North Sea Oil and Genuine Saving in the Scottish Economy

Greg Bremner, Rod Cross

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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.
Original languageEnglish
Place of PublicationGlasgow
PublisherUniversity of Strathclyde
Pages1-18
Number of pages19
Volume12
Publication statusPublished - Nov 2011

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Keywords

  • world bank
  • oil revenue
  • scotland
  • north sea oil

Cite this

Bremner, G., & Cross, R. (2011). North Sea Oil and Genuine Saving in the Scottish Economy. (10 ed.) (pp. 1-18). Glasgow: University of Strathclyde.