Public Investment And Private Sector Growth

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Public Investment and Private Sector Growth

David Alan Aschauer
Public Investment and Private Sector Growth Book PDF

Author : David Alan Aschauer
Publisher : Unknown
Page : 44 pages
File Size : 54,8 Mb
Release : 1990
Category : Business & Economics
ISBN : NWU:35556023526635

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Public Investment and Private Sector Growth by David Alan Aschauer Pdf

This report demonstrates the importance of public investment in physical infrastructure (roads, bridges, mass transit, electric power, sewers, etc.) to the stimulation of private sector productivity, profitability, and investment. Specifically, the report argues that the slow-down in spending for infrastructure over the past 25 years has been a major cause of the U.S. economy's poor performance since 1970.

Private Investment and Economic Growth in Developing Countries

International Monetary Fund
Private Investment and Economic Growth in Developing Countries Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 20 pages
File Size : 42,5 Mb
Release : 1989-07-26
Category : Business & Economics
ISBN : 9781451965247

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Private Investment and Economic Growth in Developing Countries by International Monetary Fund Pdf

Despite the growing support for market-oriented strategies, and for a greater role of private investment, empirical growth models for developing countries typically make no distinction between the private and public components of investment. This paper sheds some light on this important issue by formulating a simple growth model that separates the effects of public sector and private sector investment. This model is estimated for a cross - section sample of 24 developing countries, and the results support the notion that private investment has a larger direct effect on growth than does public investment.

Public Investment Criteria

Stephen A. Marglin
Public Investment Criteria Book PDF

Author : Stephen A. Marglin
Publisher : Unknown
Page : 104 pages
File Size : 55,6 Mb
Release : 1967
Category : Capital investments
ISBN : UCAL:B4310005

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Public Investment Criteria by Stephen A. Marglin Pdf

Essay on public investment criteria and the role of cost benefit analysis in the implementation of economic planning for economic development in India - criteria include consumption benefits, costs, time factor, interest, budgetary constraints, risk and dynamics. References pp. 100 and 101.

The Power of Public Investment Management

Kai Kaiser,Tuan Minh Le
The Power of Public Investment Management Book PDF

Author : Kai Kaiser,Tuan Minh Le
Publisher : World Bank Publications
Page : 203 pages
File Size : 50,8 Mb
Release : 2014-10-17
Category : Business & Economics
ISBN : 9781464803161

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The Power of Public Investment Management by Kai Kaiser,Tuan Minh Le Pdf

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.

Successful Transitions from Public to Private-Sector Led Growth: Lessons for Benin

Aissatou Diallo
Successful Transitions from Public to Private Sector Led Growth Lessons for Benin Book PDF

Author : Aissatou Diallo
Publisher : International Monetary Fund
Page : 28 pages
File Size : 40,5 Mb
Release : 2021-12-03
Category : Business & Economics
ISBN : 9781589068544

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Successful Transitions from Public to Private-Sector Led Growth: Lessons for Benin by Aissatou Diallo Pdf

Many Sub-Saharan African (SSA) countries, like Benin, have scaled up public investment during the last decade. Such a strategy contributed to the improvement of infrastructure, but also to a build-up of debt vulnerabilities. Looking forward, the planned fiscal consolidation will result in some restraint of public spending, and, in particular, public investment. In this context, maintaining or even raising the region’s economic growth will require an offset by the private sector. The analysis draws lessons from countries that have successfully transitioned from public investment to private investment-led growth using a global sample starting in the mid-1980s. These lessons highlight policies that have been crucial in fostering a rebound of private investment in the wake of a contraction of public investment. The analytical framework proposed by Hausman, Rodrik and Velasco (2005) is used to identify and classify such policies. Finally, the paper analyses how the identified policies could help Benin achieving a smooth transition from public to private sector-led growth.

OECD Public Governance Reviews Integrity Framework for Public Investment

OECD
OECD Public Governance Reviews Integrity Framework for Public Investment Book PDF

Author : OECD
Publisher : OECD Publishing
Page : 92 pages
File Size : 47,5 Mb
Release : 2016-02-29
Category : Electronic
ISBN : 9789264251762

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OECD Public Governance Reviews Integrity Framework for Public Investment by OECD Pdf

Public investment, and particularly infrastructure investment, is important for sustainable economic growth and development as well as public service provision. However, it is also vulnerable to capture and corruption.

Public Investment as an Engine of Growth

Mr.Andrew M. Warner
Public Investment as an Engine of Growth Book PDF

Author : Mr.Andrew M. Warner
Publisher : International Monetary Fund
Page : 76 pages
File Size : 48,9 Mb
Release : 2014-08-11
Category : Business & Economics
ISBN : 9781498378277

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Public Investment as an Engine of Growth by Mr.Andrew M. Warner Pdf

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.

