Public Investment as an Engine of Growth

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Publisher : International Monetary Fund
ISBN 13 : 1498378277
Total Pages : 76 pages
Book Rating : 4.4/5 (983 download)

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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.

Public Investment, Public Finance, and Growth

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Publisher : International Monetary Fund
ISBN 13 : 1484365178
Total Pages : 43 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Public Investment, Public Finance, and Growth by : Mr.Christopher Adam

Download or read book Public Investment, Public Finance, and Growth written by Mr.Christopher Adam and published by International Monetary Fund. This book was released on 2014-05-01 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Effective public investment requires governments to address the "recurrent cost problem" to ensure operations and maintenance (O&M) expenditures are sufficient to sustain the flow of productive public capital services to private factors of production. Building on the model of Buffie et al (2012), this paper explores the macroeconomic implications of this recurrent cost problem and its resolution in a context that recognizes that taxation is distortionary. The model is also used to examine stylized fiscal reforms including the replacement of a distortionary output tax with a uniform consumption tax and budgetary reforms that restore O&M expenditures to their efficient levels. These experiments are stylized but clearly demonstrate the material consequences of the tax and public expenditure structures for growth and debt sustainability in low-income countries.

Some Misconceptions about Public Investment Efficiency and Growth

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Publisher : International Monetary Fund
ISBN 13 : 1513589970
Total Pages : 37 pages
Book Rating : 4.5/5 (135 download)

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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.

The Welfare State, Public Investment, and Growth

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Publisher : Springer Science & Business Media
ISBN 13 : 4431679391
Total Pages : 333 pages
Book Rating : 4.4/5 (316 download)

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Book Synopsis The Welfare State, Public Investment, and Growth by : Hirofumi Shibata

Download or read book The Welfare State, Public Investment, and Growth written by Hirofumi Shibata and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 333 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents fifteen papers selected from the papers read at the 53rd Congress of the International Institute of Public Finance held at Kyoto, Japan, in August 1997. Although organized under the general title of Public Finance and Public Investment, the Congress covered a wide range of topics in Public Finance. One of the highlights of the Congress was a historic and brilliant debate between two of the greatest living authorities in the area of public finance, Professors James M. Buchanan and Richard A. Musgrave, on the nature of the welfare state and its future. Part I of this book is concerned with this debate and its empirical counterpart. James M. Buchanan (Chapter 1) warns that the welfare state will be unsustainable unless it preserves generality or at least quasi generality in welfare programs. The introduction of overt discrimination in welfare programs through means testing and targeting can only diminish public support. He argues that a political version of the "tragedy of commons" will emerge if and when identifiable interest groups recognize the prospects of particularized gains as promised by discriminatory tax or transfer payments. Faced with mounting pressure from entitlement-like claims of special interest groups against public revenues on one hand and equally strong pressure against further tax burdens on the other, political leaders are attracted to solutions that single out the most vulnerable targets. Distributional disagreement among classes will then become a major source of political discourse and an impetus for class conflict.

The Power of Public Investment Management

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Publisher : World Bank Publications
ISBN 13 : 1464803161
Total Pages : 203 pages
Book Rating : 4.4/5 (648 download)

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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.

Public Investment, Growth and Fiscal Constraints

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Publisher : Edward Elgar Publishing
ISBN 13 : 9781849804776
Total Pages : 329 pages
Book Rating : 4.8/5 (47 download)

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Book Synopsis Public Investment, Growth and Fiscal Constraints by : Massimo Florio

