Resource windfalls, optimal public investment and redistribution: the role of total factor productivity and administrative capacity
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.]
International Monetary Fund
©2012
|
| Schriftenreihe: | IMF working paper
WP/12/200 |
| Schlagworte: | |
| Online-Zugang: | FAW01 FAW02 FLA01 |
| Beschreibung: | Title from PDF title page (IMF Web site, viewed Aug. 9, 2012). - "Institute for Capacity Development.". - "August 2012." This paper studies the optimal public investment decisions in countries experiencing a resource windfall. To do so, we use an augmented version of the Permanent Income framework with public investment faced with adjustment costs capturing the associated administrative capacity as well as government direct transfers. A key assumption is that those adjustment costs rise with the size of the resource windfall. The main results from the analytical model are threefold. First, a larger resource windfall commands a lower level of public capital but a higher level of redistribution through transfers. Second, weaker administrative capacity lowers the increase in optimal public capital following a resource windfall. Third, higher total factor productivity in the non-resource sector reduces the degree of des-investment in public capital commanded by weaker administrative capacity. We further extend our basic model to allow for "investing in investing"--That is public investment in administrative capacity - by endogenizing the adjustment cost in public investment. Results from the numerical simulations suggest, among other things, that a higher initial stock of public administrative "know how" leads to a higher level of optimal public investment following a resource windfall. Implications for policy are discussed Includes bibliographical references Cover; Contents; I. Introduction; II. Existing Theoretical Frameworks; III. A Simple Model of Public Investment; A. Model Set-up; B. Discussion of Results; IV. An Extension of The Model with Endogenous Investment in Administrative Capacity; V. Policy implications; References; Appendixes; Appendix 1: Parametric Specification; Appendix 2: Parametric Specification of the Extended Model; Figures; Figure 1. Share of Natural Capital around the World; Figure 2. Public Management Index by Sub-Groups; Figure 3. Investor Protection Index; Figure 4. Non-Resource Sector Total Factor Productivity Figure 5. Public Investment Management Index and Non-resource Sector Total FactorFigure 6. Resource Windfall, Consumption and Foreign Debt under the Permanent; Figure 7. Evolution of Wages, Resource Windfalls and Sovereign Debt; Figure 8. Evolution of the Stock of Public Capital under Different Scenarios; Figure 9. Evolution of Wages under Different Scenarios; Figure 10. Evolution of Private Consumption under Different Scenarios; Figure 11. Evolution of the Stock of Public Capital under Different Scenarios; Figure 12. Evolution of the Stock of Private Capital under Different Scenarios |
| Beschreibung: | 34 pages |
| ISBN: | 1475591063 9781475591064 9781475521528 1475521529 |
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| 245 | 1 | 0 | |a Resource windfalls, optimal public investment and redistribution |b the role of total factor productivity and administrative capacity |c prepared by Rabah Arezki, Arnaud Dupuy and Alan Gelb |
| 264 | 1 | |a [Washington, D.C.] |b International Monetary Fund |c ©2012 | |
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| 490 | 0 | |a IMF working paper |v WP/12/200 | |
| 500 | |a Title from PDF title page (IMF Web site, viewed Aug. 9, 2012). - "Institute for Capacity Development.". - "August 2012." | ||
| 500 | |a This paper studies the optimal public investment decisions in countries experiencing a resource windfall. To do so, we use an augmented version of the Permanent Income framework with public investment faced with adjustment costs capturing the associated administrative capacity as well as government direct transfers. A key assumption is that those adjustment costs rise with the size of the resource windfall. The main results from the analytical model are threefold. First, a larger resource windfall commands a lower level of public capital but a higher level of redistribution through transfers. Second, weaker administrative capacity lowers the increase in optimal public capital following a resource windfall. Third, higher total factor productivity in the non-resource sector reduces the degree of des-investment in public capital commanded by weaker administrative capacity. We further extend our basic model to allow for "investing in investing"--That is public investment in administrative capacity - by endogenizing the adjustment cost in public investment. Results from the numerical simulations suggest, among other things, that a higher initial stock of public administrative "know how" leads to a higher level of optimal public investment following a resource windfall. Implications for policy are discussed | ||
| 500 | |a Includes bibliographical references | ||
| 500 | |a Cover; Contents; I. Introduction; II. Existing Theoretical Frameworks; III. A Simple Model of Public Investment; A. Model Set-up; B. Discussion of Results; IV. An Extension of The Model with Endogenous Investment in Administrative Capacity; V. Policy implications; References; Appendixes; Appendix 1: Parametric Specification; Appendix 2: Parametric Specification of the Extended Model; Figures; Figure 1. Share of Natural Capital around the World; Figure 2. Public Management Index by Sub-Groups; Figure 3. Investor Protection Index; Figure 4. Non-Resource Sector Total Factor Productivity | ||
| 500 | |a Figure 5. Public Investment Management Index and Non-resource Sector Total FactorFigure 6. Resource Windfall, Consumption and Foreign Debt under the Permanent; Figure 7. Evolution of Wages, Resource Windfalls and Sovereign Debt; Figure 8. Evolution of the Stock of Public Capital under Different Scenarios; Figure 9. Evolution of Wages under Different Scenarios; Figure 10. Evolution of Private Consumption under Different Scenarios; Figure 11. Evolution of the Stock of Public Capital under Different Scenarios; Figure 12. Evolution of the Stock of Private Capital under Different Scenarios | ||
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| 650 | 4 | |a Wirtschaft | |
| 650 | 4 | |a Ökonometrisches Modell | |