Trends in Private Investment in Developing Countries

Lawrence Bouton,Mariusz A. Sumlinski
Trends in Private Investment in Developing Countries Book PDF

Author : Lawrence Bouton,Mariusz A. Sumlinski
Publisher : World Bank Publications
Page : 64 pages
File Size : 51,6 Mb
Release : 2000-01-01
Category : Business & Economics
ISBN : 0821347853

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Trends in Private Investment in Developing Countries by Lawrence Bouton,Mariusz A. Sumlinski Pdf

This discussion paper examines in its first part, the role of private investment in economic growth. While theoretical growth models developed in the economics literature, make no distinction between private, and public components of investment, there is an emerging appreciation that private investment is more efficient, and productive tan public investment. Results from the recent empirical literature, updated here with the recent data on private investment, suggest that private investment has a stronger association with long run economic growth than public investment. The second part shows trends in private, and public fixed investment in fifty developing countries. On average, the ratio of private investment to GDP continued its upward trend, reaching record levels in 1998, the most recent year for which comparable data exist. That year, average private investment reached 14.3 percent of GDP, but public investment, fell to only 7.0 percent of GDP, its lowest level since 1974.

Uncertainty and Public Investment Multipliers: The Role of Economic Confidence

William Gbohoui
Uncertainty and Public Investment Multipliers The Role of Economic Confidence Book PDF

Author : William Gbohoui
Publisher : International Monetary Fund
Page : 34 pages
File Size : 51,5 Mb
Release : 2021-11-12
Category : Business & Economics
ISBN : 9781616356200

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Uncertainty and Public Investment Multipliers: The Role of Economic Confidence by William Gbohoui Pdf

This paper investigates how macroeconomic uncertainty affects the fiscal multiplier of public investment. In theory, uncertainty can reduce the multiplier if the private sector becomes more cautious and does not respond to the fiscal stimulus. Conversely, it can increase the fiscal multiplier if public investment shocks improve private agents’ expectations about future economic outlook, and lead to larger private spending. Using the disagreement about GDP forecasts as a proxy for uncertainty, we find that unexpected increases in public investment have larger and longer-lasting effects on output, investment, and employment during periods of high uncertainty, with multipliers above 2, and the larger multipliers are not driven by economic slack. Public investment shocks are also found to boost private sector confidence during heightened uncertainty, driving-up expectations about future economic development which in turn magnify private sector response to the initial stimulus.

The Private Sector in Development

Michael U. Klein,Bita Hadjimichael
The Private Sector in Development Book PDF

Author : Michael U. Klein,Bita Hadjimichael
Publisher : World Bank Publications
Page : 232 pages
File Size : 55,6 Mb
Release : 2003-01-01
Category : Business & Economics
ISBN : 082135437X

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The Private Sector in Development by Michael U. Klein,Bita Hadjimichael Pdf

The publication explores the role of the private sector in economic development and the challenges involved in the design of public policies which promote an appropriate balance between competition and regulation. Chapters discuss the following topics: the private sector and poverty reduction, the investment climate, public intervention to promote supply response, private participation and markets for basic services, pro-poor policy design, sustainability and reform aspects.

Public Infrastructure and Growth

Pierre-Richard Agénor,Blanca Moreno-Dodson
Public Infrastructure and Growth Book PDF

Author : Pierre-Richard Agénor,Blanca Moreno-Dodson
Publisher : World Bank Publications
Page : 59 pages
File Size : 41,7 Mb
Release : 2006
Category : Children
ISBN : 8210379456XXX

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Public Infrastructure and Growth by Pierre-Richard Agénor,Blanca Moreno-Dodson Pdf

Abstract: This paper provides an overview of the various channels through which public infrastructure may affect growth. In addition to the conventional productivity, complementarity, and crowding-out effects typically emphasized in the literature, the impact of infrastructure on investment adjustment costs, the durability of private capital, and the production of health and education services are also highlighted. Effects on health and education are well documented in a number of microeconomic studies, but macroeconomists have only recently begun to study their implications for growth. Links between health, infrastructure, and growth are illustrated in an endogenous growth model with transitional dynamics, and the optimal allocation of public expenditure is discussed. The concluding section draws implications of the analysis for the design of strategies aimed at promoting growth and reducing poverty.

