 18:00-19:30
Место: Санкт-Петербург, Набережная Фонтанки, д.27, ПОМИ РАН, Мраморный зал (2-й этаж)
Аннотация: Many countries that discover oil or gas experience a worsening of competitiveness, a decline in the traded sector and reduced growth prospects even before the oil or gas is being pumped out of the ground. The optimal response is to borrow and have a current account deficit ahead of the windfall, to save during the windfall, and to hand out a citizen dividend after the windfall. Any accumulated funds should be invested abroad, not in the domestic economy. However, if the country experiences capital scarcity and financial frictions, part of the oil and gas revenue should be invested in the domestic economy and speed up growth and development. Furthermore, the remaining parts of the oil and revenue should be used to boost consumption but also to first finance a pro-business policy to stimulate capital accumulation, and further down the development path switch to a pro-labour policy. This is illustrated with a macro growth model with financial frictions, workers and a class of capitalists with different degrees of productivity and wealth. We conclude with various political economy reasons for why such first-best policies to harness oil and gas revenue often fail, paying attention to politically motivated tariffs, partisan biases associated with the political risk of being removed from office and the risk of stranded assets due to stepping up of climate policy or renewable energy breakthroughs. Some of the latter can be analysed as catastrophic threats of regime shifts.

Расписание семинаров доступно по ссылке: https://spb.hse.ru/scem/ilgt/hse-eusp-seminar
Ссылка на календарь событий: https://tinyurl.com/spbecon