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Public Investment As An Engine Of Growth
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Book Synopsis Public Investment as an Engine of Growth by : Mr.Andrew M. Warner
Download or read book Public Investment as an Engine of Growth written by Mr.Andrew M. Warner and published by International Monetary Fund. This book was released on 2014-08-11 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper looks at the empirical record whether big infrastructure and public capital drives have succeeded in accelerating economic growth in low-income countries. It looks at big long-lasting drives in public capital spending, as these were arguably clear and exogenous policy decisions. On average the evidence shows only a weak positive association between investment spending and growth and only in the same year, as lagged impacts are not significant. Furthermore, there is little evidence of long term positive impacts. Some individual countries may be exceptions to this general result, as for example Ethiopia in recent years, as high public investment has coincided with high GDP growth, but it is probably too early to draw definitive conclusions. The fact that the positive association is largely instantaneous argues for the importance of either reverse causality, as capital spending tends to be cut in slumps and increased in booms, or Keynesian demand effects, as spending boosts output in the short run. It argues against the importance of long term productivity effects, as these are triggered by the completed investments (which take several years) and not by the mere spending on the investments. In fact a slump in growth rather than a boom has followed many public capital drives of the past. Case studies indicate that public investment drives tend eventually to be financed by borrowing and have been plagued by poor analytics at the time investment projects were chosen, incentive problems and interest-group-infested investment choices. These observations suggest that the current public investment drives will be more likely to succeed if governments do not behave as in the past, and instead take analytical issues seriously and safeguard their decision process against interests that distort public investment decisions.
Book Synopsis Public Investment as an Engine of Growth by : Christophe J. Godlewski
Download or read book Public Investment as an Engine of Growth written by Christophe J. Godlewski and published by . This book was released on 2014 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Some Misconceptions about Public Investment Efficiency and Growth by : Mr.Andrew Berg
Download or read book Some Misconceptions about Public Investment Efficiency and Growth written by Mr.Andrew Berg and published by International Monetary Fund. This book was released on 2015-12-23 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: We reconsider the macroeconomic implications of public investment efficiency, defined as the ratio between the actual increment to public capital and the amount spent. We show that, in a simple and standard model, increases in public investment spending in inefficient countries do not have a lower impact on growth than in efficient countries, a result confirmed in a simple cross-country regression. This apparently counter-intuitive result, which contrasts with Pritchett (2000) and recent policy analyses, follows directly from the standard assumption that the marginal product of public capital declines with the capital/output ratio. The implication is that efficiency and scarcity of public capital are likely to be inversely related across countries. It follows that both efficiency and the rate of return need to be considered together in assessing the impact of increases in investment, and blanket recommendations against increased public investment spending in inefficient countries need to be reconsidered. Changes in efficiency, in contrast, have direct and potentially powerful impacts on growth: “investing in investing” through structural reforms that increase efficiency, for example, can have very high rates of return.
Book Synopsis Public Investment as an Engine of Growth by : Mr.Andrew M. Warner
Download or read book Public Investment as an Engine of Growth written by Mr.Andrew M. Warner and published by International Monetary Fund. This book was released on 2014-08-11 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper looks at the empirical record whether big infrastructure and public capital drives have succeeded in accelerating economic growth in low-income countries. It looks at big long-lasting drives in public capital spending, as these were arguably clear and exogenous policy decisions. On average the evidence shows only a weak positive association between investment spending and growth and only in the same year, as lagged impacts are not significant. Furthermore, there is little evidence of long term positive impacts. Some individual countries may be exceptions to this general result, as for example Ethiopia in recent years, as high public investment has coincided with high GDP growth, but it is probably too early to draw definitive conclusions. The fact that the positive association is largely instantaneous argues for the importance of either reverse causality, as capital spending tends to be cut in slumps and increased in booms, or Keynesian demand effects, as spending boosts output in the short run. It argues against the importance of long term productivity effects, as these are triggered by the completed investments (which take several years) and not by the mere spending on the investments. In fact a slump in growth rather than a boom has followed many public capital drives of the past. Case studies indicate that public investment drives tend eventually to be financed by borrowing and have been plagued by poor analytics at the time investment projects were chosen, incentive problems and interest-group-infested investment choices. These observations suggest that the current public investment drives will be more likely to succeed if governments do not behave as in the past, and instead take analytical issues seriously and safeguard their decision process against interests that distort public investment decisions.
