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Public Investment in Resource-Abundant Developing Countries / / Andrew Berg, Rafael Portillo, Susan Yang, Luis-Felipe Zanna



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Autore: Berg Andrew Visualizza persona
Titolo: Public Investment in Resource-Abundant Developing Countries / / Andrew Berg, Rafael Portillo, Susan Yang, Luis-Felipe Zanna Visualizza cluster
Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2012
Edizione: 1st ed.
Descrizione fisica: 1 online resource (49 p.)
Disciplina: 332.1;332.152
Soggetto topico: Public investments - Developing countries - Finance - Econometric models
Natural resources - Developing countries
Macroeconomics
Public Finance
Taxation
Exhaustible Resources and Economic Development
Investment
Capital
Intangible Capital
Capacity
Economic Growth of Open Economies
One, Two, and Multisector Growth Models
National Government Expenditures and Related Policies: Infrastructures
Other Public Investment and Capital Stock
Macroeconomics: Consumption
Saving
Wealth
Business Taxes and Subsidies
National Government Expenditures and Related Policies: General
Public finance & taxation
Public investment spending
Consumption taxes
Consumption
Private consumption
Expenditure
Taxes
National accounts
Public investments
Economics
Spendings tax
Expenditures, Public
Soggetto geografico: Angola
Altri autori: PortilloRafael  
YangSusan  
ZannaLuis-Felipe  
Note generali: "November 2012" -- verso of t.p.
At head of title: Research Department -- verso of t.p.
Nota di bibliografia: Includes bibliographical references (p. 42-47).
Nota di contenuto: 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 Volatility
B 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
5 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
Sommario/riassunto: Natural 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 capital built during a windfall, while revenue volatility raises short-term concerns about macroeconomic instability. Using the model, country applications show how combining public investment with a resource fund---a sustainable investing approach---can help address the macroeconomic problems associated with both exhaustibility and volatility. The applications also demonstrate how the model can be used to determine the appropriate magnitude of the investment scaling-up (accounting for the financing needs to sustain capital) and the adequate size of a stabilization fund (buffer).
Titolo autorizzato: Public Investment in Resource-Abundant Developing Countries  Visualizza cluster
ISBN: 1-4755-6996-3
1-4755-4982-2
1-283-94789-7
Formato: Materiale a stampa
Livello bibliografico Monografia
Lingua di pubblicazione: Inglese
Record Nr.: 9910811577103321
Lo trovi qui: Univ. Federico II
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Serie: IMF Working Papers; Working Paper ; ; No. 2012/274