DOI: 10.1016/j.enpol.2020.111273
论文题名: Sustaining wealth: Simulating a sovereign wealth fund for the UK's oil and gas resources, past and future
作者: Atkinson G. ; Hamilton K.
刊名: Energy Policy
ISSN: 03014215
出版年: 2020
卷: 139 语种: 英语
中文关键词: Resource depletion
; Sovereign wealth funds
; Sustainability
英文关键词: Energy resources
; Soils
; Sustainable development
; Balance sheets
; Exhaustible resources
; Gas development
; Oil and gas
; Resource depletion
; Sovereign wealth funds
; Subsoil assets
; Tax revenue
; Petroleum deposits
; macroeconomics
; resource depletion
; sovereignty
; subsoil
; sustainability
; United Kingdom
英文摘要: Exhaustible resources and the revenues they generate present a number of broad problems for macroeconomic management. For example, tax revenues can be large and highly volatile, and the stream of revenues is finite. An increasing number of countries now view resource funds and/or fiscal rules for resource revenues as the answer to these challenges. In this paper, we explore the consequences for the UK if past revenues arising from the depletion of subsoil assets had been channelled into a sovereign wealth fund. We show that had a decision been made to establish such a fund in 1975, this could have been substantial in size by 2018 (about GBP 354 billion) and, moreover, would have had a number of benefits such as a reduction in volatility of resource revenues flowing to the Treasury. Crucially, the fund's value would have substantially boosted the size of the government balance sheet, yielding corresponding fiscal benefits. We argue this missed opportunity is underlined further by considering the current debate about shale gas development in the UK. Notwithstanding considerable uncertainties, favourable and optimistic projections for key parameters are required for any shale-based fund to match what we simulate based on past experience for conventional subsoil assets. © 2020 Elsevier Ltd Citation statistics:
资源类型: 期刊论文
标识符: http://119.78.100.158/handle/2HF3EXSE/166995
Appears in Collections: 气候变化与战略
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作者单位: Department of Geography and Environment, London School of Economics and Political Science, Houghton Street, London, WC2E 2AE, United Kingdom; Grantham Research Institute on Climate Change and Environment, London School of Economics and Political Science, Houghton Street, London, WC2E 2AE, United Kingdom; Institute for New Economic Thinking, The Martin School, Manor Road Building, Manor Road, Oxford, OX1 3UQ, United Kingdom
Recommended Citation:
Atkinson G.,Hamilton K.. Sustaining wealth: Simulating a sovereign wealth fund for the UK's oil and gas resources, past and future[J]. Energy Policy,2020-01-01,139