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100   $a20130125d2012      uy             0
101 0 $aeng
135   $aurcn|||||||||
181   $ctxt
182   $cc
183   $acr
200 10$aPublic investment in resource-abundant developing countries$b[electronic resource] /$fAndrew Berg ... [et al.]
210   $aWashington, D.C. $cInternational Monetary Fund$d2012
215   $a1 online resource (49 p.)
225  0$aIMF working paper ;$vWP/12/274
300   $a"November 2012"  -- verso of t.p.
300   $aAt head of title: Research Department -- verso of t.p.
311   $a1-4755-7051-1 
311   $a1-4755-3556-2 
320   $aIncludes bibliographical references (p. 42-47).
327   $aCover; 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 Volatility
327   $aB 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 approach
327   $a5 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; References
330   $aNatural resource revenues provide a valuable source to finance public investment in developing countries, which frequently face borrowing constraints and tax revenue mobilization problems. This paper develops a dynamic stochastic small open economy model to analyze the macroeconomic effects of investing natural resource revenues, making explicit the role of pervasive features in these countries including public investment inefficiency, absorptive capacity constraints, Dutch disease, and financing needs to sustain capital. Revenue exhaustibility raises medium-term issues of how to sustain
410  0$aIMF Working Papers
606   $aPublic investments$zDeveloping countries$xFinance$xEconometric models
606   $aNatural resources$zDeveloping countries
608   $aElectronic books.
615  0$aPublic investments$xFinance$xEconometric models.
615  0$aNatural resources
700   $aBerg$b Andrew$0861129
712 02$aInternational Monetary Fund.$bResearch Dept.
801  0$bMiAaPQ
801  1$bMiAaPQ
801  2$bMiAaPQ
906   $aBOOK
912   $a9910453255703321
996   $aPublic investment in resource-abundant developing countries$92144527
997   $aUNINA