Cargando…
Public investment in resource-abundant developing countries /
"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...
| Clasificación: | Libro Electrónico |
|---|---|
| Autor Corporativo: | |
| Otros Autores: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
Ã2012.
|
| Colección: | IMF working paper ;
WP/12/274. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | "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)"--Abstract |
|---|---|
| Notas: | Title from PDF title page (IMF Web site, viewed November 26, 2012). "Research Department"--Page 2 of pdf "November 2012"--Page 2 of pdf |
| Descripción Física: | 1 online resource (48 pages) : color illustrations |
| Bibliografía: | Includes bibliographical references (pages 42-47). |
| ISBN: | 9781475549829 1475549822 1475569963 9781475569964 1283947897 9781283947893 |