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dc.contributor.authorOxley, Lesen_UK
dc.contributor.authorHanley, Nicholasen_UK
dc.contributor.authorGreasley, Daviden_UK
dc.contributor.authorBlum, Matthiasen_UK
dc.contributor.authorMcLaughlin, Eoinen_UK
dc.contributor.authorKunnas, Janen_UK
dc.contributor.authorWarde, Paulen_UK
dc.description.abstractGenuine Savings has emerged as a widely-used indicator of sustainable development. In this paper, we use long-term data stretching back to 1870 to undertake empirical tests of the relationship between Genuine Savings (GS) and future well-being for three countries: Britain, the USA and Germany. Our tests are based on an underlying theoretical relationship between GS and changes in the present value of future consumption. Based on both single country and panel results, we find evidence supporting the existence of a cointegrating (long run equilibrium) relationship between GS and future well-being, and fail to reject the basic theoretical result on the relationship between these two macroeconomic variables. This provides some support for the GS measure of weak sustainability. We also show the effects of modelling shocks, such as World War Two and the Great Depression.en_UK
dc.relationOxley L, Hanley N, Greasley D, Blum M, McLaughlin E, Kunnas J & Warde P (2014) Empirical testing of genuine savings as an indicator of weak sustainability: a three-country analysis of long run trends [SEDP-2014-03-Oxley-Hanley-Greasley-Blum-McLaughlin-Kunnas-Warde]. Stirling Economics Discussion Paper, 2014-03.en_UK
dc.relation.ispartofseriesStirling Economics Discussion Paper, 2014-03en_UK
dc.subjectWeak sustainabilityen_UK
dc.subjectGenuine Savingsen_UK
dc.subjectcomprehensive investmenten_UK
dc.subjecteconomic historyen_UK
dc.titleEmpirical testing of genuine savings as an indicator of weak sustainability: a three-country analysis of long run trendsen_UK
dc.typeWorking Paperen_UK
dc.type.statusAM - Accepted Manuscripten_UK
dc.contributor.affiliationUniversity of Waikatoen_UK
dc.contributor.affiliationUniversity of Edinburghen_UK
dc.contributor.affiliationTechnische Universitat Munchen, Germanyen_UK
dc.contributor.affiliationUniversity of Edinburghen_UK
dc.contributor.affiliationUniversity of East Angliaen_UK
rioxxterms.typeWorking paperen_UK
local.rioxx.authorOxley, Les|en_UK
local.rioxx.authorHanley, Nicholas|en_UK
local.rioxx.authorGreasley, David|en_UK
local.rioxx.authorBlum, Matthias|en_UK
local.rioxx.authorMcLaughlin, Eoin|en_UK
local.rioxx.authorKunnas, Jan|en_UK
local.rioxx.authorWarde, Paul|en_UK
local.rioxx.projectInternal Project|University of Stirling|
Appears in Collections:Economics Working Papers

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