Investing In Public Investment

Author: Zac Mills
Publisher: International Monetary Fund
ISBN: 1462346499
Size: 24.87 MB
Format: PDF, ePub
View: 285
Download Read Online

Investing In Public Investment from the Author: Zac Mills. 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.

Investing In Public Infrastructure

Author: Manoj Atolia
Publisher: International Monetary Fund
ISBN: 1475598556
Size: 17.18 MB
Format: PDF, ePub, Mobi
View: 1767
Download Read Online

Investing In Public Infrastructure from the Author: Manoj Atolia. 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.

Investing Together Working Effectively Across Levels Of Government

Author: OECD
Publisher: OECD Publishing
ISBN: 9264197028
Size: 26.49 MB
Format: PDF, Docs
View: 3719
Download Read Online

Investing Together Working Effectively Across Levels Of Government from the Author: OECD. Almost two-thirds of public investment is undertaken by sub-national governments and major projects often involve multiple government levels. This report dissects the relationships different government actors form vertically, across levels, and horizontally, across both sectors and jurisdictions

Some Misconceptions About Public Investment Efficiency And Growth

Author: Mr. Andrew Berg
Publisher: International Monetary Fund
ISBN: 1513573632
Size: 39.79 MB
Format: PDF, ePub, Docs
View: 6724
Download Read Online

Some Misconceptions About Public Investment Efficiency And Growth from the Author: Mr. Andrew Berg. 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.

Public Investment In Resource Abundant Developing Countries

Author: Mr. Andrew Berg
Publisher: International Monetary Fund
ISBN: 1475549822
Size: 18.45 MB
Format: PDF
View: 1803
Download Read Online

Public Investment In Resource Abundant Developing Countries from the Author: Mr. Andrew Berg. 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).

A Framework For Efficient Government Investment

Author: Mr. Andrew M. Warner
Publisher: International Monetary Fund
ISBN: 1475564023
Size: 20.41 MB
Format: PDF, ePub, Mobi
View: 4842
Download Read Online

A Framework For Efficient Government Investment from the Author: Mr. Andrew M. Warner. Welfare economics, scope and performance of government, externalities, public goods, cost-benefit analysis, subsidies economize on spending without losing effectiveness by modifying the conceptual framework guiding state expenditures. The familiar framework says that state intervention is justified when the spending provides public goods or when the intervention addresses externalities, provided the social return is above a threshold. This paper argues that another consideration needs to be brought into the mix - whether, in spite of the externalities, the private sector has an incentive to undertake the activity. It is argued that these two considerations together define a more efficient framework under which to justify state intervention. According to this modified framework, even a benign state interested in social welfare would not in fact address every externality nor necessarily select expenditures with the highest social returns. These points are summarized in a graph which is then used to analyze policy rules, subsidies and effective interaction between the state and the private sector. It is hoped that this paper points to the kind of information that needs to be collected and acted upon so that states may achieve their goals more effectively.

Das Kapital Des Staates

Author: Mariana Mazzucato
Publisher: Antje Kunstmann
ISBN: 395614001X
Size: 64.54 MB
Format: PDF, Mobi
View: 1010
Download Read Online

Das Kapital Des Staates from the Author: Mariana Mazzucato. Freie Märkte, smarte junge Erfinder und Wagniskapital treiben die Wirtschaft voran; der Staat stört dabei nur und muss daher nach Kräften zurückgedrängt werden. Wie ein Mantra wird dieser oberste Glaubensartikel des Neoliberalismus seit Jahrzehnten wiederholt – aber stimmt er auch? Die Ökonomin Mariana Mazzucato, die seit Jahren über den Zusammenhang zwischen Innovation und Wachstum forscht, beweist das Gegenteil: Wann und wo immer technologische Innovationen zu wirtschaftlichem Aufschwung und Wohlstand geführt haben, hatte ein aktiver Staat die Hand im Spiel. Von der Elektrifizierung bis zum Internet – Motor der Entwicklung, oft bis zur Markteinführung, war stets der Staat. Apples Welterfolg gründet auf Technologien, die sämtlich durch die öffentliche Hand gefördert wurden; innovative Medikamente, für die die Pharmaindustrie ihren Kunden gern hohe Entwicklungskosten in Rechnung stellt, stammen fast ausnahmslos aus staatlicher Forschung. Innovationen und nachhaltiges Wachstum, das derzeit alle fordern, werden also kaum von der Börse kommen. Viel eher von einem Staat, der seine angestammte Rolle neu besetzt, sein einzigartiges Kapital nutzt und mit langem Atem Zukunftstechnologien wie den Ausbau erneuerbarer Energien vorantreibt. Ein brandaktuelles Buch, das die aktuelle Diskussion über die Zukunft der Wirtschaft und die Rolle des Staates vom Kopf auf die Füße stellt.

Investing In Public Health A Life Cycle Approach

Author: Jack Meyer
Publisher: Xlibris Corporation
ISBN: 1493178962
Size: 23.26 MB
Format: PDF, Kindle
View: 5695
Download Read Online

Investing In Public Health A Life Cycle Approach from the Author: Jack Meyer. Better health at lower cost. This book proposes sound investments to achieve these twin goals. Rooted in a life-cycle approach, key investments start with timely prenatal care, immunizations, better educational attainment, a healthier and active work force, and healthy aging. Dr. Meyer distills the forces driving people into the health care system -- poverty, tobacco use, obesity, and pollution and presents policy prescriptions aimed at core drivers of poor health and high costs. This book presents the concept of a “positive life spiral,” in which carefully targeted investments result in better health outcomes, health care savings, and more people working productively. This lowers public assistance costs and broadens the tax base. Some of the savings are plowed back into more investments, continuing the upward spiral. The author presents a solid strategy to finance the new investments with an in-depth plan to reduce the huge amount of wasteful spending inside our health care system. He offers new approaches to health care delivery and financing, along with modern policies to assess the value of medical technology. Savings are placed in a new and secure trust fund that will redirect spending toward high-value investments in public health, education, and work force development.


Author: International Monetary Fund. Western Hemisphere Dept.
Publisher: International Monetary Fund
ISBN: 1484310896
Size: 58.48 MB
Format: PDF, ePub, Docs
View: 3302
Download Read Online

Haiti from the Author: International Monetary Fund. Western Hemisphere Dept.. Fiscal policy in Haiti should be oriented toward more developmental objectives. Steps have been taken in sustaining inclusiveness; however, the current taxation and expenditure frameworks do not completely fulfill the necessary requirements for these objectives. Inefficient public investment and lack of transparency have resulted in lower growth, lower fiscal revenue, and higher costs as well as macroeconomic imbalances, limited competitiveness, and slow economic integration. The country should take advantage of the available financial assistance and step up efforts to improve public investment quality.