Public Investment In Resource Abundant Developing Countries
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Public Investment In Resource Abundant Developing Countries
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Author : Mr.Andrew Berg
language : en
Publisher: International Monetary Fund
Release Date : 2012-11-15
Public Investment In Resource Abundant Developing Countries written by Mr.Andrew Berg 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 2012-11-15 with Business & Economics categories.
Natural resource revenues provide a valuable source to finance public investment in developing countries, which frequently face borrowing constraints and tax revenue mobilization problems. This paper develops a dynamic stochastic small open economy model to analyze the macroeconomic effects of investing natural resource revenues, making explicit the role of pervasive features in these countries including public investment inefficiency, absorptive capacity constraints, Dutch disease, and financing needs to sustain capital. Revenue exhaustibility raises medium-term issues of how to sustain capital built during a windfall, while revenue volatility raises short-term concerns about macroeconomic instability. Using the model, country applications show how combining public investment with a resource fund---a sustainable investing approach---can help address the macroeconomic problems associated with both exhaustibility and volatility. The applications also demonstrate how the model can be used to determine the appropriate magnitude of the investment scaling-up (accounting for the financing needs to sustain capital) and the adequate size of a stabilization fund (buffer).
Public Investment In Resource Abundant Developing Countries
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Author : Mr.Andrew Berg
language : en
Publisher: International Monetary Fund
Release Date : 2012-11-15
Public Investment In Resource Abundant Developing Countries written by Mr.Andrew Berg 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 2012-11-15 with Business & Economics categories.
Natural resource revenues provide a valuable source to finance public investment in developing countries, which frequently face borrowing constraints and tax revenue mobilization problems. This paper develops a dynamic stochastic small open economy model to analyze the macroeconomic effects of investing natural resource revenues, making explicit the role of pervasive features in these countries including public investment inefficiency, absorptive capacity constraints, Dutch disease, and financing needs to sustain capital. Revenue exhaustibility raises medium-term issues of how to sustain capital built during a windfall, while revenue volatility raises short-term concerns about macroeconomic instability. Using the model, country applications show how combining public investment with a resource fund---a sustainable investing approach---can help address the macroeconomic problems associated with both exhaustibility and volatility. The applications also demonstrate how the model can be used to determine the appropriate magnitude of the investment scaling-up (accounting for the financing needs to sustain capital) and the adequate size of a stabilization fund (buffer).
Public Investment In A Developing Country Facing Resource Depletion
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Author : Adrian Alter
language : en
Publisher: International Monetary Fund
Release Date : 2015-11-10
Public Investment In A Developing Country Facing Resource Depletion written by Adrian Alter 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 2015-11-10 with Business & Economics categories.
This paper analyzes the tradeoffs between savings, debt and public investment in the Republic of Congo, a developing country with looming oil exhaustibility concerns. Our results highlight the risks to fiscal and capital sustainability of oil exporting countries from large scaling-up in public investment and oil price volatility in view of a projected decline in the oil revenue to GDP ratio. However, structural reforms that improve the efficiency of public investment can allow for a relatively faster buildup of sustainable public capital and sustain higher non-oil growth without adversely affecting the debt ratio or savings. Moreover, we show that even if a government pursues prudent fiscal policy that preserves resource wealth and debt sustainability in the face of exhaustible and volatile resource revenues, low public investment quality in the form of a misallocation of resources can hinder attainment of sustainable public capital and positive non-oil growth.
Rents To Riches
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Author : Naazneen Barma
language : en
Publisher: World Bank Publications
Release Date : 2012
Rents To Riches written by Naazneen Barma 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 2012 with Business & Economics categories.
Rents to Riches> focuses on the political economy of the detailed decisions that governments make at each step of the natural resource management (NRM) value chain. Many resource-dependent developing countries pursue seemingly shortsighted and suboptimal policies when extracting, taxing, and investing resource rents. The book contextualizes these micro-level outcomes with an emphasis on two central political economy dimensions: the degree to which governments can make credible intertemporal commitments to both resource developers and citizens, and the degree to which governments and inclined to turn resource rents into public goods. Almost 1.5 billion people live in the more than 50 World Bank client countries classified as resource-dependent. A detailed understanding of the way political economy characteristics affect the NRM decisions made in these countries by governments, extractive developers, and society can improve the design of interventions to support welfare-enhancing policy making and governance in the natural resource sectors. Featuring case study work from Africa (Angola, the Democratic Republic of Congo, Ghana, Niger, Nigeria), East Asia and Pacific (the Lao People's Democratic Republic, Mongolia, Timor-Leste), and Latin America and the Caribbean (Bolivia, Chile, Ecuador, Mexico, Trinidad an dTobago_, the book provides guidance for government clients, domestic stakeholders, and development partners committed to transforming natural resource into sustainable development riches.
