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Author: Luis Serven Publisher: World Bank Publications ISBN: 9780821324844 Category : Business & Economics Languages : en Pages : 304
Book Description
This book presents the results of about three years of work finished in early 1992 in the area of private investment and macroeconomic adjustment. Its purpose is to explore the macroeconomic determinants of investment and the causes and cures for the gap between maroeconomic adjustment and stabilization and the resumption of economic growth in developing countries, a gap that even today - 10 years after the debt crisis and the subsequent adjustment of the eighties - remains wide. This volume highlights the central role of capital formation (public and private) in the restoration of sustainable growth.
Author: Luis Serven Publisher: World Bank Publications ISBN: 9780821324844 Category : Business & Economics Languages : en Pages : 304
Book Description
This book presents the results of about three years of work finished in early 1992 in the area of private investment and macroeconomic adjustment. Its purpose is to explore the macroeconomic determinants of investment and the causes and cures for the gap between maroeconomic adjustment and stabilization and the resumption of economic growth in developing countries, a gap that even today - 10 years after the debt crisis and the subsequent adjustment of the eighties - remains wide. This volume highlights the central role of capital formation (public and private) in the restoration of sustainable growth.
Author: Hirotada Kohno Publisher: Springer ISBN: 9784431569077 Category : Business & Economics Languages : en Pages : 0
Book Description
This volume presents the most robust and useful methodology for the derivation of investment criteria for the evaluation and planning of public investment projects – public investment criteria. The methodological approach solves inherent defects of traditional methodology, namely an ad hoc application of the benefit-cost analysis in the static content. Although this approach originated in the water resources development project of the Harvard group, the authors’ methodology has achieved a discrete and dynamic inter regional input-output programming model by which: (i) establishment of priorities among potential investment targets by taking account of economic benefits that are brought by implementation of a set of selected projects, and diffusing into the whole national economy, and (ii) rational allocation of limited public funds to the selected investment projects are consistently made, based on the opportunity cost criteria in the dynamic content. As these benefits make up a source for the stream of further created capital funds for public as well as private sectors over the planning time horizon, optimal re-investment of thus created capital funds are solved recursively in the endogenous model by approaching the turnpike path of the whole national economy. As an optimal solution, the allocated levels for trunk expressway network as well as for other transport facilities, which are balanced with the allocation for industrial capital formation, are obtained by period and by region. In the background of these processes, the imputed price and opportunity costs as a sort of contemporary “god” are always latent. Readers with basic mathematical knowledge will learn functional and practical meaning of the opportunity costs (and the imputed price) in the evaluation and planning of investment. Conquering this small obstacle will be a source of strong self-confidence for society, a worthwhile objective. Other applications of the methodology are also included in this book, which is helpful for practitioners frequently using the feasibility study method as well as experts who wish to understand the theoretical arguments related to public investment criteria. As one of the applications, there is a numerical solution of a composite transport system in which the amounts of roads, railways, and ports are derived quantitatively, not qualitatively. These are results of authentic public investment criteria that are built in the inter-regional input-output programing model.
Author: Ernesto Crivelli Publisher: International Monetary Fund ISBN: 1484311124 Category : Business & Economics Languages : en Pages : 21
Book Description
Recent literature has explored the relationship between efficiency-adjusted public capital and economic growth. A debate on whether capital grants, and especially EU funds actually contribute to growth has gained prominence lately. This paper empirically assesses the relationship between the quality of public investment, capital grants, and growth in a sample of 43 emerging and peripheral economies over 1991-2015. To this end, the contribution of public capital to growth is estimated using efficiency-adjusted public capital stock series, constructed reflecting the quality of public investment management institutions. In addition, the determinants of effective public investment are analyzed. The results suggest that capital grants contribute positively to effective public investment, and the latter is significant in explaining variations in economic growth. Finally, the paper illustrates the impact of raising EU funds absorption on potential growth in emerging and peripheral EU countries.
Author: Mr.Andrew Berg Publisher: International Monetary Fund ISBN: 1513589970 Category : Business & Economics Languages : en Pages : 37
Book Description
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.
Author: Floriana Cerniglia Publisher: Open Book Publishers ISBN: 1800640145 Category : Business & Economics Languages : en Pages : 166
Book Description
This outlook provides a focused assessment of the state of public capital in the major European countries and identifies areas where public investment could contribute more to stable and sustainable growth. A European Public Investment Outlook brings together contributions from a range of international authors from diverse intellectual and professional backgrounds, providing a valuable resource for the policy-making community in Europe to feed their discussion on public investment. The volume both offers sector-specific advice and highlights larger areas which should be prioritized in the policy debate (from transport to social capital, R&D and the environment). The Outlook is structured into two parts: the chapters of Part I respectively explore public investment trends in France, Germany, Italy, Spain and Europe as a whole, and illuminate how the legacy of the 2008 Global Financial Crisis is one of insufficient public investment. Part II investigates some areas into which resources could be channelled to reverse the recent trend and provide European economies with an adequate public capital stock. The essays in this outlook collectively foster a broad approach to and definition of public investment, that is today more relevant than ever. Offering up a timely and clear case for the elimination of bias against investment in European fiscal rules, this outlook is a welcome contribution to the European debate, aimed both at policy makers and general readers.
Author: Luis Serven
Author: Canada. Dominion-Provincial Conference on Reconstruction, 1945
Author: Luis Serven
Author: Canadian Intergovernmental Conference Secretariat
Author: Hirotada Kohno
Author: Canada. Department of Reconstruction
Author: Ernesto Crivelli
Author: Mr.Andrew Berg
Author: Floriana Cerniglia
Author: George M. Von Furstenberg
Author: Jenifer Wishart