Download or read book Public Investment, Growth and Fiscal Constraints written by Massimo Florio and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book makes a unique contribution in advancing understanding of the fiscal condition and growth potential of the New Member States of the European Union. It provides new data, policy evaluation, and offers national and regional perspectives. The core research questions are the effect of public investment in the context of macroeconomic disequilibrium and how it is possible to finance capital accumulation in the present and future conditions of mounting public sector debt. The contributors reveal that there is now a convincing case for public investment as an essential driver of convergence and growth in Europe. However, a new international and inter-generational fiscal pact to frame a more optimistic view of the role of government is needed. This book explores how public investment matters for growth, how fiscal conditions may support investment, and the role EU regional policy can have in terms of structural change and investment needs. Public Investment, Growth and Fiscal Constraints provides new data analyses on the EU New Member States in Central and Eastern Europe making it an essential tool for academics, students and practitioners interested in public finance and European Economics. The structural and public finance issues in these former transition economies raised in this book will also strongly appeal to policymakers, officials and consultants. The book is based on an independent research project of the University of Milan, supported by the European Investment Bank.

Public Investment and Fiscal Policy - Lessons From the Pilot Country Studies

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Author :
Publisher : International Monetary Fund
ISBN 13 : 1498331637
Total Pages : 49 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Public Investment and Fiscal Policy - Lessons From the Pilot Country Studies by : International Monetary Fund. Fiscal Affairs Dept.

Download or read book Public Investment and Fiscal Policy - Lessons From the Pilot Country Studies written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2005-01-04 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reports on findings from eight pilot country studies on public investment that were carried out during the second half of 2004. The pilot country studies covered a diverse group of countries. Specifically, they included countries in Latin America (Brazil, Chile, Colombia, and Peru), Africa (Ethiopia and Ghana), the Middle East (Jordan), and Asia (India).

The Macroeconomic Effects of Public Investment

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Publisher : International Monetary Fund
ISBN 13 : 1484361555
Total Pages : 26 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis The Macroeconomic Effects of Public Investment by : Mr.Abdul Abiad

Download or read book The Macroeconomic Effects of Public Investment written by Mr.Abdul Abiad and published by International Monetary Fund. This book was released on 2015-05-04 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides new evidence of the macroeconomic effects of public investment in advanced economies. Using public investment forecast errors to identify the causal effect of government investment in a sample of 17 OECD economies since 1985 and model simulations, the paper finds that increased public investment raises output, both in the short term and in the long term, crowds in private investment, and reduces unemployment. Several factors shape the macroeconomic effects of public investment. When there is economic slack and monetary accommodation, demand effects are stronger, and the public-debt-to-GDP ratio may actually decline. Public investment is also more effective in boosting output in countries with higher public investment efficiency and when it is financed by issuing debt.

Public Investment and Regional Economic Development

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Publisher : Edward Elgar Publishing
ISBN 13 : 9781782543121
Total Pages : 296 pages
Book Rating : 4.5/5 (431 download)

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Book Synopsis Public Investment and Regional Economic Development by : Daniel Felsenstein

Download or read book Public Investment and Regional Economic Development written by Daniel Felsenstein and published by Edward Elgar Publishing. This book was released on 2001-01-01 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Public Investment and Regional Economic Development is a very interesting and stimulating reading for policymakers and anyone doing research in this area.' - Adelheid Holl, Environment and Planning C: Government and Planning The relationship between public investment and regional economic development is of perennial interest and is particularly topical now as issues of infrastructure and innovation are high on policy agendas in many countries. Public investment is often viewed as a possible method for 'jump-starting' lagging regional economies and also as a requirement for the continued development of more prosperous regions. Public Investment and Regional Economic Development provides a systematic analysis of the complex relationship between public investment and regional economic development. The authors offer new insights into the key issues of regional growth, and present a broad variety of perspectives ranging from transport and housing infrastructure through to human capital and innovation.

Public Investment Management Assessment - Review and Update

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Publisher : International Monetary Fund
ISBN 13 : 1498308449
Total Pages : 32 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Public Investment Management Assessment - Review and Update by : International Monetary Fund. Fiscal Affairs Dept.

