Some Misconceptions about Public Investment Efficiency and Growth:
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 i...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2015
|
| Schriftenreihe: | IMF Working Papers: Working Paper No. 15 / 272
|
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | 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 |
| Beschreibung: | 1 Online-Ressource (37 p) |
| ISBN: | 1513589970 9781513589978 |
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| oclc_num | 1337138388 |
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| owner | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
| owner_facet | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
| physical | 1 Online-Ressource (37 p) |
| psigel | ZDB-1-IMF |
| publishDate | 2015 |
| publishDateSearch | 2015 |
| publishDateSort | 2015 |
| publisher | International Monetary Fund |
| record_format | marc |
| series2 | IMF Working Papers: Working Paper No. 15 / 272 |
| spelling | Berg, Andrew Verfasser aut Some Misconceptions about Public Investment Efficiency and Growth Berg, Andrew Washington, D.C International Monetary Fund 2015 1 Online-Ressource (37 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers: Working Paper No. 15 / 272 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 Online-Ausg Buffie, Edward F. Sonstige oth Pattillo, Catherine A. Sonstige oth Portillo, Rafael Sonstige oth Presbitero, Andrea Sonstige oth Zanna, Luis-Felipe Sonstige oth http://www.elibrary.imf.org/view/IMF001/23021-9781513589978/23021-9781513589978/23021-9781513589978.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Berg, Andrew Some Misconceptions about Public Investment Efficiency and Growth |
| title | Some Misconceptions about Public Investment Efficiency and Growth |
| title_auth | Some Misconceptions about Public Investment Efficiency and Growth |
| title_exact_search | Some Misconceptions about Public Investment Efficiency and Growth |
| title_exact_search_txtP | Some Misconceptions about Public Investment Efficiency and Growth |
| title_full | Some Misconceptions about Public Investment Efficiency and Growth Berg, Andrew |
| title_fullStr | Some Misconceptions about Public Investment Efficiency and Growth Berg, Andrew |
| title_full_unstemmed | Some Misconceptions about Public Investment Efficiency and Growth Berg, Andrew |
| title_short | Some Misconceptions about Public Investment Efficiency and Growth |
| title_sort | some misconceptions about public investment efficiency and growth |
| url | http://www.elibrary.imf.org/view/IMF001/23021-9781513589978/23021-9781513589978/23021-9781513589978.xml |
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