Resource windfalls, optimal public investment and redistribution :: the role of total factor productivity and administrative capacity /
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...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
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[Washington, D.C.] :
International Monetary Fund,
©2012.
|
| Schriftenreihe: | IMF working paper ;
WP/12/200. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | 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 |
| Beschreibung: | Title from PDF title page (IMF Web site, viewed August 9, 2012). "Institute for Capacity Development." "August 2012." |
| Beschreibung: | 1 online resource (34 pages) |
| Bibliographie: | Includes bibliographical references. |
| ISBN: | 1475591063 9781475591064 9781475521528 1475521529 1475505507 9781475505504 1475587120 9781475587128 |
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| 100 | 1 | |a Arezki, Rabah, |e author. |0 http://id.loc.gov/authorities/names/no2005028307 | |
| 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. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, |c ©2012. | ||
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| 500 | |a Title from PDF title page (IMF Web site, viewed August 9, 2012). | ||
| 520 | |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 | ||
| 504 | |a Includes bibliographical references. | ||
| 500 | |a "Institute for Capacity Development." | ||
| 500 | |a "August 2012." | ||
| 505 | 0 | |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. | |
| 505 | 8 | |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. | |
| 546 | |a English. | ||
| 650 | 0 | |a Public investments |x Econometric models. | |
| 650 | 6 | |a Investissements publics |x Modèles économétriques. | |
| 650 | 7 | |a BUSINESS & ECONOMICS |x Finance. |2 bisacsh | |
| 650 | 7 | |a Public investments |x Econometric models |2 fast | |
| 700 | 1 | |a Dupuy, Arnaud, |e author. |0 http://id.loc.gov/authorities/names/no2012112496 | |
| 700 | 1 | |a Gelb, Alan H., |e author. |0 http://id.loc.gov/authorities/names/n81137853 | |
| 710 | 2 | |a International Monetary Fund. |b Institute for Capacity Development. |0 http://id.loc.gov/authorities/names/no2012075144 | |
| 758 | |i has work: |a Resource windfalls, optimal public investment, and redistribution (Text) |1 https://id.oclc.org/worldcat/entity/E39PCGq8RTvqhG49PDrdfcHDdP |4 https://id.oclc.org/worldcat/ontology/hasWork | ||
| 776 | 0 | 8 | |i Print version: |a Gelb, Alan H. |t Resource Windfalls, Optimal Public Investment and Redistribution: The Role of Total Factor Productivity and Administrative Capacity. |d Washington : International Monetary Fund, ©2012 |z 9781475505504 |
| 830 | 0 | |a IMF working paper ; |v WP/12/200. |0 http://id.loc.gov/authorities/names/no89010263 | |
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| adam_text | |
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| author | Arezki, Rabah Dupuy, Arnaud Gelb, Alan H. |
| author_GND | http://id.loc.gov/authorities/names/no2005028307 http://id.loc.gov/authorities/names/no2012112496 http://id.loc.gov/authorities/names/n81137853 |
| author_corporate | International Monetary Fund. Institute for Capacity Development |
| author_corporate_role | |
| author_facet | Arezki, Rabah Dupuy, Arnaud Gelb, Alan H. International Monetary Fund. Institute for Capacity Development |
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| callnumber-search | HG3881.5.I58 W67 No. 200eb |
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| callnumber-subject | HG - Finance |
| collection | ZDB-4-EBA |
| contents | 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. |
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| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.67252 |
| dewey-search | 332.67252 |
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| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
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tag="490" ind1="1" ind2=" "><subfield code="a">IMF working paper ;</subfield><subfield code="v">WP/12/200</subfield></datafield><datafield tag="500" ind1=" " ind2=" "><subfield code="a">Title from PDF title page (IMF Web site, viewed August 9, 2012).</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="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</subfield></datafield><datafield tag="504" ind1=" " ind2=" "><subfield code="a">Includes bibliographical references.</subfield></datafield><datafield tag="500" ind1=" " ind2=" "><subfield code="a">"Institute for Capacity Development."</subfield></datafield><datafield tag="500" ind1=" " ind2=" "><subfield code="a">"August 2012."</subfield></datafield><datafield tag="505" ind1="0" ind2=" "><subfield code="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.</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="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.</subfield></datafield><datafield tag="546" ind1=" " ind2=" "><subfield code="a">English.</subfield></datafield><datafield tag="650" ind1=" " ind2="0"><subfield code="a">Public investments</subfield><subfield code="x">Econometric models.</subfield></datafield><datafield tag="650" ind1=" " ind2="6"><subfield code="a">Investissements publics</subfield><subfield code="x">Modèles économétriques.</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">BUSINESS & ECONOMICS</subfield><subfield code="x">Finance.</subfield><subfield code="2">bisacsh</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">Public investments</subfield><subfield code="x">Econometric models</subfield><subfield code="2">fast</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Dupuy, Arnaud,</subfield><subfield code="e">author.</subfield><subfield code="0">http://id.loc.gov/authorities/names/no2012112496</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Gelb, Alan H.,</subfield><subfield code="e">author.