Download or read book Public Investment Management Assessment - Review and Update written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2018-05-10 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Public Investment Management Assessments (PIMAs) are the IMF‘s key tool for assessing infrastructure governance over the full investment cycle and supporting economic institution building in this area. The PIMA framework was first introduced in the 2015 Board Paper on “Making Public Investment More Efficient,” as part of the IMF’s Infrastructure Policy Support Initiative (IPSI). A key motivation for its development has been that strong infrastructure governance is critical for public investment to spur economic growth. PIMAs offer rigorous assessment of infrastructure governance, that is, the key public investment management (PIM) institutions and processes of a country. On the basis of the PIMAs conducted to date, this paper summarizes the lessons learned and updates the assessment framework itself. PIMAs summarize the strengths and weaknesses of country public investment processes, and set out a prioritized and sequenced reform action plan. The PIMA framework has been well-received by member countries, with over 30 PIMAs conducted to date (mainly in emerging markets (EMs) and low income developing countries (LIDCs), and a pipeline of new requests in place; eight PIMAs have been or are about to be published. The PIMAs conducted show that there is much room for strengthening PIM, with weaknesses spread across the investment cycle. The results and recommendations of several PIMAs have been used in IMF lending, surveillance, and capacity development (CD) work, and have improved support and coordination among CD providers. While leaving the structure of the 2015 framework unchanged, the revised PIMA framework highlights some critical governance aspects more prominently. In particular, it brings out more fully some key aspects of maintenance, procurement, independent review of projects, and the enabling environment (e.g., adequacy of the legal framework, information systems, and staff capacity). Yet, the revised PIMA retains the key features of the 2015 framework, including the three-phase structure (planning, allocation, and implementation) with five institutions assigned to each phase, three dimensions under each institution, and three possible scores under each dimension (i.e., not/partially/fully met). The revision has benefitted from extensive stakeholder feedback, including from IMF teams, World Bank staff, and country authorities."

Public Capital and Growth

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Publisher : International Monetary Fund
ISBN 13 : 1455201863
Total Pages : 36 pages
Book Rating : 4.4/5 (552 download)

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Book Synopsis Public Capital and Growth by : Mr.Serkan Arslanalp

Download or read book Public Capital and Growth written by Mr.Serkan Arslanalp and published by International Monetary Fund. This book was released on 2010-07-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates the impact of public capital on economic growth for forty-eight OECD and non-OECD countries during 1960 - 2001. Using the production function and its extensions, it finds a positive - but concave - elasticity of output with respect to public capital, which is robust to changes in time intervals and varying depreciation rates. Furthermore, in non-OECD countries the growth impact of public capital is higher once longer time intervals are considered.

The Public Wealth of Nations

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Publisher : Springer
ISBN 13 : 113751986X
Total Pages : 232 pages
Book Rating : 4.1/5 (375 download)

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Book Synopsis The Public Wealth of Nations by : Dag Detter

Download or read book The Public Wealth of Nations written by Dag Detter and published by Springer. This book was released on 2016-02-05 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: We have spent the last three decades engaged in a pointless and irrelevant debate about the relative merits of privatization or nationalization. We have been arguing about the wrong thing while sitting on a goldmine of assets. Don’t worry about who owns those assets, worry about whether they are managed effectively. Why does this matter? Because despite the Thatcher/ Reagan economic revolution, the largest pool of wealth in the world – a global total that is much larger than the world’s total pensions savings, and ten times the total of all the sovereign wealth funds on the planet – is still comprised of commercial assets that are held in public ownership. If professionally managed, they could generate an annual yield of 2.7 trillion dollars, more than current global spending on infrastructure: transport, power, water, and communications. Based on both economic research and hands-on experience from many countries, the authors argue that publicly owned commercial assets need to be taken out of the direct and distorting control of politicians and placed under professional management in a ‘National Wealth Fund’ or its local government equivalent. Such a move would trigger much-needed structural reforms in national economies, thus resurrect strained government finances, bolster ailing economic growth, and improve the fabric of democratic institutions. This radical, reforming book was named one of the "Books of the Year".by both the FT and The Economist.

