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.
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 Andrew Berg. This book was released on 2015. Some Misconceptions about Public Investment Efficiency and Growth available in PDF, EPUB and Kindle.
Public Investment Efficiency in Sub-Saharan African Countries
Public Investment Efficiency in Sub-Saharan African Countries - 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 Efficiency in Sub-Saharan African Countries write by Karim Barhoumi. This book was released on 2018-07-06. Public Investment Efficiency in Sub-Saharan African Countries available in PDF, EPUB and Kindle. There is significant room to improve public investment efficiency in sub-Saharan Africa. Investment in sub-Saharan African countries is lagging vis-à-vis peers such as emerging and developing Asia as well as Latin America and the Caribbean, and the region’s infrastructure is perceived as being of relatively low quality. Improving the efficiency of sizable investment programs in the region could contribute to more solid economic growth and help achieve desired social priorities and development goals. Results point to some variability in public investment efficiency within the region. Comparing efficiency scores across country groups suggests that investment efficiency in sub-Saharan African oil exporters tends to be lower than in sub-Saharan African non-resource-intensive countries. Additionally, countries in East African Community (EAC) perform better than those in Central African Economic and Monetary Community (CEMAC) and West African Economic and Monetary Union (WAEMU). Stronger institutions could foster more efficient public investment. The regression results in this paper show a positive correlation between public investment efficiency and the quality of institutions, suggesting that devel-oping stronger institutions in sub-Saharan Africa could lead to a significant improvement in investment efficiency. This is particularly relevant for coun-tries with weak institutional quality, where governments may use capital spending as a vehicle for rent-seeking, leading to inefficient spending. Given the current drive for scaling up investment in sub-Saharan Africa, the task of improving institutions quickly should become a priority.
The Macroeconomic (and Distributional) Effects of Public Investment in Developing Economies
The Macroeconomic (and Distributional) Effects of Public Investment in Developing Economies - 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 Macroeconomic (and Distributional) Effects of Public Investment in Developing Economies write by Davide Furceri. This book was released on 2017-10-20. The Macroeconomic (and Distributional) Effects of Public Investment in Developing Economies available in PDF, EPUB and Kindle. This paper provides new empirical evidence of the macroeconomic effects of public investment in developing economies. Using public investment forecast errors to identify unanticipated changes in public investment, the paper finds that increased public investment raises output in the short and medium term, with an average short-term fiscal multiplier of about 0.2. We find some evidence that the effects are larger: (i) during periods of slack; (ii) in economies operating with fixed exchange rate regimes; (iii) in more closed economies; (iv) in countries with lower public debt; and (v) in countries with higher investment efficiency. Finally, we show that increases in public investment tend to lower income inequality.
Physical Capital Development and Energy Transition in Latin America and the Caribbean
Physical Capital Development and Energy Transition in Latin America and the Caribbean - 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 Physical Capital Development and Energy Transition in Latin America and the Caribbean write by Jose Alberto Fuinhas. This book was released on 2021-07-10. Physical Capital Development and Energy Transition in Latin America and the Caribbean available in PDF, EPUB and Kindle. Physical Capital Development and Energy Transition in Latin America and the Caribbean introduces the reader to applied theory and potential solutions to manage the transition from fossil energies to renewables given the resource wealth and infrastructural limitations of Latin American and Caribbean (LAC) countries. The work presents consistent empirical approaches and relevant econometric approaches grounded in case studies that offer realistic portrayals of complex multidisciplinary phenomena. It provides policymakers with the knowledge needed for economic decision-making, especially regarding the energy transition and the physical capital development in the LAC (and similar developing regions). The work concludes by road mapping future LAC physical capital investment options to promote 21st-century sustainable energy development. - Analyses the macroeconomics of physical capital and energy transition in LAC countries - Uses case studies to draw pragmatic comparative energy policy implications - Deploys econometric techniques to address empirical approaches on energy and development economics - Discusses the effects of the energy transition on environmental degradation - Links energy economics and public investment management
