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Resource Windfalls Optimal Public Investment And Redistribution
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Book Synopsis Resource Windfalls, Optimal Public Investment and Redistribution by : Mr.Rabah Arezki
Download or read book Resource Windfalls, Optimal Public Investment and Redistribution written by Mr.Rabah Arezki and published by International Monetary Fund. This book was released on 2012-08-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the optimal public investment decisions in countries experiencing a resource windfall. To do so, we use an augmented version of the Permanent Income framework with public investment faced with adjustment costs capturing the associated administrative capacity as well as government direct transfers. A key assumption is that those adjustment costs rise with the size of the resource windfall. The main results from the analytical model are threefold. First, a larger resource windfall commands a lower level of public capital but a higher level of redistribution through transfers. Second, weaker administrative capacity lowers the increase in optimal public capital following a resource windfall. Third, higher total factor productivity in the non-resource sector reduces the degree of des-investment in public capital commanded by weaker administrative capacity. We further extend our basic model to allow for "investing in investing" - that is public investment in administrative capacity - by endogenizing the adjustment cost in public investment. Results from the numerical simulations suggest, among other things, that a higher initial stock of public administrative "know how" leads to a higher level of optimal public investment following a resource windfall. Implications for policy are discussed.
Book Synopsis Resource Windfalls, Optimal Public Investment, and Redistribution by : Rabah Arezki
Download or read book Resource Windfalls, Optimal Public Investment, and Redistribution written by Rabah Arezki and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Fiscal Sustainability, Public Investment, and Growth in Natural Resource-Rich, Low-Income Countries by : Issouf Samaké
Download or read book Fiscal Sustainability, Public Investment, and Growth in Natural Resource-Rich, Low-Income Countries written by Issouf Samaké and published by International Monetary Fund. This book was released on 2013-06-11 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the implications of the use of oil revenue for public investment on growth and fiscal sustainability in Cameroon. We develop a dynamic stochastic general equilibrium model to analyze the effects of such investment on growth and on the path of key fiscal indicators, such as the non-oil primary deficit and public debt. Policy scenarios show that Cameroon’s large infrastructural needs and relatively low current debt levels could justify a temporary deviation from traditional policy advice that suggests saving part of the oil revenue to smooth expenditure over time. Model simulations show that a relatively high degree of efficiency of public investment is needed for scaled-up public investment to make a significant contribution to growth, while maintaining fiscal sustainability.
Book Synopsis Finance & Development, December 2012 by : International Monetary Fund
Download or read book Finance & Development, December 2012 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2012-11-30 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: By combating malaria with mosquito nets or building schools and providing basic sanitation, philanthropy is helping transform the developing world. Rich donors are devoting fortunes—many of them earned through computer software, entertainment, and venture capitalism— to defeating poverty and improving lives, supplementing and in some cases surpassing official aid channels.From billionaires Bill and Melinda Gates and Warren Buffett to Aliko Dangote and George Soros, the titans of capitalism are backing good causes with their cash. Whether financing new vaccines, building libraries, or buying up Amazon rain forest to protect the environment, philanthropists are supporting innovations and new approaches that are changing lives and building dreams.This issue of F&D looks at the world of targeted giving and social entrepreneurship.“ Philanthropy’s role is to get things started,” says Microsoft co-founder Bill Gates, who is the world’s most generous giver. “We used foundation funds to set up a system to make market forces work in favor of the poor.” He says that catalytic philanthropy can make a big difference. “Good ideas need evangelists. Forgotten communities need advocates.” Former U.S. President Bill Clinton tells us that networks of creative cooperation between government, business, and civil society can get things done better to solve the world’s most pressing problems.Also in this issue, Prakash Loungani profiles superstar economist Jeffrey Sachs, who helped campaign for debt relief for developing economies and championed the Millennium Development Goals. We look at how, instead of spending commodity price windfalls on physical investments, which are often sources of corruption, governments of poor countries are sometimes well advised to hand some of the income over to their citizens. We examine moves by major central banks to ease our way out of the crisis enveloping advanced economies in our Data Spotlight column, and we hear about how China’s growth inspires creativity in the West.
Book Synopsis From Mines and Wells to Well-Built Minds by : Bénédicte de la Brière
Download or read book From Mines and Wells to Well-Built Minds written by Bénédicte de la Brière and published by World Bank Publications. This book was released on 2017-05-17 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sub-Saharan Africa's natural resource-rich countries have poor human development. Children in these countries are more likely to die before their first birthday, more likely to be stunted, and less likely to attend school than children in other countries with similar income. Despite the current price downturn, extractives will remain an important part of Sub-Saharan Africa's growth story—using resource rents wisely remains a long term challenge. Governments must choose how to allocate resource rents between spending, investing in human or physical capital, or investing in global financial assets. The return to investing in physical and human capital will be high in countries where the capital stock is low. Moreover, higher levels of human capital make investments in physical capital more productive, which suggests that the optimal portfolio will involve investing in both. Human capital should be prioritized in many of Sub-Saharan Africa’s resource-rich countries because of the low starting point. Investing effectively in human capital is hard because it involves delivering services, which means coordinating a large number of actors and activities. Three dimensions of governance are key: institutions, incentives and information. Decentralization and leveraging the private sector are entry points to reforming institutional structures. Revenues from natural resources can fund financial incentives to strengthen performance or demand. Producing information, making it available, and increasing social accountability helps citizens understand their rights and hold governments and providers accountable. Improving the quality of education and health services is central to improving human capital. Two additional areas are promising. First, early child development—mother and newborn health, and early child nutrition, care, and education—improves outcomes in childhood and later on. Second, cash transfers—either conditional or unconditional—reduce poverty, increase household investments in child education, nutrition, and health, and increase the investment in productive assets which foster further income generation.