Book Synopsis Public Investment and Private Sector Growth by : David Alan Aschauer
Download or read book Public Investment and Private Sector Growth written by David Alan Aschauer and published by . This book was released on 1990 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report demonstrates the importance of public investment in physical infrastructure (roads, bridges, mass transit, electric power, sewers, etc.) to the stimulation of private sector productivity, profitability, and investment. Specifically, the report argues that the slow-down in spending for infrastructure over the past 25 years has been a major cause of the U.S. economy's poor performance since 1970.
Book Synopsis Efficiency-Adjusted Public Capital, Capital Grants, and Growth by : Ernesto Crivelli
Download or read book Efficiency-Adjusted Public Capital, Capital Grants, and Growth written by Ernesto Crivelli and published by International Monetary Fund. This book was released on 2017-07-24 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent literature has explored the relationship between efficiency-adjusted public capital and economic growth. A debate on whether capital grants, and especially EU funds actually contribute to growth has gained prominence lately. This paper empirically assesses the relationship between the quality of public investment, capital grants, and growth in a sample of 43 emerging and peripheral economies over 1991-2015. To this end, the contribution of public capital to growth is estimated using efficiency-adjusted public capital stock series, constructed reflecting the quality of public investment management institutions. In addition, the determinants of effective public investment are analyzed. The results suggest that capital grants contribute positively to effective public investment, and the latter is significant in explaining variations in economic growth. Finally, the paper illustrates the impact of raising EU funds absorption on potential growth in emerging and peripheral EU countries.
Book Synopsis The Power of Public Investment Management by : Kai Kaiser
Download or read book The Power of Public Investment Management written by Kai Kaiser and published by World Bank Publications. This book was released on 2014-10-17 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public resources--if invested well in public infrastructure and services--can catalyze private and community e orts and unleash an inclusive growth and development process. But too often public projects are selectedto support political patronage, poorly designed, underfunded, long delayed, very costly, or badly implemented, with little bene t to the population. This is a critical challenge for many countries, both rich and poor. This book identi es eight key institutional features that countries need to adopt to ensure that public investments support growth and development. The Power of Public Investment Management provides a clear, nontechnical discussion on approaches to improving project appraisal, disciplining political intervention in project selection, dealing with uncertainty (an issue that is likely to grow in importance with the e ects of climate change), integrating procurement skills into project design and implementation, and managing the decision on public-private partnerships. Byproviding a simple but comprehensive framework and global experience, the book provides policy makers the guidance to adopt good functional principles in the design of institutions to strengthen public investment management.
Book Synopsis The Role of Public Investment in Promoting Economic Growth by : United States. Congress. House. Committee on Financial Services
Download or read book The Role of Public Investment in Promoting Economic Growth written by United States. Congress. House. Committee on Financial Services and published by . This book was released on 2007 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Commission on Growth and Development Publisher :World Bank Publications ISBN 13 :0821374923 Total Pages :198 pages Book Rating :4.8/5 (213 download)
Book Synopsis The Growth Report by : Commission on Growth and Development
Download or read book The Growth Report written by Commission on Growth and Development and published by World Bank Publications. This book was released on 2008-07-23 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: The result of two years work by 19 experienced policymakers and two Nobel prize-winning economists, 'The Growth Report' is the most complete analysis to date of the ingredients which, if used in the right country-specific recipe, can deliver growth and help lift populations out of poverty.
Book Synopsis Is Public Investment in Construction and in R&D, Growth Enhancing? by : António Afonso
Download or read book Is Public Investment in Construction and in R&D, Growth Enhancing? written by António Afonso and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the impacts of public investment, notably in construction and in R&D on economic growth and of crowding-out effects on private investment. For this purpose, we use Panel Vector Autoregression (PVAR) models and the Generalised Method of Moments (GMM) approach for 40 advanced and emerging countries from 1995 to 2019. Our findings are as follows: i) innovations in public investment have more positive effects on GDP growth and private investment in emerging economies; ii) the positive impulse of public investment on private sector is pronounced and significant in emerging economies; iii) government construction investment has a more positive effect on economic growth in emerging economies; iv) innovations in public construction crowd-out private investment spending in advanced countries; v) emerging economies benefit from public R&D investment; vi) the public investment multiplier of the full sample is 1.67, while it is 0.87 for advanced economies and 2.29 for emerging economies.
