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Trade and Resource Sustainability with Overlapping Generations

Trade changes incentives to protect an open-access natural resource. In an OLG setting, the capital asset market transfers policy-induced future gains and losses to the current asset owner. The asset market creates incentives for agents currently alive to protect the natural resource under autarchy. Trade reverses these incentives. In a dynamic political economy, agents without bequest motives choose resource-protecting policies in both the open loop and Markov Perfect equilibria under autarchy; in the open economy agents choose policies exacerbating the open-access distortion, harming the resource. The difference arises from the interplay of the asset market and general equilibrium effects. Trade generally lowers welfare.