04058nam 2200649Ia 450 991045325570332120200520144314.01-4755-6996-31-4755-4982-21-283-94789-7(CKB)2550000001003754(EBL)1607066(SSID)ssj0000948595(PQKBManifestationID)11484550(PQKBTitleCode)TC0000948595(PQKBWorkID)10950157(PQKB)10347270(MiAaPQ)EBC1607066(Au-PeEL)EBL1607066(CaPaEBR)ebr10644326(CaONFJC)MIL426039(OCoLC)819355356(EXLCZ)99255000000100375420130125d2012 uy 0engurcn|||||||||txtccrPublic investment in resource-abundant developing countries[electronic resource] /Andrew Berg ... [et al.]Washington, D.C. International Monetary Fund20121 online resource (49 p.)IMF working paper ;WP/12/274"November 2012" -- verso of t.p.At head of title: Research Department -- verso of t.p.1-4755-7051-1 1-4755-3556-2 Includes bibliographical references (p. 42-47).Cover; Contents; I. Introduction; II. Model Setup; A Households; B Firms; C The Government; D Some Market Clearing Conditions and Identities; III. Equilibrium and Calibration; A The CEMAC Region; B Angola; IV. Investing with a short revenue horizon; A Saving in a SWF vs. Investing in Public Capital; B Sustaining Public Capital; C Endogenous Depreciation of Public Capital; D The Sustainable Investing Approach; E Development without the Windfall; V. Investing Volatile Resource Revenue; A The Sustainable Investing Approach to Managing VolatilityB Allocation between Investing and External SavingVI. Conclusion; Tables; 1 Baseline Parameter Calibration; 2 Welfare Comparison with All-Investing; 3 Stabilization Effects of the Sustainable Investing Approach; Figures; 1 CEMAC application: saving in a SWF vs. all-investing; 2 CEMAC application: all-investing and sustaining public capital by fiscal Adjustments through consumption taxes or transfers; 3 CEMAC application with constant depreciation rate of public capital: Saving in a SWF vs. all-investing; 4 CEMAC application: sustainable investing approach5 CEMAC application: investing without a Resource Windfall 6 Angola application: conservative vs. aggressive scaling-up under sustainable investing; 7 Angola application: conservative vs. aggressive scaling-up With constant depreciation rate; Appendix I: Equilibrium and Optimality Conditions; ReferencesNatural resource revenues provide a valuable source to finance public investment in developing countries, which frequently face borrowing constraints and tax revenue mobilization problems. This paper develops a dynamic stochastic small open economy model to analyze the macroeconomic effects of investing natural resource revenues, making explicit the role of pervasive features in these countries including public investment inefficiency, absorptive capacity constraints, Dutch disease, and financing needs to sustain capital. Revenue exhaustibility raises medium-term issues of how to sustainIMF Working PapersPublic investmentsDeveloping countriesFinanceEconometric modelsNatural resourcesDeveloping countriesElectronic books.Public investmentsFinanceEconometric models.Natural resourcesBerg Andrew861129International Monetary Fund.Research Dept.MiAaPQMiAaPQMiAaPQBOOK9910453255703321Public investment in resource-abundant developing countries2144527UNINA