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Displaying results 1 to 16 of 16.

  1. The spending challenge of achieving the SDGs in South Asia
    lessons from India
    Author: García-Escribano, Mercedes; Mogues, Tewodaj; Moszoro, Mariano; Soto, Mauricio
    Published: Dec 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    South Asia has experienced significant progress in improving human and physical capital over the past few decades. Within the region, India has become a global economic powerhouse with enormous development potential ahead. To foster human and... more

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    South Asia has experienced significant progress in improving human and physical capital over the past few decades. Within the region, India has become a global economic powerhouse with enormous development potential ahead. To foster human and economic development, India has shown a strong commitment to the Sustainable Development Goals (SDG) Agenda. This paper focuses on the medium-term development challenges that South Asia, and in particular India, faces to ensure substantial progress along the SDGs by 2030. We estimate the additional spending needed in critical areas of human capital (health and education) and physical capital (water and sanitation, electricity, and roads). We document progress on these five sectors for India relative to other South Asian countries and discuss implications for policy and reform

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781616355654
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    Series: Working paper / International Monetary Fund ; WP/21, 294
    Subjects: Sustainable Development Goals (SDGs); Human Capital; Infrastructure; India; Economic Development; Housing; Microeconomic Analyses of Economic Development; National Government Expenditures and Related Policies; Other Public Investment and Capital Stock
    Scope: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  2. The direct employment impact of public investment
    Author: Moszoro, Marian
    Published: May 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We evaluate the direct employment effect of the public investment in key infrastructure-electricity, roads, schools and hospitals, and water and sanitation. Using rich firm-level panel data from 41 countries over 19 years, we estimate that USD 1... more

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    We evaluate the direct employment effect of the public investment in key infrastructure-electricity, roads, schools and hospitals, and water and sanitation. Using rich firm-level panel data from 41 countries over 19 years, we estimate that USD 1 million of public spending in infrastructure create 3-7 jobs in advanced economies, 10-17 jobs in emerging market economies, and 16-30 jobs in low-income developing countries. As a comparison, USD 1 million public spending on R and D yields 5-11 jobs in R and D in OECD countries. Green investment and investment with a larger R and D component deliver higher employment effect. Overall, we estimate that one percent of global GDP in public investment can create more than seven million jobs worldwide through its direct employment effects alone

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
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    ISBN: 9781513573793
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    Series: IMF working paper ; WP/21, 131
    Subjects: Crisis; Public Investment; Infrastructure; Stimulus; Employment; COVID; Recovery; Foreign Exchange; Informal Economy; National Government Expenditures and Related Policies; Other Public Investment and Capital Stock; Underground Econom
    Scope: 1 Online-Ressource (circa 20 Seiten), Illustrationen
  3. The fiscal multiplier of European Structural Investment Funds
    aggregate and sectoral effects with an application to Slovenia
    Author: Durand, Luigi; Espinoza, Raphael
    Published: April 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    In this paper, we estimate the aggregate and sectoral fiscal multipliers of EU Structural Investment (ESI) Funds and of public investment at the EU level. We complement these results with a specific application to the case of Slovenia. We first... more

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    In this paper, we estimate the aggregate and sectoral fiscal multipliers of EU Structural Investment (ESI) Funds and of public investment at the EU level. We complement these results with a specific application to the case of Slovenia. We first analyze aggregate data and find large and significant multipliers and strong crowding-in of private investment. Our main findings show that positive shocks to ESI Funds are followed by an increase in output that ranges from 1.2 percent on impact, to 1.8 percent after 1 year, and by an increase in private investment between 0.7 and 0.8 percent of GDP. We address country heterogeneity by dividing countries according to key characteristics that have been known to affect multipliers. In particular, we find higher multipliers in a group of CEE countries that are important recipients of European funds and are characterized by fixed exchange rate regimes and sound public investment governance (e.g. Croatia and Slovenia). We also complement the aggregate analysis by estimating the effect of different types of public investment and the effect of public investment on different sectors of the economy

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781513573762
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    Series: IMF working paper ; WP/21, 118
    Subjects: fiscal multiplier; European Structural Investment funds; private investment; Slovenia; Foreign Exchange; Informal Economy; National Government Expenditures and Related Policies; Other Public Investment and Capital Stock; Underground Econom
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  4. Scaling up quality infrastructure investment in South Asia
    Author: Bizimana, Olivier; Jaramillo Echeverri, Laura; Thomas, Saji; Yoo, Jiae
    Published: April 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    South Asia needs large infrastructure investments to achieve its development goals, and public investment can also support the Covid-19 recovery. Regression estimates that account for the quantity and quality of investment suggest that public... more

