气候变化领域集成服务门户(CCPortal): Sustaining wealth: Simulating a sovereign wealth fund for the UK's oil and gas resources, past and future

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DOI	10.1016/j.enpol.2020.111273
	Sustaining wealth: Simulating a sovereign wealth fund for the UK's oil and gas resources, past and future
	Atkinson G.; Hamilton K.
发表日期	2020
ISSN	03014215
卷号	139
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
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
语种	英语
来源期刊	Energy Policy
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/204544
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
推荐引用方式 GB/T 7714	Atkinson G.,Hamilton K.. Sustaining wealth: Simulating a sovereign wealth fund for the UK's oil and gas resources, past and future[J],2020,139.
APA	Atkinson G.,&Hamilton K..(2020).Sustaining wealth: Simulating a sovereign wealth fund for the UK's oil and gas resources, past and future.Energy Policy,139.
MLA	Atkinson G.,et al."Sustaining wealth: Simulating a sovereign wealth fund for the UK's oil and gas resources, past and future".Energy Policy 139(2020).