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| 700 | 1 | |a Dupuy, Arnaud |e Sonstige |4 oth | |
| 700 | 1 | |a Gelb, Alan H. |e Sonstige |4 oth | |
| 710 | 2 | |a International Monetary FundXXbInstitute for Capacity Development |e Sonstige |4 oth | |
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Datensatz im Suchindex
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| any_adam_object | |
| author | Arezki, Rabah |
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| author_variant | r a ra |
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| bvnumber | BV043786772 |
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| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.67252 |
| dewey-search | 332.67252 |
| dewey-sort | 3332.67252 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
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| illustrated | Not Illustrated |
| indexdate | 2024-07-10T07:35:07Z |
| institution | BVB |
| isbn | 1475591063 9781475591064 9781475521528 1475521529 |
| language | English |
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| spelling | Arezki, Rabah Verfasser aut Resource windfalls, optimal public investment and redistribution the role of total factor productivity and administrative capacity prepared by Rabah Arezki, Arnaud Dupuy and Alan Gelb [Washington, D.C.] International Monetary Fund ©2012 34 pages txt rdacontent c rdamedia cr rdacarrier IMF working paper WP/12/200 Title from PDF title page (IMF Web site, viewed Aug. 9, 2012). - "Institute for Capacity Development.". - "August 2012." This paper studies the optimal public investment decisions in countries experiencing a resource windfall. To do so, we use an augmented version of the Permanent Income framework with public investment faced with adjustment costs capturing the associated administrative capacity as well as government direct transfers. A key assumption is that those adjustment costs rise with the size of the resource windfall. The main results from the analytical model are threefold. First, a larger resource windfall commands a lower level of public capital but a higher level of redistribution through transfers. Second, weaker administrative capacity lowers the increase in optimal public capital following a resource windfall. Third, higher total factor productivity in the non-resource sector reduces the degree of des-investment in public capital commanded by weaker administrative capacity. We further extend our basic model to allow for "investing in investing"--That is public investment in administrative capacity - by endogenizing the adjustment cost in public investment. Results from the numerical simulations suggest, among other things, that a higher initial stock of public administrative "know how" leads to a higher level of optimal public investment following a resource windfall. Implications for policy are discussed Includes bibliographical references Cover; Contents; I. Introduction; II. Existing Theoretical Frameworks; III. A Simple Model of Public Investment; A. Model Set-up; B. Discussion of Results; IV. An Extension of The Model with Endogenous Investment in Administrative Capacity; V. Policy implications; References; Appendixes; Appendix 1: Parametric Specification; Appendix 2: Parametric Specification of the Extended Model; Figures; Figure 1. Share of Natural Capital around the World; Figure 2. Public Management Index by Sub-Groups; Figure 3. Investor Protection Index; Figure 4. Non-Resource Sector Total Factor Productivity Figure 5. Public Investment Management Index and Non-resource Sector Total FactorFigure 6. Resource Windfall, Consumption and Foreign Debt under the Permanent; Figure 7. Evolution of Wages, Resource Windfalls and Sovereign Debt; Figure 8. Evolution of the Stock of Public Capital under Different Scenarios; Figure 9. Evolution of Wages under Different Scenarios; Figure 10. Evolution of Private Consumption under Different Scenarios; Figure 11. Evolution of the Stock of Public Capital under Different Scenarios; Figure 12. Evolution of the Stock of Private Capital under Different Scenarios Public investments / Econometric models fast BUSINESS & ECONOMICS / Finance bisacsh Wirtschaft Ökonometrisches Modell Public investments Econometric models Dupuy, Arnaud Sonstige oth Gelb, Alan H. Sonstige oth International Monetary FundXXbInstitute for Capacity Development Sonstige oth |
| spellingShingle | Arezki, Rabah Resource windfalls, optimal public investment and redistribution the role of total factor productivity and administrative capacity Public investments / Econometric models fast BUSINESS & ECONOMICS / Finance bisacsh Wirtschaft Ökonometrisches Modell Public investments Econometric models |
| title | Resource windfalls, optimal public investment and redistribution the role of total factor productivity and administrative capacity |
| title_auth | Resource windfalls, optimal public investment and redistribution the role of total factor productivity and administrative capacity |
| title_exact_search | Resource windfalls, optimal public investment and redistribution the role of total factor productivity and administrative capacity |
| title_full | Resource windfalls, optimal public investment and redistribution the role of total factor productivity and administrative capacity prepared by Rabah Arezki, Arnaud Dupuy and Alan Gelb |
| title_fullStr | Resource windfalls, optimal public investment and redistribution the role of total factor productivity and administrative capacity prepared by Rabah Arezki, Arnaud Dupuy and Alan Gelb |
| title_full_unstemmed | Resource windfalls, optimal public investment and redistribution the role of total factor productivity and administrative capacity prepared by Rabah Arezki, Arnaud Dupuy and Alan Gelb |
| title_short | Resource windfalls, optimal public investment and redistribution |
| title_sort | resource windfalls optimal public investment and redistribution the role of total factor productivity and administrative capacity |
| title_sub | the role of total factor productivity and administrative capacity |
| topic | Public investments / Econometric models fast BUSINESS & ECONOMICS / Finance bisacsh Wirtschaft Ökonometrisches Modell Public investments Econometric models |
| topic_facet | Public investments / Econometric models BUSINESS & ECONOMICS / Finance Wirtschaft Ökonometrisches Modell Public investments Econometric models |
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