Some Misconceptions about Public Investment Efficiency and Growth PDF (Adobe DRM) download by Andrew Mr. Berg

Some Misconceptions about Public Investment Efficiency and Growth

INTERNATIONAL MONETARY FUND
Publication date: December 2015
ISBN: 9781513547954
Digital Book format: PDF (Adobe DRM)

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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.
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Some Misconceptions about Public Investment Efficiency and Growth PDF (Adobe DRM) download by Andrew Mr. Berg
INTERNATIONAL MONETARY FUND, December 2015
ISBN: 9781513547954
EAN:  9781513547954
PDF (Adobe DRM)
List Price: $4.50 eBook price: $3.99
Some Misconceptions about Public Investment Efficiency and Growth ePub (Adobe DRM) download by Andrew Mr. Berg
INTERNATIONAL MONETARY FUND, December 2015
ISBN: 9781513573632
EAN:  9781513573632
ePub (Adobe DRM)
List Price: $9.00 eBook price: $6.99
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