LEADER 03815nam 2200625Ia 450 001 9910462252703321 005 20200520144314.0 010 $a1-4755-8712-0 010 $a1-4755-2152-9 035 $a(CKB)2670000000278866 035 $a(EBL)1606931 035 $a(SSID)ssj0000941772 035 $a(PQKBManifestationID)11585684 035 $a(PQKBTitleCode)TC0000941772 035 $a(PQKBWorkID)10971663 035 $a(PQKB)11443078 035 $a(MiAaPQ)EBC1606931 035 $a(Au-PeEL)EBL1606931 035 $a(CaPaEBR)ebr10627087 035 $a(OCoLC)870244991 035 $a(EXLCZ)992670000000278866 100 $a20111102d2012 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aResource windfalls, optimal public investment and redistribution$b[electronic resource] $ethe role of total factor productivity and administrative capacity /$fprepared by Rabah Arezki, Arnaud Dupuy and Alan Gelb 210 $aWashington, D.C. $cInternational Monetary Fund$dc2012 215 $a1 online resource (35 p.) 225 0 $aIMF working paper ;$v12/200 300 $aDescription based upon print version of record. 311 $a1-4755-9106-3 311 $a1-4755-0550-7 320 $aIncludes bibliographical references. 327 $aCover; 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 327 $aFigure 5. Public Investment Management Index and Non-resource Sector Total Factor Figure 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 327 $aFigure 13. Private Consumption under Different Scenarios 330 $aThis paper studies the optimal public investment decisions in countries experiencing a resource windfall. To do so, we use an augmented version of the Permanent Income framework with public investment faced with adjustment costs capturing the associated administrative capacity as well as government direct transfers. A key assumption is that those adjustment costs rise with the size of the resource windfall. The main results from the analytical model are threefold. First, a larger resource windfall commands a lower level of public capital but a higher level of redistribution through transfers. 410 0$aIMF Working Papers 606 $aFactors of production$xEconometric models 606 $aRate of return 608 $aElectronic books. 615 0$aFactors of production$xEconometric models. 615 0$aRate of return. 700 $aArezki$b Rabah$0936180 701 $aDupuy$b Arnaud$0980077 701 $aGelb$b Alan H$0980078 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910462252703321 996 $aResource windfalls, optimal public investment and redistribution$92235301 997 $aUNINA