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    South Asia needs large infrastructure investments to achieve its development goals, and public investment can also support the Covid-19 recovery. Regression estimates that account for the quantity and quality of investment suggest that public infrastructure was a key driver of productivity growth in South Asia. Going forward, higher public infrastructure spending can raise growth, but its benefits depend on how it is financed and managed. Model simulations show that tax financing, concessional lending, or private sector financing through public private partnerships (PPPs) are more advantageous than government borrowing through financial markets because they support growth while containing the impact on public debt. However, the optimal choice also depends on available fiscal space, taxation capacity, implementation risks, and public investment efficiency. To reap the most benefits from higher infrastructure investment, South Asian countries need to manage fiscal risks carefully, including from PPPs and state-owned enterprises, and improve public investment efficiency

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
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    Format: Online
    ISBN: 9781513582450
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    Series: IMF working paper ; WP/21, 117
    Subjects: Public investment; infrastructure; growth; Foreign Exchange; Informal Economy; National Government Expenditures and Related Policies; Other Public Investment and Capital Stock; Underground Econom
    Scope: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  5. Pooling fiscal risk in the ECCU
    quantitative assessment of savings with a regional stabilization fund
    Author: Guerson, Alejandro
    Published: July 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    This paper quantifies the savings obtained from risk pooling with a Regional Stabilization Fund (RSF) for the Eastern Caribbean Currency Union. A Monte Carlo experiment is used to estimate the size of a RSF conditional on probabilities of depletion... more

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    This paper quantifies the savings obtained from risk pooling with a Regional Stabilization Fund (RSF) for the Eastern Caribbean Currency Union. A Monte Carlo experiment is used to estimate the size of a RSF conditional on probabilities of depletion under specific saving-withdrawal rules. Results indicate that regional risk pooling requires about half of the saving amount relative to the sum of individual-country savings. In addition to reducing the amount of saving requirements for stabilization, the RSF can improve welfare by realocating government consumption savings during booms towards public investment during recessions, resulting in an increase of public investment in the range of 0.5-1.5 percent of GDP per year depending on the country, with positive growth dividends. Moreover, the RSF also reduces the dispersion of public debt outcomes in light of the cross-country cyclical synchronicity of output and revenue, thereby strengthening the stability of the regional currency board

     
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  6. Mastering the risky business of public-private partnerships in infrastructure
    Author: Fouad, Manal; Matsumoto, Chishiro; Monteiro, comprising Rui; Rial, Isabel; Sakrak, Ozlem Aydin
    Published: 2021
    Publisher:  International Monetary Fund, Washington, DC, USA

    Investment in infrastructure can be a driving force of the economic recovery in the aftermath of the COVID-19 pandemic in the context of shrinking fiscal space. Public-private partnerships (PPP) bring a promise of efficiency when carefully designed... more

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    Investment in infrastructure can be a driving force of the economic recovery in the aftermath of the COVID-19 pandemic in the context of shrinking fiscal space. Public-private partnerships (PPP) bring a promise of efficiency when carefully designed and managed, to avoid creating unnecessary fiscal risks. But fiscal illusions prevent an understanding the sources of fiscal risks, which arise in all infrastructure projects, and that in PPPs present specific characteristics that need to be addressed. PPP contracts are also affected by implicit fiscal risks when they are poorly designed, particularly when a government signs a PPP contract for a project with no financial sustainability. This paper reviews the advantages and inconveniences of PPPs, discusses the fiscal illusions affecting them, identifies a diversity of fiscal risks, and presents the essentials of PPP fiscal risk management

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781513576565
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    Series: Departmental paper series ; no 21, 10
    Subjects: Öffentlich-private Partnerschaft; Infrastrukturinvestition; Öffentliche Ausgaben; Fiscal Risks; National Government Expenditures and Related Policies; Other Public Investment and Capital Stock; Public Administration; Public Sector Accounting and Audits
    Scope: 1 Online-Ressource (circa 61 Seiten), Illustrationen
  7. How to manage public investment during a postcrisis recovery
    Author: Tandberg, Eivind; Allen, Richard
    Published: 2021
    Publisher:  International Monetary Fund, Publication Services, Washington, DC, U.S.A.

    Public investment is likely to be an important component of any postcrisis recovery program. As countries work to ensure a smart, green, fair recovery, investing in modern, resilient, and efficient infrastructure assets will be key. This How to Note... more

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    Public investment is likely to be an important component of any postcrisis recovery program. As countries work to ensure a smart, green, fair recovery, investing in modern, resilient, and efficient infrastructure assets will be key. This How to Note discusses how countries should manage public investments to recover from the COVID-19 pandemic and similar crises. It provides countries with guidance on making efficient use of public investment to support economic recovery on three different capacity levels: basic, medium, and advanced

     
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  8. Loss-of-learning and the post-Covid recovery in low-income countries
    Author: Buffie, Edward F.; Adam, Christopher S.; Zanna, Luis-Felipe; Kpodar, Roland Kangni
    Published: 2022 FEB
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We analyze the medium-term macroeconomic impact of the Covid-19 pandemic and associated lock-down measures on low-income countries. We focus on the impact over the medium-run of the degradation of health and human capital caused by the pandemic and... more

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    We analyze the medium-term macroeconomic impact of the Covid-19 pandemic and associated lock-down measures on low-income countries. We focus on the impact over the medium-run of the degradation of health and human capital caused by the pandemic and its aftermath, exploring the trade-offs between rebuilding human capital and the recovery of livelihoods and macroeconomic sustainability. A dynamic general equilibrium model is calibrated to reflect the structural characteristics of vulnerable low-income countries and to replicate key dimensions of the Covid-19 shock. We show that absent significant and sustained external financing, the persistence of loss-of-learning effects on labor productivity is likely to make the post-Covid recovery more attenuated and more expensive than many contemporary analyses suggest

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9798400200755
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    Series: Working paper / International Monetary Fund ; WP/22, 25
    Subjects: Covid-19; Public Investment; Growth; Debt; Fiscal Policy Human Capital; Labor Markets; Welfare; Debt; Fiscal Policy; International Lending and Debt Problems; National Government Expenditures and Related Policies; Other Public Investment and Capital Stock
    Scope: 1 Online-Ressource (circa 60 Seiten), Illustrationen
  9. The spending challenge of achieving the SDGs in South Asia
    lessons from India
    Author: García-Escribano, Mercedes; Mogues, Tewodaj; Moszoro, Mariano; Soto, Mauricio
    Published: Dec 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    South Asia has experienced significant progress in improving human and physical capital over the past few decades. Within the region, India has become a global economic powerhouse with enormous development potential ahead. To foster human and... more

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    South Asia has experienced significant progress in improving human and physical capital over the past few decades. Within the region, India has become a global economic powerhouse with enormous development potential ahead. To foster human and economic development, India has shown a strong commitment to the Sustainable Development Goals (SDG) Agenda. This paper focuses on the medium-term development challenges that South Asia, and in particular India, faces to ensure substantial progress along the SDGs by 2030. We estimate the additional spending needed in critical areas of human capital (health and education) and physical capital (water and sanitation, electricity, and roads). We document progress on these five sectors for India relative to other South Asian countries and discuss implications for policy and reform

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781616355654
    Other identifier:
    Series: Working paper / International Monetary Fund ; WP/21, 294
    Subjects: Sustainable Development Goals (SDGs); Human Capital; Infrastructure; India; Economic Development; Housing; Microeconomic Analyses of Economic Development; National Government Expenditures and Related Policies; Other Public Investment and Capital Stock
    Scope: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  10. How to manage public investment during a postcrisis recovery
    Author: Tandberg, Eivind; Allen, Richard
    Published: 2021
    Publisher:  International Monetary Fund, Publication Services, Washington, DC, U.S.A.

    Public investment is likely to be an important component of any postcrisis recovery program. As countries work to ensure a smart, green, fair recovery, investing in modern, resilient, and efficient infrastructure assets will be key. This How to Note... more

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    Public investment is likely to be an important component of any postcrisis recovery program. As countries work to ensure a smart, green, fair recovery, investing in modern, resilient, and efficient infrastructure assets will be key. This How to Note discusses how countries should manage public investments to recover from the COVID-19 pandemic and similar crises. It provides countries with guidance on making efficient use of public investment to support economic recovery on three different capacity levels: basic, medium, and advanced

     
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  11. Loss-of-learning and the post-Covid recovery in low-income countries
    Author: Buffie, Edward F.; Adam, Christopher S.; Zanna, Luis-Felipe; Kpodar, Roland Kangni
    Published: 2022 FEB
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We analyze the medium-term macroeconomic impact of the Covid-19 pandemic and associated lock-down measures on low-income countries. We focus on the impact over the medium-run of the degradation of health and human capital caused by the pandemic and... more

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    We analyze the medium-term macroeconomic impact of the Covid-19 pandemic and associated lock-down measures on low-income countries. We focus on the impact over the medium-run of the degradation of health and human capital caused by the pandemic and its aftermath, exploring the trade-offs between rebuilding human capital and the recovery of livelihoods and macroeconomic sustainability. A dynamic general equilibrium model is calibrated to reflect the structural characteristics of vulnerable low-income countries and to replicate key dimensions of the Covid-19 shock. We show that absent significant and sustained external financing, the persistence of loss-of-learning effects on labor productivity is likely to make the post-Covid recovery more attenuated and more expensive than many contemporary analyses suggest

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9798400200755
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    Series: Working paper / International Monetary Fund ; WP/22, 25
    Subjects: Covid-19; Public Investment; Growth; Debt; Fiscal Policy Human Capital; Labor Markets; Welfare; Debt; Fiscal Policy; International Lending and Debt Problems; National Government Expenditures and Related Policies; Other Public Investment and Capital Stock
    Scope: 1 Online-Ressource (circa 60 Seiten), Illustrationen
  12. The direct employment impact of public investment
    Author: Moszoro, Marian
    Published: May 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We evaluate the direct employment effect of the public investment in key infrastructure-electricity, roads, schools and hospitals, and water and sanitation. Using rich firm-level panel data from 41 countries over 19 years, we estimate that USD 1... more

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    We evaluate the direct employment effect of the public investment in key infrastructure-electricity, roads, schools and hospitals, and water and sanitation. Using rich firm-level panel data from 41 countries over 19 years, we estimate that USD 1 million of public spending in infrastructure create 3-7 jobs in advanced economies, 10-17 jobs in emerging market economies, and 16-30 jobs in low-income developing countries. As a comparison, USD 1 million public spending on R and D yields 5-11 jobs in R and D in OECD countries. Green investment and investment with a larger R and D component deliver higher employment effect. Overall, we estimate that one percent of global GDP in public investment can create more than seven million jobs worldwide through its direct employment effects alone

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
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    Format: Online
    ISBN: 9781513573793
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    Series: IMF working paper ; WP/21, 131
    Subjects: Crisis; Public Investment; Infrastructure; Stimulus; Employment; COVID; Recovery; Foreign Exchange; Informal Economy; National Government Expenditures and Related Policies; Other Public Investment and Capital Stock; Underground Econom
    Scope: 1 Online-Ressource (circa 20 Seiten), Illustrationen
  13. The fiscal multiplier of European Structural Investment Funds
    aggregate and sectoral effects with an application to Slovenia
    Author: Durand, Luigi; Espinoza, Raphael
    Published: April 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    In this paper, we estimate the aggregate and sectoral fiscal multipliers of EU Structural Investment (ESI) Funds and of public investment at the EU level. We complement these results with a specific application to the case of Slovenia. We first... more

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    In this paper, we estimate the aggregate and sectoral fiscal multipliers of EU Structural Investment (ESI) Funds and of public investment at the EU level. We complement these results with a specific application to the case of Slovenia. We first analyze aggregate data and find large and significant multipliers and strong crowding-in of private investment. Our main findings show that positive shocks to ESI Funds are followed by an increase in output that ranges from 1.2 percent on impact, to 1.8 percent after 1 year, and by an increase in private investment between 0.7 and 0.8 percent of GDP. We address country heterogeneity by dividing countries according to key characteristics that have been known to affect multipliers. In particular, we find higher multipliers in a group of CEE countries that are important recipients of European funds and are characterized by fixed exchange rate regimes and sound public investment governance (e.g. Croatia and Slovenia). We also complement the aggregate analysis by estimating the effect of different types of public investment and the effect of public investment on different sectors of the economy

     
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    Source: Staatsbibliothek zu Berlin
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    ISBN: 9781513573762
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    Series: IMF working paper ; WP/21, 118
    Subjects: fiscal multiplier; European Structural Investment funds; private investment; Slovenia; Foreign Exchange; Informal Economy; National Government Expenditures and Related Policies; Other Public Investment and Capital Stock; Underground Econom
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  14. Scaling up quality infrastructure investment in South Asia
    Author: Bizimana, Olivier; Jaramillo Echeverri, Laura; Thomas, Saji; Yoo, Jiae
    Published: April 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    South Asia needs large infrastructure investments to achieve its development goals, and public investment can also support the Covid-19 recovery. Regression estimates that account for the quantity and quality of investment suggest that public... more

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    South Asia needs large infrastructure investments to achieve its development goals, and public investment can also support the Covid-19 recovery. Regression estimates that account for the quantity and quality of investment suggest that public infrastructure was a key driver of productivity growth in South Asia. Going forward, higher public infrastructure spending can raise growth, but its benefits depend on how it is financed and managed. Model simulations show that tax financing, concessional lending, or private sector financing through public private partnerships (PPPs) are more advantageous than government borrowing through financial markets because they support growth while containing the impact on public debt. However, the optimal choice also depends on available fiscal space, taxation capacity, implementation risks, and public investment efficiency. To reap the most benefits from higher infrastructure investment, South Asian countries need to manage fiscal risks carefully, including from PPPs and state-owned enterprises, and improve public investment efficiency

     
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    Source: Staatsbibliothek zu Berlin
    Language: English
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    ISBN: 9781513582450
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    Series: IMF working paper ; WP/21, 117
    Subjects: Public investment; infrastructure; growth; Foreign Exchange; Informal Economy; National Government Expenditures and Related Policies; Other Public Investment and Capital Stock; Underground Econom
    Scope: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  15. Mastering the risky business of public-private partnerships in infrastructure
    Author: Fouad, Manal; Matsumoto, Chishiro; Monteiro, comprising Rui; Rial, Isabel; Sakrak, Ozlem Aydin
    Published: 2021
    Publisher:  International Monetary Fund, Washington, DC, USA

    Investment in infrastructure can be a driving force of the economic recovery in the aftermath of the COVID-19 pandemic in the context of shrinking fiscal space. Public-private partnerships (PPP) bring a promise of efficiency when carefully designed... more

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    Investment in infrastructure can be a driving force of the economic recovery in the aftermath of the COVID-19 pandemic in the context of shrinking fiscal space. Public-private partnerships (PPP) bring a promise of efficiency when carefully designed and managed, to avoid creating unnecessary fiscal risks. But fiscal illusions prevent an understanding the sources of fiscal risks, which arise in all infrastructure projects, and that in PPPs present specific characteristics that need to be addressed. PPP contracts are also affected by implicit fiscal risks when they are poorly designed, particularly when a government signs a PPP contract for a project with no financial sustainability. This paper reviews the advantages and inconveniences of PPPs, discusses the fiscal illusions affecting them, identifies a diversity of fiscal risks, and presents the essentials of PPP fiscal risk management

     
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    Source: Staatsbibliothek zu Berlin
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    ISBN: 9781513576565
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    Series: Departmental paper series ; no 21, 10
    Subjects: Öffentlich-private Partnerschaft; Infrastrukturinvestition; Öffentliche Ausgaben; Fiscal Risks; National Government Expenditures and Related Policies; Other Public Investment and Capital Stock; Public Administration; Public Sector Accounting and Audits
    Scope: 1 Online-Ressource (circa 61 Seiten), Illustrationen
  16. Pooling fiscal risk in the ECCU
    quantitative assessment of savings with a regional stabilization fund
    Author: Guerson, Alejandro
    Published: July 2021
    Publisher:  International Monetary Fund, [Washington, D.C.]

    This paper quantifies the savings obtained from risk pooling with a Regional Stabilization Fund (RSF) for the Eastern Caribbean Currency Union. A Monte Carlo experiment is used to estimate the size of a RSF conditional on probabilities of depletion... more

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    This paper quantifies the savings obtained from risk pooling with a Regional Stabilization Fund (RSF) for the Eastern Caribbean Currency Union. A Monte Carlo experiment is used to estimate the size of a RSF conditional on probabilities of depletion under specific saving-withdrawal rules. Results indicate that regional risk pooling requires about half of the saving amount relative to the sum of individual-country savings. In addition to reducing the amount of saving requirements for stabilization, the RSF can improve welfare by realocating government consumption savings during booms towards public investment during recessions, resulting in an increase of public investment in the range of 0.5-1.5 percent of GDP per year depending on the country, with positive growth dividends. Moreover, the RSF also reduces the dispersion of public debt outcomes in light of the cross-country cyclical synchronicity of output and revenue, thereby strengthening the stability of the regional currency board

     
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