Resource Windfalls Optimal Public Investment And Redistribution
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Resource Windfalls Optimal Public Investment And Redistribution
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Author : Mr.Rabah Arezki
language : en
Publisher: International Monetary Fund
Release Date : 2012-08-01
Resource Windfalls Optimal Public Investment And Redistribution written by Mr.Rabah Arezki 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 2012-08-01 with Business & Economics categories.
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.
Resource Windfalls Optimal Public Investment And Redistribution
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Author : Rabah Arezki
language : en
Publisher:
Release Date : 2021
Resource Windfalls Optimal Public Investment And Redistribution written by Rabah Arezki and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.
Fiscal Sustainability Public Investment And Growth In Natural Resource Rich Low Income Countries
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Author : Issouf Samaké
language : en
Publisher: International Monetary Fund
Release Date : 2013-06-11
Fiscal Sustainability Public Investment And Growth In Natural Resource Rich Low Income Countries written by Issouf Samaké 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 2013-06-11 with Business & Economics categories.
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.
Oil Windfalls
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Author : Alan H. Gelb
language : en
Publisher: Oxford University Press
Release Date : 1988
Oil Windfalls written by Alan H. Gelb and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Business & Economics categories.
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.
The Power Of Public Investment Management
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Author : Kai Kaiser
language : en
Publisher: World Bank Publications
Release Date : 2014-10-17
The Power Of Public Investment Management written by Kai Kaiser 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 2014-10-17 with Business & Economics categories.
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.
Oil To Cash
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Author : Todd Moss
language : en
Publisher: CGD Books
Release Date : 2015-06-10
Oil To Cash written by Todd Moss and has been published by CGD Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-06-10 with Business & Economics categories.
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.
Finance Development December 2012
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2012-11-30
Finance Development December 2012 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 2012-11-30 with Business & Economics categories.
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.
From Mines And Wells To Well Built Minds
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Author : Bénédicte de la Brière
language : en
Publisher: World Bank Publications
Release Date : 2017-05-17
From Mines And Wells To Well Built Minds written by Bénédicte de la Brière 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 2017-05-17 with Education categories.
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.
Imf Research Bulletin December 2012
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2012-12-14
Imf Research Bulletin December 2012 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 2012-12-14 with Business & Economics categories.
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.
Fiscal Rules For Resource Windfall Allocation
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Author : Keyra Primus
language : en
Publisher: International Monetary Fund
Release Date : 2016-09-21
Fiscal Rules For Resource Windfall Allocation written by Keyra Primus 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 2016-09-21 with Business & Economics categories.
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.