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Accounting for the Environment

ERNST LUTZ and Mohan Munasinghe

An improved way of preparing national accounts could help achieve more sustainable development

Keywords:: FD; F&D; debt; country; exchange rate; enterprise; economy; SNA framework; resource account; SNA concept; accounting technique; environmental accounting; Natural resources; Income; National income

Type:: Journal Article

Series:: Finance & Development

Volume/Issue:: Volume 28: Issue 001

Publisher:: International Monetary Fund

Publication Date:: 01 Jan 1991

Language:: English

DOI:: https://doi.org/10.5089/9781451953046.022.A006

ISBN:: 9781451953046

Download PDF (812.5 KB)

Finance and Development, March 2017

International Monetary Fund. External Relations Dept.

This paper reports about current mainstream growth projections for the United States and the European Union over the medium term represent a marked slowdown from growth rates in the decades prior to the global financial crisis. Slower growth in Europe and the United States has mixed implications for growth prospects in developing economies. Most obviously, on the negative side, it means less demand for these countries’ exports, so models of development based on export-led growth may need to be rethought. In contrast, for Western Europe the narrative is about catch-up growth rather than the rate of cutting-edge technological progress. From the middle of the 20th century to the recent global crisis, this experience comprised three distinct phases. European medium-term growth prospects depend both on how fast productivity grows in the United States and whether catch-up growth can resume after a long hiatus. Economic historians see social capability as a key determinant of success or failure in catch-up growth.