LEADER 07947oam 22015494 450 001 9910960602903321 005 20250426110701.0 010 $a9781475587128 010 $a1475587120 010 $a9781475521528 010 $a1475521529 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(Au-PeEL)EBL1606931 035 $a(CaPaEBR)ebr10627087 035 $a(OCoLC)870244991 035 $a(IMF)WPIEE2012200 035 $a(IMF)WPIEA2012200 035 $a(MiAaPQ)EBC1606931 035 $aWPIEA2012200 035 $a(EXLCZ)992670000000278866 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aResource Windfalls, Optimal Public Investment and Redistribution : $eThe Role of Total Factor Productivity and Administrative Capacity /$fAlan Gelb, Arnaud Dupuy, Rabah Arezki 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (35 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 08$a9781475591064 311 08$a1475591063 311 08$a9781475505504 311 08$a1475505507 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 3 $aThis paper studies the optimal public investment decisions in countries experiencing a resource windfall. To do so, we use an augmented version of the Permanent Income framework with public investment faced with adjustment costs capturing the associated administrative capacity as well as government direct transfers. A key assumption is that those adjustment costs rise with the size of the resource windfall. The main results from the analytical model are threefold. First, a larger resource windfall commands a lower level of public capital but a higher level of redistribution through transfers. Second, weaker administrative capacity lowers the increase in optimal public capital following a resource windfall. Third, higher total factor productivity in the non-resource sector reduces the degree of des-investment in public capital commanded by weaker administrative capacity. We further extend our basic model to allow for "investing in investing" - that is public investment in administrative capacity - by endogenizing the adjustment cost in public investment. Results from the numerical simulations suggest, among other things, that a higher initial stock of public administrative "know how" leads to a higher level of optimal public investment following a resource windfall. Implications for policy are discussed. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/200 606 $aFactors of production$xEconometric models 606 $aRate of return 606 $aAgricultural and Natural Resource Economics$2imf 606 $aCapacity$2imf 606 $aCapital and Total Factor Productivity$2imf 606 $aCost$2imf 606 $aEfficiency$2imf 606 $aEnvironment$2imf 606 $aEnvironmental and Ecological Economics: General$2imf 606 $aEnvironmental management$2imf 606 $aExpenditure$2imf 606 $aFinancial institutions$2imf 606 $aFinancial Instruments$2imf 606 $aIndustrial productivity$2imf 606 $aInstitutional Investors$2imf 606 $aInternational Lending and Debt Problems$2imf 606 $aInvestment & securities$2imf 606 $aInvestments: Stocks$2imf 606 $aMacroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General$2imf 606 $aMacroeconomics$2imf 606 $aNational Government Expenditures and Related Policies: Infrastructures$2imf 606 $aNatural Resources$2imf 606 $aNatural resources$2imf 606 $aNon-bank Financial Institutions$2imf 606 $aOptimal Taxation$2imf 606 $aOther Public Investment and Capital Stock$2imf 606 $aPension Funds$2imf 606 $aProduction and Operations Management$2imf 606 $aProduction$2imf 606 $aPublic finance & taxation$2imf 606 $aPublic Finance$2imf 606 $aPublic investment and public-private partnerships (PPP)$2imf 606 $aPublic investment spending$2imf 606 $aPublic investments$2imf 606 $aPublic-private sector cooperation$2imf 606 $aStocks$2imf 606 $aTotal factor productivity$2imf 607 $aUnited States$2imf 615 0$aFactors of production$xEconometric models. 615 0$aRate of return. 615 7$aAgricultural and Natural Resource Economics 615 7$aCapacity 615 7$aCapital and Total Factor Productivity 615 7$aCost 615 7$aEfficiency 615 7$aEnvironment 615 7$aEnvironmental and Ecological Economics: General 615 7$aEnvironmental management 615 7$aExpenditure 615 7$aFinancial institutions 615 7$aFinancial Instruments 615 7$aIndustrial productivity 615 7$aInstitutional Investors 615 7$aInternational Lending and Debt Problems 615 7$aInvestment & securities 615 7$aInvestments: Stocks 615 7$aMacroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General 615 7$aMacroeconomics 615 7$aNational Government Expenditures and Related Policies: Infrastructures 615 7$aNatural Resources 615 7$aNatural resources 615 7$aNon-bank Financial Institutions 615 7$aOptimal Taxation 615 7$aOther Public Investment and Capital Stock 615 7$aPension Funds 615 7$aProduction and Operations Management 615 7$aProduction 615 7$aPublic finance & taxation 615 7$aPublic Finance 615 7$aPublic investment and public-private partnerships (PPP) 615 7$aPublic investment spending 615 7$aPublic investments 615 7$aPublic-private sector cooperation 615 7$aStocks 615 7$aTotal factor productivity 676 $a324.401 700 $aGelb$b Alan$01816165 701 $aArezki$b Rabah$01805364 701 $aDupuy$b Arnaud$01816166 801 0$bDcWaIMF 906 $aBOOK 912 $a9910960602903321 996 $aResource Windfalls, Optimal Public Investment and Redistribution$94371909 997 $aUNINA