International borrowing for resource extraction
This is a theoretical study of some basic aspects of foreign investment (and foreign borrowing) and natural resource exploitation. Our emphasis is on optimal planning and regulation but the consequences of the lack of social interventions are also pointed out. Whether a community should plan for more or less consumption for future generations depends not only on its rate of time preference but also the cost of foreign borrowing. It also is warned that even for a small country, the Fisher...[Show more]
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