This paper addresses growing concerns that the global decline in natural capital hurts wellbeing in the long-run. We examine empirically how natural capital depletion affects sustainable development as measured by a positive change in the United Nation's Inclusive Wealth indicator. Drawing on panel data for 140 countries between 1990 and 2010, within-country analysis reveals that many countries convert their depleted natural capital sufficiently into human- and produced capital such that the comprehensive stock of wealth grows. However, some developed economies are struggling to harness their natural wealth for sustainable development. The policy implication is that there is no universally applicable recipe for the effective management of countries' natural resources. Countries that are poorly endowed with human- and produced capital, in particular, may have a window of opportunity in which natural capital depletion is temporarily able to foster rather than hamper sustainable development.

本文解决了越来越多的担忧，即从长期来看，全球自然资本的下降会损害人们的福祉。我们根据联合国包容性财富指标的积极变化，从经验上考察了自然资本耗竭如何影响可持续发展。利用1990年至2010年期间140个国家的面板数据，国家内部分析显示，许多国家将其枯竭的自然资本充分转换为人力资本和生产资本，从而增加了财富的综合存量。但是，一些发达经济体正在努力利用其自然财富来实现可持续发展。政策含义是，没有有效地管理国家自然资源的普遍适用方法。那些人力资本和生产资本贫乏的国家，