Book Synopsis Business and Government Relations in Africa by : Robert A. Dibie
Download or read book Business and Government Relations in Africa written by Robert A. Dibie and published by Routledge. This book was released on 2017-07-06 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book endeavors to take the conceptualization of the relationship between business, government and development in African countries to a new level. In the twenty-first century, the interests and operations of government and business inevitably intersect all over the African continent. No government, federal or state, can afford to ignore the needs of business. But what are these needs, how does business express its needs to government and what institutions organize government-business relations in African countries? How should government regulate business, or should it choose to let the markets rule? Government and Business Relations in Africa brings together many of sub-Saharan African leading scholars to address these critical questions. Business and Government Relations in Africa examines the key players in the game—federal and state governments and business groups—and the processes that govern the relationships between them. It looks at the regulatory regimes that have an impact on business and provides a number of case studies of the relationships between government and economic development around the African continent, highlighting different processes and practices. It shows the latest state of knowledge on the topic and will be of interest both to students at an advanced level, academics and reflective practitioners. It addresses the topics with regard to business-government relations and will be of interest to researchers, academics, policymakers, and students in the fields of African politics, comparative politics, public policy, business and politics, sustainable development and sustainability, economic development, and managerial economics.
Book Synopsis Education Attainment in Public Administration Around the World by : Mr.Rabah Arezki
Download or read book Education Attainment in Public Administration Around the World written by Mr.Rabah Arezki and published by International Monetary Fund. This book was released on 2012-09-21 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper provides a detailed description of a novel dataset on education attainment in public administrations covering the period 1981-2011 for 178 countries. The dataset uses information extracted from CVs for over 130,000 mid to senior level officials from mainly central banks and ministries of economy and finance. Our main finding is that there is little heterogeneity across regions when considering a non quality-adjusted measure of education attainment in public administrations. Adjusting our measure for quality, using a country wide academic ranking, reveals important cross-regional heterogeneity differing from that of standard measures of education attainment for the general population. The dataset also allows us to uncover important patterns in public administrations' education attainment along gender and seniority across regions. We further use the dataset to explore a few applications which provide some evidence of (i) the importance of salary incentives in attracting highly educated staff and (ii) a positive association between education attainment in public administrations and government effectiveness (e.g. higher tax revenue mobilization, limiting corruption, better public finance management and private market support).
Book Synopsis Capacity Building for Sustainable Development by : Valentine Udoh James
Download or read book Capacity Building for Sustainable Development written by Valentine Udoh James and published by CABI. This book was released on 2018-04-02 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents over 40 cases of bamboo development across 22 major bamboo-industry countries and explores the knowledge gained from their successes and failures. It synthesises experiences and exchanges with country experts from international training courses and consultations, study tours, and seminars. Each case includes observations and summaries of discussions related to the development of bamboo-based industries in a healthy, sustainable way, and the facilitation of strategic and balanced development of bamboo in different global regions. Industrial and artisanal bamboo growing and processing is expanding worldwide and this book brings together key experiences to help inform future developments. This book provides an analysis of bamboo plant features, including strong renewability, fast-growing, and high biomass production. It also reviews important ecological functions of bamboos, such as water and soil conservation, carbon sink and storage, and adaptation to climate change, as well as addressing the diversified culture of bamboo and key issues affecting the sector. Highly illustrated and in full colour throughout, this book is an essential resource for all those interested in bamboo, from private sector investors to governmental and development agencies, academic researchers and students.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1475540868 Total Pages :14 pages Book Rating :4.4/5 (755 download)
Book Synopsis IMF Research Bulletin, December 2012 by : International Monetary Fund. Research Dept.
Download or read book IMF Research Bulletin, December 2012 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2012-12-14 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Research Summaries in the December 2012 IMF Research Bulletin look at "Market Failures and Macroprudential Policy" (Giovanni Favara and Lev Ratnovski) and "Measurement Matters for House Price Indices" (Mick Silver). The Q&A column looks at "Seven Questions on Turning Points of the Global Business Cycle." The Bulletin also includes a listing of recent IMF Working Papers and Staff Discussion Notes, as well as a list of the top-viewed articles for the first three issues of IMF Economic Review in 2012. Information is also included on a call for papers for the conference "Asia: Challenges of Stability and Growth" to be held in Seoul in 2013.
