Template-Type: ReDIF-Paper 1.0
Author-Name: Greg Bremner
Author-Name-First: Greg
Author-Name-Last: Bremner
Author-Email: G.Bremner@abertay.ac.uk
Author-Workplace-Name: Dundee Business School, University of Abertay Dundee
Author-Name: Rod Cross
Author-Name-First: Rod
Author-Name-Last: Cross
Author-Email: rod.cross@strath.ac.uk
Author-Workplace-Name: Department of Economics, University of Strathclyde
Title: North Sea Oil and Genuine Saving in the Scottish Economy
Abstract: The World Bank has published estimates of sustainability of consumption paths by adjusting saving rates to take account of the depletion of non-renewable resources. During the period of North Sea oil production Scotland has been in a fiscal union with the rest of the UK. The present paper adjusts the World Bank data to produce separate genuine saving estimates for Scotland and the rest of the UK for 1970-2009, based on a 'derivation' principle for oil revenues. The calculations indicate that Scotland has had a negative genuine saving rate for most of the period of exploitation of North Sea oil resources, with genuine saving being positive in the rest of the UK during this period.
Length: 19 pages
Creation-Date: 2012-07
Revision-Date: 
Publication-Status: Published
File-URL: http://www.strath.ac.uk/media/1newwebsite/departmentsubject/economics/research/researchdiscussionpapers/2012/12-10-Final.pdf
File-Format: Application/pdf
Number: 1210
Classification-JEL: Q32, H72
Keywords: Genuine savings; Adjusted net savings; North Sea oil; Derivation principle
Handle: RePEc:str:wpaper:1210