Crowding Out Or Crowding In Public And Private Investment In India
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Crowding Out Or Crowding In Public And Private Investment In India
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Author : Girish Bahal
language : en
Publisher: International Monetary Fund
Release Date : 2015-12-17
Crowding Out Or Crowding In Public And Private Investment In India written by Girish Bahal and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-12-17 with Business & Economics categories.
This paper contributes to the debate on the relationship between public-capital accumulation and private investment in India along the following dimensions. First, acknowledging major structural changes that the Indian economy has undergone in the past three decades, we study whether public investment in recent years has become more or less complementary to private investment in comparison to the period before 1980. Second, we construct a novel data-set of quarterly aggregate public and private investment in India over the period 1996Q2-2015Q1 using investment-project data from the CapEx-CMIE database. Third, embedding a theory-driven long-run relationship on the model, we estimate a range of Structural Vector Error Correction Models (SVECMs) to re-examine the public and private investment relationship in India. Identification is achieved by decomposing shocks into those with transitory and permanent effects. Our results suggest that while public-capital accumulation crowds out private investment in India over 1950-2012, the opposite is true when we restrict the sample post 1980 or conduct a quarterly analysis since 1996Q2. This change can most likely be attributed to the policy reforms which started during early 1980s and gained momentum after the 1991 crises.
Does Public Capital Crowd Out Private Capital Evidence From India
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Author : Luis Servén
language : en
Publisher:
Release Date : 2016
Does Public Capital Crowd Out Private Capital Evidence From India written by Luis Servén and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
A recent but rapidly growing empirical literature focuses on the relationship between public and private capital. But for the most part, it ignores the heterogeneity of public investment. In many countries, especially in the developing world, public investment includes not only basic infrastructure projects, but also commercial and industrial projects similar to those undertaken by the private sector. And those two types of public investment are likely to have quite different effects on the accumulation of private capital. Using data from India, the author examines this issue empirically by implementing a simple analytical model encompassing two types of public capital. The empirical results show that in the long run capital for public infrastructure projects crowds in private capital - other types of public capital have the opposite effect. But in the short run, both kinds of public investment may crowd out private investment.
Does Public Capital Crowd Out Private Capital Evidence From India
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Author : Luis Serven
language : en
Publisher: World Bank Publications
Release Date : 1996
Does Public Capital Crowd Out Private Capital Evidence From India written by Luis Serven and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Inversiones privadas - India categories.
Successful Transitions From Public To Private Sector Led Growth Lessons For Benin
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Author : Aissatou Diallo
language : en
Publisher: International Monetary Fund
Release Date : 2021-12-03
Successful Transitions From Public To Private Sector Led Growth Lessons For Benin written by Aissatou Diallo and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-12-03 with Business & Economics categories.
Many Sub-Saharan African (SSA) countries, like Benin, have scaled up public investment during the last decade. Such a strategy contributed to the improvement of infrastructure, but also to a build-up of debt vulnerabilities. Looking forward, the planned fiscal consolidation will result in some restraint of public spending, and, in particular, public investment. In this context, maintaining or even raising the region’s economic growth will require an offset by the private sector. The analysis draws lessons from countries that have successfully transitioned from public investment to private investment-led growth using a global sample starting in the mid-1980s. These lessons highlight policies that have been crucial in fostering a rebound of private investment in the wake of a contraction of public investment. The analytical framework proposed by Hausman, Rodrik and Velasco (2005) is used to identify and classify such policies. Finally, the paper analyses how the identified policies could help Benin achieving a smooth transition from public to private sector-led growth.
The Effectiveness Of Fiscal Policy In Stimulating Economic Activity
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Author : Richard Hemming
language : en
Publisher: International Monetary Fund
Release Date : 2002-12
The Effectiveness Of Fiscal Policy In Stimulating Economic Activity written by Richard Hemming and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-12 with Business & Economics categories.