Download or read book IMF Economic Review written by and published by . This book was released on 2013 with total page 772 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 Fiscal Rules for Resource Windfall Allocation by : Keyra Primus
Download or read book Fiscal Rules for Resource Windfall Allocation written by Keyra Primus and published by International Monetary Fund. This book was released on 2016-09-16 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Managing resource revenues is a critical policy issue for small open resource-rich countries. This paper uses an open economy dynamic stochastic general equilibrium model to analyze the transmission of resource price shocks and a shock to resource production in the Trinidad and Tobago economy. It also applies alternative fiscal rules to determine the optimal allocation of resource windfalls between spending today and saving in a sovereign wealth fund. The results show that spending all the resource windfall on consumption and investment creates more volatility and amplifies Dutch disease effects, when compared to the case where all the excess revenues are saved. Also, neither a policy of full spending nor full saving of the surplus revenue inflows is optimal if the government is concerned about both household welfare and fiscal stability. In order to minimize deviations from both objectives, the optimal fiscal response suggests that a larger fraction of the resource windfalls should be saved.
Download or read book Oil Windfalls written by Alan H. Gelb and published by Oxford University Press. This book was released on 1988 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book assesses the full impact of oil windfalls on six developing producer countries - Algeria, Ecuador, Indonesia, Nigeria, Trinidad and Tobago, and Venezuela. This is the first time that the issue has been systematically analysed and related to economics policies and underlying macroeconomic characteristics. The book adopts a broad approach, blending institutional and political aspects with quantitative analysis which includes the results of sophisticated model simulations. It presents new information on how oil discoveries have been used by producer governments, and analyses of the consequences. Finally it concludes that much of the potential benefit to producers has been dissipated, and explains why producers may actually end up worse off despite revenue gains.
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1498339999 Total Pages :56 pages Book Rating :4.4/5 (983 download)
Book Synopsis Macroeconomic Policy Frameworks for Resource-Rich Developing Countries by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book Macroeconomic Policy Frameworks for Resource-Rich Developing Countries written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2012-08-24 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper aims to widen the prism through which Fund policy analysis is conducted for resource-rich developing countries (RRDCs). While all resource-rich economies face resource revenue exhaustibility and volatility, RRDCs face additional challenges, including lack of access to international capital markets and domestic capital scarcity. Resource exhaustibility gives rise to inter-temporal decisions of how much of the resource wealth to consume and how much to save, and revenue volatility calls for appropriate fiscal rules and precautionary savings. Under certain conditions, it would be optimal for a significant share of a RRDC’s savings to be in domestic real assets (e.g., investment in domestic infrastructure), though absorptive capacity constraints need to be tackled to promote efficient spending and short-run policies are needed to preserve macroeconomic stability. The objective of this paper is to develop new macro-fiscal frameworks and policy analysis tools for RRDCs that could enhance Fund policy advice.
Book Synopsis Rural Wealth Creation by : John L. Pender
Download or read book Rural Wealth Creation written by John L. Pender and published by Routledge. This book was released on 2014-06-05 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book investigates the role of wealth in achieving sustainable rural economic development. The authors define wealth as all assets net of liabilities that can contribute to well-being, and they provide examples of many forms of capital – physical, financial, human, natural, social, and others. They propose a conceptual framework for rural wealth creation that considers how multiple forms of wealth provide opportunities for rural development, and how development strategies affect the dynamics of wealth. They also provide a new accounting framework for measuring wealth stocks and flows. These conceptual frameworks are employed in case study chapters on measuring rural wealth and on rural wealth creation strategies. Rural Wealth Creation makes numerous contributions to research on sustainable rural development. Important distinctions are drawn to help guide wealth measurement, such as the difference between the wealth located within a region and the wealth owned by residents of a region, and privately owned versus publicly owned wealth. Case study chapters illustrate these distinctions and demonstrate how different forms of wealth can be measured. Several key hypotheses are proposed about the process of rural wealth creation, and these are investigated by case study chapters assessing common rural development strategies, such as promoting rural energy industries and amenity-based development. Based on these case studies, a typology of rural wealth creation strategies is proposed and an approach to mapping the potential of such strategies in different contexts is demonstrated. This book will be relevant to students, researchers, and policy makers looking at rural community development, sustainable economic development, and wealth measurement.
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.
Download or read book Oil to Cash written by Todd Moss and published by CGD Books. This book was released on 2015-06-10 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: Oil to Cash explores one option to help countries with new oil revenue avoid the so-called resource curse: just give the money directly to citizens. A universal, transparent, and regular cash transfer would not only provide a concrete benefit to regular people, but would also create powerful incentives for citizens to hold their government accountable. Oil to Cash details how and where this idea could work and how policymakers can learn from the experiences with cash transfers in places like Mexico, Mongolia, and Alaska.