</subfield><subfield code="0">http://id.loc.gov/authorities/names/n81137853</subfield></datafield><datafield tag="710" ind1="2" ind2=" "><subfield code="a">International Monetary Fund.</subfield><subfield code="b">Institute for Capacity Development.</subfield><subfield code="0">http://id.loc.gov/authorities/names/no2012075144</subfield></datafield><datafield tag="758" ind1=" " ind2=" "><subfield code="i">has work:</subfield><subfield code="a">Resource windfalls, optimal public investment, and redistribution (Text)</subfield><subfield code="1">https://id.oclc.org/worldcat/entity/E39PCGq8RTvqhG49PDrdfcHDdP</subfield><subfield code="4">https://id.oclc.org/worldcat/ontology/hasWork</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Print version:</subfield><subfield code="a">Gelb, Alan H.</subfield><subfield code="t">Resource Windfalls, Optimal Public Investment and Redistribution: The Role of Total Factor Productivity and Administrative Capacity.</subfield><subfield code="d">Washington : International Monetary Fund, ©2012</subfield><subfield code="z">9781475505504</subfield></datafield><datafield tag="830" ind1=" " ind2="0"><subfield code="a">IMF working paper ;</subfield><subfield code="v">WP/12/200.</subfield><subfield code="0">http://id.loc.gov/authorities/names/no89010263</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="l">FWS01</subfield><subfield code="p">ZDB-4-EBA</subfield><subfield code="q">FWS_PDA_EBA</subfield><subfield code="u">https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568186</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="938" ind1=" " ind2=" "><subfield code="a">EBL - Ebook Library</subfield><subfield code="b">EBLB</subfield><subfield code="n">EBL1606931</subfield></datafield><datafield tag="938" ind1=" " ind2=" "><subfield code="a">ebrary</subfield><subfield code="b">EBRY</subfield><subfield code="n">ebr10627087</subfield></datafield><datafield tag="938" ind1=" " ind2=" "><subfield code="a">EBSCOhost</subfield><subfield code="b">EBSC</subfield><subfield code="n">568186</subfield></datafield><datafield tag="938" ind1=" " ind2=" "><subfield code="a">YBP Library Services</subfield><subfield code="b">YANK</subfield><subfield code="n">9927181</subfield></datafield><datafield tag="938" ind1=" " ind2=" "><subfield code="a">YBP Library Services</subfield><subfield code="b">YANK</subfield><subfield code="n">10691604</subfield></datafield><datafield tag="994" ind1=" " ind2=" "><subfield code="a">92</subfield><subfield code="b">GEBAY</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-4-EBA</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-863</subfield></datafield></record></collection> |
| id | ZDB-4-EBA-ocn805598555 |
| illustrated | Not Illustrated |
| indexdate | 2024-11-27T13:24:53Z |
| institution | BVB |
| institution_GND | http://id.loc.gov/authorities/names/no2012075144 |
| isbn | 1475591063 9781475591064 9781475521528 1475521529 1475505507 9781475505504 1475587120 9781475587128 |
| language | English |
| oclc_num | 805598555 |
| open_access_boolean | |
| owner | MAIN DE-863 DE-BY-FWS |
| owner_facet | MAIN DE-863 DE-BY-FWS |
| physical | 1 online resource (34 pages) |
| psigel | ZDB-4-EBA |
| publishDate | 2012 |
| publishDateSearch | 2012 |
| publishDateSort | 2012 |
| publisher | International Monetary Fund, |
| record_format | marc |
| series | IMF working paper ; |
| series2 | IMF working paper ; |
| spelling | Arezki, Rabah, author. http://id.loc.gov/authorities/names/no2005028307 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. 1 online resource (34 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier polychrome. rdacc http://rdaregistry.info/termList/RDAColourContent/1003 data file IMF working paper ; WP/12/200 Title from PDF title page (IMF Web site, viewed August 9, 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. "Institute for Capacity Development." "August 2012." 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. English. Public investments Econometric models. Investissements publics Modèles économétriques. BUSINESS & ECONOMICS Finance. bisacsh Public investments Econometric models fast Dupuy, Arnaud, author. http://id.loc.gov/authorities/names/no2012112496 Gelb, Alan H., author. http://id.loc.gov/authorities/names/n81137853 International Monetary Fund. Institute for Capacity Development. http://id.loc.gov/authorities/names/no2012075144 has work: Resource windfalls, optimal public investment, and redistribution (Text) https://id.oclc.org/worldcat/entity/E39PCGq8RTvqhG49PDrdfcHDdP https://id.oclc.org/worldcat/ontology/hasWork Print version: Gelb, Alan H. Resource Windfalls, Optimal Public Investment and Redistribution: The Role of Total Factor Productivity and Administrative Capacity. Washington : International Monetary Fund, ©2012 9781475505504 IMF working paper ; WP/12/200. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBA FWS_PDA_EBA https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568186 Volltext |
| spellingShingle | Arezki, Rabah Dupuy, Arnaud Gelb, Alan H. Resource windfalls, optimal public investment and redistribution : the role of total factor productivity and administrative capacity / IMF working paper ; 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. Investissements publics Modèles économétriques. BUSINESS & ECONOMICS Finance. bisacsh Public investments Econometric models fast |
| 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. Investissements publics Modèles économétriques. BUSINESS & ECONOMICS Finance. bisacsh Public investments Econometric models fast |
| topic_facet | Public investments Econometric models. Investissements publics Modèles économétriques. BUSINESS & ECONOMICS Finance. Public investments Econometric models |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568186 |
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