Download or read book Unbound written by Heather Boushey and published by . This book was released on 2019 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many fear that efforts to address inequality will undermine the economy as a whole. But the opposite is true: rising inequality has become a drag on growth and an impediment to market competition. Heather Boushey breaks down the problem and argues that we can preserve our nation's economic traditions while promoting shared economic growth.
Book Synopsis Public Capital, Growth and Welfare by : Pierre-Richard Agénor
Download or read book Public Capital, Growth and Welfare written by Pierre-Richard Agénor and published by Princeton University Press. This book was released on 2013 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Laying a solid foundation of economic facts and ideas, this book provides a comprehensive look at the critical role of public capital in development.
Book Synopsis A Discussion of the Role of Public Investment in Economic Growth by : European Investment Bank
Download or read book A Discussion of the Role of Public Investment in Economic Growth written by European Investment Bank and published by . This book was released on 1994 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Public and Private Investment and Economic Growth by : Khwaja Sarmad
Download or read book Public and Private Investment and Economic Growth written by Khwaja Sarmad and published by . This book was released on 1990 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Investing in Public Infrastructure by : Manoj Atolia
Download or read book Investing in Public Infrastructure written by Manoj Atolia and published by International Monetary Fund. This book was released on 2017-05-04 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why do governments in developing economies invest in roads and not enough in schools? In the presence of distortionary taxation and debt aversion, the different pace at which roads and schools contribute to economic growth turns out to be central to this decision. Specifically, while costs are front-loaded for both types of investment, the growth benefits of schools accrue with a delay. To put things in perspective, with a “big push,” even assuming a large (15 percent) return differential in favor of schools, the government would still limit the fraction of the investment scale-up going to schools to about a half. Besides debt aversion, political myopia also turns out to be a crucial determinant of public investment composition. A “big push,” by accelerating growth outcomes, mitigates myopia—but at the expense of greater risks to fiscal and debt sustainability. Tied concessional financing and grants can potentially mitigate the adverse effects of both debt aversion and political myopia.
Book Synopsis Public Investment to Support Long-term Economic Growth in the EU by : Marcin Szczepański
Download or read book Public Investment to Support Long-term Economic Growth in the EU written by Marcin Szczepański and published by . This book was released on 2016 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public investment in the EU has decreased since the beginning of the crisis, especially in countries which needed to undergo fiscal consolidation. The authorities at different levels often face challenges in choosing optimal investments and expenditure in times of limited means. The economic literature, although sometimes inconclusive, suggests pre-conditions that make public investment beneficial to growth, such as high quality of public expenditure. Large government size appears to be negatively correlated to growth but certain public investments (for instance in infrastructure or innovation) and productive expenditure (such as on education and health) often seem to have long-term positive impacts on the economy. In the current context, increased investment may boost demand and stimulate the economy in the low-interest-rate environment. A focus on growth-inducing investments is communicated in the EU's priorities and strategies, and is gaining more prominence in the European Semester process. The areas of investment most frequently mentioned, such as innovation and infrastructure, are in line with what the theory suggests as being growth-conducive. However, it is not evident whether and how the EU identifies those with the highest potential for long-term economic growth.
Book Synopsis Impact of Public Investment on Economic Growth by : Ambar Rabnawaz
Download or read book Impact of Public Investment on Economic Growth written by Ambar Rabnawaz and published by . This book was released on 2016 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study examines the relationship between Gross domestic product and public investment. Time series data for empirical investigation covers the period 1980-2009. The data has collected from Pakistan bureau of Statistics, State bank of Pakistan (SBP) and Stockholm International Peace Research Institute (SIPRI). Empirical results show, there is a positive relationship between GDP and public investment in short run. The increase in GDP causes a rapid increase in public investment. Granger causality test apply to check the causality. Results of test show that bi-causal relationship exists between GDP and public investment. Causality runs from GDP to public investment and similarly, from public investment to GDP.
