Public Investment as an Engine of Growth - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Public Investment as an Engine of Growth write by Mr.Andrew M. Warner. This book was released on 2014-08-11. Public Investment as an Engine of Growth available in PDF, EPUB and Kindle. This paper looks at the empirical record whether big infrastructure and public capital drives have succeeded in accelerating economic growth in low-income countries. It looks at big long-lasting drives in public capital spending, as these were arguably clear and exogenous policy decisions. On average the evidence shows only a weak positive association between investment spending and growth and only in the same year, as lagged impacts are not significant. Furthermore, there is little evidence of long term positive impacts. Some individual countries may be exceptions to this general result, as for example Ethiopia in recent years, as high public investment has coincided with high GDP growth, but it is probably too early to draw definitive conclusions. The fact that the positive association is largely instantaneous argues for the importance of either reverse causality, as capital spending tends to be cut in slumps and increased in booms, or Keynesian demand effects, as spending boosts output in the short run. It argues against the importance of long term productivity effects, as these are triggered by the completed investments (which take several years) and not by the mere spending on the investments. In fact a slump in growth rather than a boom has followed many public capital drives of the past. Case studies indicate that public investment drives tend eventually to be financed by borrowing and have been plagued by poor analytics at the time investment projects were chosen, incentive problems and interest-group-infested investment choices. These observations suggest that the current public investment drives will be more likely to succeed if governments do not behave as in the past, and instead take analytical issues seriously and safeguard their decision process against interests that distort public investment decisions.
Some Misconceptions about Public Investment Efficiency and Growth
Some Misconceptions about Public Investment Efficiency and Growth - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Some Misconceptions about Public Investment Efficiency and Growth write by Mr.Andrew Berg. This book was released on 2015-12-23. Some Misconceptions about Public Investment Efficiency and Growth available in PDF, EPUB and Kindle. 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.
The Role of Public Investment in Promoting Economic Growth
The Role of Public Investment in Promoting Economic Growth - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Role of Public Investment in Promoting Economic Growth write by United States. Congress. House. Committee on Financial Services. This book was released on 2007. The Role of Public Investment in Promoting Economic Growth available in PDF, EPUB and Kindle.
Public Investment as an Engine of Growth
Public Investment as an Engine of Growth - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Public Investment as an Engine of Growth write by Christophe J. Godlewski. This book was released on 2014. Public Investment as an Engine of Growth available in PDF, EPUB and Kindle.
The Power of Public Investment Management
The Power of Public Investment Management - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Power of Public Investment Management write by Kai Kaiser. This book was released on 2014-10-17. The Power of Public Investment Management available in PDF, EPUB and Kindle. 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.