This paper reviews the theoretical and empirical literature on the effectiveness of fiscal policy. The focus is on the size of fiscal multipliers, and on the possibility that multipliers can turn negative (i.e., that fiscal contractions can be expansionary). The paper concludes that fiscal multipliers are overwhelmingly positive but small. However, there is some evidence of negative fiscal multipliers.
Public Infrastructure And Growth
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Author : Pierre-Richard Agénor
language : en
Publisher: World Bank Publications
Release Date : 2006
Public Infrastructure And Growth written by Pierre-Richard Agénor and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Children categories.
Abstract: This paper provides an overview of the various channels through which public infrastructure may affect growth. In addition to the conventional productivity, complementarity, and crowding-out effects typically emphasized in the literature, the impact of infrastructure on investment adjustment costs, the durability of private capital, and the production of health and education services are also highlighted. Effects on health and education are well documented in a number of microeconomic studies, but macroeconomists have only recently begun to study their implications for growth. Links between health, infrastructure, and growth are illustrated in an endogenous growth model with transitional dynamics, and the optimal allocation of public expenditure is discussed. The concluding section draws implications of the analysis for the design of strategies aimed at promoting growth and reducing poverty.
India
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Author : International Monetary Fund. Asia and Pacific Dept
language : en
Publisher: International Monetary Fund
Release Date : 2016-03-02
India written by International Monetary Fund. Asia and Pacific Dept and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-03-02 with Business & Economics categories.
This paper discusses outlook and risk related to the economic development of India. The Indian economy is on a recovery path, supported by a large terms of trade gain (about 21⁄2 percent of GDP) and reduced external vulnerabilities, though downside risks remain. Important economic and structural reforms have been initiated, but further reforms are needed to boost India’s growth potential. Notwithstanding the cyclical pickup, medium-term growth continues to be constrained by supply-side bottlenecks and weaknesses in the corporate and banking sectors. Past fund advice and the authorities’ macroeconomic policies have been broadly aligned, but progress on structural reforms has been partial.
Quest For Restoring Financial Stability In India
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Author : Viral V. Acharya
language : en
Publisher: Penguin Random House India Private Limited
Release Date : 2023-08-28
Quest For Restoring Financial Stability In India written by Viral V. Acharya and has been published by Penguin Random House India Private Limited this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-08-28 with Business & Economics categories.
An excellent primer for students wanting to learn macroeconomics and policymaking - Kaushik Basu An important and timely contribution to our understanding of the Indian economy - Raghuram Rajan How to maintain financial stability in India? Quest for Restoring Financial Stability in India is a classic work to understand this critical subject. In this Penguin edition, with a new introduction, Viral V. Acharya, former Deputy Governor of RBI offers a concrete road map for comprehensive improvement of India's economy. Authoritative and definitive, this is a must read for the students and scholars of Indian economy, policymakers and anyone interested in India's finance sector.
The Motives To Borrow
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Author : Antonio Fatás
language : en
Publisher: International Monetary Fund
Release Date : 2019-05-10
The Motives To Borrow written by Antonio Fatás and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-05-10 with Business & Economics categories.
Governments issue debt for good and bad reasons. While the good reasons—intertemporal tax-smoothing, fiscal stimulus, and asset management—can explain some of the increases in public debt in recent years, they cannot account for all of the observed changes. Bad reasons for borrowing are driven by political failures associated with intergenerational transfers, strategic manipulation, and common pool problems. These political failures are a major cause of overborrowing though budgetary institutions and fiscal rules can play a role in mitigating governments’ tendencies to overborrow. While it is difficult to establish a clear causal link from high public debt to low output growth, it is likely that some countries pay a price—in terms of lower growth and greater output volatility—for excessive debt accumulation.
Unproductive Public Expenditures
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2005-04-04
Unproductive Public Expenditures written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-04-04 with Business & Economics categories.
Public expenditure policy, together with efforts to raise revenue,is at the core of efficient and equitable adjustment. Public expenditureproductivity has critical implications for fiscal adjustment, particularly as the competition for limited public resources intensifies.By providing a framework for defining and analyzing public expenditureproductivity and unproductive expenditures, this pamphlet discusseshow economic policymakers may approach these issues.