The Quality of Public Investment

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Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 26 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis The Quality of Public Investment by : Shankha Chakraborty

Download or read book The Quality of Public Investment written by Shankha Chakraborty and published by International Monetary Fund. This book was released on 2009-07 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a simultaneous assessment of the relationship between economic performance and three groups of economic reforms: domestic finance, trade, and the capital account. Among these, domestic financial reforms, and trade reforms, are robustly associated with economic growth, but only in middle-income countries. In contrast, we do not find any systematic positive relationship between capital account liberalization and economic growth. Moreover, the effect of domestic financial reforms on economic growth in middle-income countries is explained by improvements in measured aggregate TFP growth, not by higher aggregate investment. We present evidence that variation in the quality of property rights helps explain the heterogeneity of the effectiveness of financial and trade reforms in developing countries. The evidence suggests that sufficiently developed property rights are a precondition for reaping the benefits of economic reform. Our results are robust to endogeneity bias and a number of alternative specifications.

OECD Public Governance Reviews Integrity Framework for Public Investment

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Publisher : OECD Publishing
ISBN 13 : 9264251766
Total Pages : 95 pages
Book Rating : 4.2/5 (642 download)

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Book Synopsis OECD Public Governance Reviews Integrity Framework for Public Investment by : OECD

Download or read book OECD Public Governance Reviews Integrity Framework for Public Investment written by OECD and published by OECD Publishing. This book was released on 2016-02-29 with total page 95 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public investment, and particularly infrastructure investment, is important for sustainable economic growth and development as well as public service provision. However, it is also vulnerable to capture and corruption.

Public Investment Criteria

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Publisher :
ISBN 13 :
Total Pages : 104 pages
Book Rating : 4.:/5 (89 download)

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Book Synopsis Public Investment Criteria by : Stephen A. Marglin

Download or read book Public Investment Criteria written by Stephen A. Marglin and published by . This book was released on 1967 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay on public investment criteria and the role of cost benefit analysis in the implementation of economic planning for economic development in India - criteria include consumption benefits, costs, time factor, interest, budgetary constraints, risk and dynamics. References pp. 100 and 101.

Public Investment Management Reference Guide

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Publisher : World Bank Publications
ISBN 13 : 1464815291
Total Pages : 279 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Public Investment Management Reference Guide by : Jay-Hyung Kim

Download or read book Public Investment Management Reference Guide written by Jay-Hyung Kim and published by World Bank Publications. This book was released on 2020-03-03 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Public Investment Management (PIM) Reference Guide aims to convey country experiences and good international practices as a basis for decisions on how to address a country-specific PIM reform agenda. The country references are drawn largely from previous diagnostics and technical assistance reports of the World Bank. The application of country diagnostics and assessments has revealed a need to address the following issues when undertaking a country reform in PIM: • Clarification of the definition and scope of public investment and public investment management • Establishment of a sound legal, regulatory, and institutional setting for PIM, making sure it is linked to the budget process • Allocation of roles and responsibilities for key players in PIM across government • Strengthening of guidance on project preappraisal, appraisal, and selection-prioritization procedures and deepening of project appraisal methodologies • Integration of strategic planning, project appraisal-selection, and capital budgeting • Management of multiyear capital budget allocations and commitments • Efforts to address effective implementation, procurement, and monitoring of projects • Strengthening of asset management and ex post evaluation • Integration of PIM and public-private partnership (PPP) in a unified framework • Rationalization and prioritization of the existing PIM project portfolio • Development of a PIM database and information technology in the form of a PIM information system. The PIM Reference Guide does not seek to provide definitive answers or standard guidance for the common PIM issues facing countries. Nor does it seek to provide a detailed template for replication across countries: this would be impossible given the diversity of country situations. Instead, each chapter begins with an overview of the specific reform issue, lists approaches and experiences from different countries, and summarizes the references and good practices to be considered in designing country-specific reform actions.

The Role of Public Investment in Promoting Economic Growth

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Publisher :
ISBN 13 :
Total Pages : 108 pages
Book Rating : 4.F/5 ( download)

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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: