LEADER 06332oam 22011774 450 001 9910791158403321 005 20230803222251.0 010 $a1-4983-4658-8 010 $a1-4983-9572-4 010 $a1-4843-7968-3 035 $a(CKB)2550000001352343 035 $a(EBL)1779707 035 $a(SSID)ssj0001399033 035 $a(PQKBManifestationID)11779216 035 $a(PQKBTitleCode)TC0001399033 035 $a(PQKBWorkID)11452039 035 $a(PQKB)11081896 035 $a(MiAaPQ)EBC1779707 035 $a(Au-PeEL)EBL1779707 035 $a(CaPaEBR)ebr10928011 035 $a(CaONFJC)MIL642260 035 $a(OCoLC)886644723 035 $a(IMF)WPIEE2014148 035 $a(IMF)WPIEA2014148 035 $a(EXLCZ)992550000001352343 100 $a20020129d2014 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aPublic Investment as an Engine of Growth /$fAndrew Warner 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2014. 215 $a1 online resource (77 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4983-7827-7 311 $a1-322-11009-3 320 $aIncludes bibliographical references. 327 $aCover; Table of Contents; 1. Introduction; 2. Framework; 3. Empirical Section on the Impact of Public Investment Drives; A. Empirical Results; B. Post-1990 evidence; C. Sensitivity of the results to an alternative method of selecting boom years; D. Crowding in or crowding out?; E. A comparison of two major episodes: pre and post 1990; 4. Five Case Studies; A. Mexico; B. Bolivia; C. Korea; D. Taiwan province of China; E. Philippines; 5. The World Bank's Project Investment Upsurge; 6. Summary and Conclusions; 7. References; 8. Appendix I: Additional Regression Results 327 $a9. Appendix II: Eighteen cases of public investment booms 330 3 $aThis paper looks at the empirical record whether big infrastructure and public capital drives have succeeded in accelerating economic growth in low-income countries. It looks at big long-lasting drives in public capital spending, as these were arguably clear and exogenous policy decisions. On average the evidence shows only a weak positive association between investment spending and growth and only in the same year, as lagged impacts are not significant. Furthermore, there is little evidence of long term positive impacts. Some individual countries may be exceptions to this general result, as for example Ethiopia in recent years, as high public investment has coincided with high GDP growth, but it is probably too early to draw definitive conclusions. The fact that the positive association is largely instantaneous argues for the importance of either reverse causality, as capital spending tends to be cut in slumps and increased in booms, or Keynesian demand effects, as spending boosts output in the short run. It argues against the importance of long term productivity effects, as these are triggered by the completed investments (which take several years) and not by the mere spending on the investments. In fact a slump in growth rather than a boom has followed many public capital drives of the past. Case studies indicate that public investment drives tend eventually to be financed by borrowing and have been plagued by poor analytics at the time investment projects were chosen, incentive problems and interest-group-infested investment choices. These observations suggest that the current public investment drives will be more likely to succeed if governments do not behave as in the past, and instead take analytical issues seriously and safeguard their decision process against interests that distort public investment decisions. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2014/148 606 $aPublic investments$vCase studies 606 $aEconomic development$vCase studies 606 $aInfrastructure$2imf 606 $aInvestments: General$2imf 606 $aPublic Finance$2imf 606 $aNational Government Expenditures and Related Policies: Infrastructures$2imf 606 $aOther Public Investment and Capital Stock$2imf 606 $aInvestment$2imf 606 $aCapital$2imf 606 $aIntangible Capital$2imf 606 $aCapacity$2imf 606 $aEconomic Growth and Aggregate Productivity: General$2imf 606 $aEconomywide Country Studies: General$2imf 606 $aNational Government Expenditures and Related Policies: General$2imf 606 $aPublic finance & taxation$2imf 606 $aMacroeconomics$2imf 606 $aPublic investment spending$2imf 606 $aExpenditure$2imf 606 $aCapital spending$2imf 606 $aPrivate investment$2imf 606 $aNational accounts$2imf 606 $aPublic investments$2imf 606 $aSaving and investment$2imf 606 $aExpenditures, Public$2imf 606 $aCapital investments$2imf 607 $aKorea, Republic of$2imf 615 0$aPublic investments 615 0$aEconomic development 615 7$aInfrastructure 615 7$aInvestments: General 615 7$aPublic Finance 615 7$aNational Government Expenditures and Related Policies: Infrastructures 615 7$aOther Public Investment and Capital Stock 615 7$aInvestment 615 7$aCapital 615 7$aIntangible Capital 615 7$aCapacity 615 7$aEconomic Growth and Aggregate Productivity: General 615 7$aEconomywide Country Studies: General 615 7$aNational Government Expenditures and Related Policies: General 615 7$aPublic finance & taxation 615 7$aMacroeconomics 615 7$aPublic investment spending 615 7$aExpenditure 615 7$aCapital spending 615 7$aPrivate investment 615 7$aNational accounts 615 7$aPublic investments 615 7$aSaving and investment 615 7$aExpenditures, Public 615 7$aCapital investments 676 $a332.67252 700 $aWarner$b Andrew$01563341 801 0$bDcWaIMF 906 $aBOOK 912 $a9910791158403321 996 $aPublic Investment as an Engine of Growth$93831684 997 $aUNINA