Some Misconceptions About Public Investment Efficiency And Growth
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Author : Mr.Andrew Berg
language : en
Publisher: International Monetary Fund
Release Date : 2015-12-23
Some Misconceptions About Public Investment Efficiency And Growth written by Mr.Andrew Berg 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 2015-12-23 with Business & Economics categories.
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.
Sovereign Wealth Funds In Resource Economies
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Author : Khalid Alsweilem
language : en
Publisher: Columbia University Press
Release Date : 2017-10-17
Sovereign Wealth Funds In Resource Economies written by Khalid Alsweilem and has been published by Columbia University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-10-17 with Business & Economics categories.
Sovereign wealth funds (SWFs) have reached a transitional moment. Created as a way to direct excess wealth toward economic development and long-term financial returns, some countries are now seeing a decline in revenue from sources such as oil. Many SWFs are now facing a new challenge—how to spend sustainably without depleting the funds. Sovereign Wealth Funds in Resource Economies explains the fiscal rules and institutional structures that can make SWFs thrive, providing a practical and theoretical guide to their optimal use in resource-revenue management. Khalid Alsweilem and Malan Rietveld put forward an institutional perspective of SWFs as quasi-independent political and economic entities charged with managing national resource wealth, examining both investment and disbursement strategies. They advance a systematic, rule-based approach, suggesting when to accumulate and when to begin countercyclical spending based on concrete case studies. More than a mere financial portfolio, SWFs must be embedded in a credible fiscal and institutional framework if they are to contribute to improved economic performance. Alsweilem and Rietveld consider the variety of relationships that exist between SWFs and their governments, exploring the legal and policy side of the institutional approach. Their rule-based description of SWFs, since it allows tailoring and adjustment and invokes rules of thumb and best practices, is intended to be widely applicable across the diverse spectrum of global SWFs. Bringing together the practitioner perspective and scholarly expertise, this book will be invaluable for global policy makers and scholars working with sovereign wealth funds.
On The Capacity To Absorb Public Investment How Much Is Too Much
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Author : Daniel Gurara
language : en
Publisher: International Monetary Fund
Release Date : 2020-02-28
On The Capacity To Absorb Public Investment How Much Is Too Much written by Daniel Gurara 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 2020-02-28 with Business & Economics categories.
While expanding public investment can help filling infrastructure bottlenecks, scaling up too much and too fast often leads to inefficient outcomes. This paper rationalizes this outcome looking at the association between cost inflation and public investment in a large sample of road construction projects in developing countries. Consistent with the presence of absorptive capacity constraints, our results show a non-linear U-shaped relationship between public investment and project costs. Unit costs increase once public investment is close to 10% of GDP. This threshold is lower (about 7% of GDP) in countries with low investment efficiency and, in general, the effect of investment scaling up on costs is especially strong during investment booms.
Investing In Public Investment
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Author : Mr.Chris Papageorgiou
language : en
Publisher: International Monetary Fund
Release Date : 2011-02-01
Investing In Public Investment written by Mr.Chris Papageorgiou 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 2011-02-01 with Business & Economics categories.
This paper introduces a new index that captures the institutional environment underpinning public investment management across four different stages: project appraisal, selection, implementation, and evaluation. Covering 71 countries, including 40 low-income countries, the index allows for benchmarking across regions and country groups and for nuanced policy-relevant analysis and identification of specific areas where reform efforts could be prioritized. Potential research venues are outlined.
Efficiency Adjusted Public Capital Capital Grants And Growth
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Author : Ernesto Crivelli
language : en
Publisher: International Monetary Fund
Release Date : 2017-07-24
Efficiency Adjusted Public Capital Capital Grants And Growth written by Ernesto Crivelli 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 2017-07-24 with Business & Economics categories.
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.
World Economic Outlook October 2015
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2015-10-06
World Economic Outlook October 2015 written by International Monetary Fund. Research 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 2015-10-06 with Business & Economics categories.
This issue discusses a number of factors affecting global growth, as well as growth prospects across the world’s main countries and regions. It assesses the ongoing recovery from the global financial crisis in advanced and emerging market economies and evaluates risks, both upside and downside, including those associated with commodity prices, currency fluctuations, and financial market volatility. A special feature examines in detail causes and implications of the recent commodity price downturn; analytical chapters look at the effects of commodity windfalls on potential output and of exchange rate movements on trade.