Well Spent

Mr.Gerd Schwartz,Ms.Manal Fouad,Mr.Torben S Hansen,Ms.Genevieve Verdier
Well Spent Book PDF

Author : Mr.Gerd Schwartz,Ms.Manal Fouad,Mr.Torben S Hansen,Ms.Genevieve Verdier
Publisher : International Monetary Fund
Page : 344 pages
File Size : 54,7 Mb
Release : 2020-09-03
Category : Business & Economics
ISBN : 9781513511818

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Well Spent by Mr.Gerd Schwartz,Ms.Manal Fouad,Mr.Torben S Hansen,Ms.Genevieve Verdier Pdf

Drawing on the Fund’s analytical and capacity development work, including Public Investment Management Assessments (PIMAs) carried out in more than 60 countries, the new book Well Spent: How Strong Infrastructure Governance Can End Waste in Public Investment will address how countries can attain quality infrastructure outcomes through better infrastructure governance—an issue becoming increasingly important in the context of the Great Lockdown and its economic consequences. It covers critical issues such as infrastructure investment and Sustainable Development Goals, controlling corruption, managing fiscal risks, integrating planning and budgeting, and identifying best practices in project appraisal and selection. It also covers emerging areas in infrastructure governance, such as maintaining and managing public infrastructure assets and building resilience against climate change.

Private Investment in Developing Countries

International Monetary Fund
Private Investment in Developing Countries Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 30 pages
File Size : 46,9 Mb
Release : 1990-04-01
Category : Business & Economics
ISBN : 9781451977028

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Private Investment in Developing Countries by International Monetary Fund Pdf

This paper analyzes the effects of several policy and other macro-economic variables on the ratio of private investment to GDP in developing countries. Using data for a sample of 23 developing countries over the period 1975-87, the econometric evidence indicates that the rate of private investment is positively related to the real growth rate of GDP, public sector investment, and to a lesser extent the level of per capita GDP, while it is negatively related to domestic inflation, the debt service ratio, the debt-to-GDP ratio, and high real interest rates. There is also some indication that all but the last of these variables had a greater impact before the onset of the debt crisis in 1982, while the debt-to-GDP ratio (a measure of a country’s debt overhang) has become more important since then.

Public Investment, Growth, and Debt Sustainability

Mr.Andrew Berg,Rafael Portillo,Mr.Edward F. Buffie,Ms.Catherine A. Pattillo,Luis-Felipe Zanna
Public Investment Growth and Debt Sustainability Book PDF

Author : Mr.Andrew Berg,Rafael Portillo,Mr.Edward F. Buffie,Ms.Catherine A. Pattillo,Luis-Felipe Zanna
Publisher : International Monetary Fund
Page : 114 pages
File Size : 41,8 Mb
Release : 2012-06-01
Category : Business & Economics
ISBN : 9781475577259

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Public Investment, Growth, and Debt Sustainability by Mr.Andrew Berg,Rafael Portillo,Mr.Edward F. Buffie,Ms.Catherine A. Pattillo,Luis-Felipe Zanna Pdf

We develop a model to study the macroeconomic effects of public investment surges in low-income countries, making explicit: (i) the investment-growth linkages; (ii) public external and domestic debt accumulation; (iii) the fiscal policy reactions necessary to ensure debt-sustainability; and (iv) the macroeconomic adjustment required to ensure internal and external balance. Well-executed high-yielding public investment programs can substantially raise output and consumption and be self-financing in the long run. However, even if the long run looks good, transition problems can be formidable when concessional financing does not cover the full cost of the investment program. Covering the resulting gap with tax increases or spending cuts requires sharp macroeconomic adjustments, crowding out private investment and consumption and delaying the growth benefits of public investment. Covering the gap with domestic borrowing market is not helpful either: higher domestic rates increase the financing challenge and private investment and consumption are still crowded out. Supplementing with external commercial borrowing, on the other hand, can smooth these difficult adjustments, reconciling the scaling up with feasibility constraints on increases in tax rates. But the strategy may be also risky. With poor execution, sluggish fiscal policy reactions, or persistent negative exogenous shocks, this strategy can easily lead to unsustainable public debt dynamics. Front-loaded investment programs and weak structural conditions (such as low returns to public capital and poor execution of investments) make the fiscal adjustment more challenging and the risks greater.

Public Investment Efficiency and Sectoral Economic Growth in Pakistan

Ahmed, Qazi Masood,Ali, Syed Ammad
Public Investment Efficiency and Sectoral Economic Growth in Pakistan Book PDF

Author : Ahmed, Qazi Masood,Ali, Syed Ammad
Publisher : Intl Food Policy Res Inst
Page : 39 pages
File Size : 41,7 Mb
Release : 2024-07-03
Category : Social Science
ISBN : 8210379456XXX

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Public Investment Efficiency and Sectoral Economic Growth in Pakistan by Ahmed, Qazi Masood,Ali, Syed Ammad Pdf

This paper compares the effects of aggregate and sectoral public investments on sectoral private investment, output, and employment. We estimate the elasticities of private investment with respect to aggregate and sectoral public investments to find crowding-out or crowding-in phenomena in Pakistan. The study also reveals the changes in labor absorption or replacement due to additional capital and the effects on output. Our data covers eight sectors of the Pakistan economy and uses annual time series data from 1964 to 2011. This study uses vector autoregressive (VAR) techniques, as applied by Pereira (2000, 2001), which allows measuring the dynamic feedback effects among the variables.