Public investment in resource-abundant developing countries

Andrew Berg, Rafael Portillo, Shu-Chun S. Yang, and Luis-Felipe Zanna

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 capit

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Year of publication:	2012
Authors:	Berg, Andrew ; Portillo, Rafael ; Yang, Shu-Chun S. ; Zanna, Luis-Felipe
Publisher:	Washington, DC : Internat. Monetary Fund
Subject:	Öffentliche Investition \| Public investment \| Rohstoffvorkommen \| Resource deposit \| Kleine offene Volkswirtschaft \| Small open economy \| Dynamisches Gleichgewicht \| Dynamic equilibrium \| Entwicklungsländer \| Developing countries

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Extent:	Online-Ressource graph. Darst.
Series:	IMF working papers. - Washington, DC : IMF, ZDB-ID 2108494-4. - Vol. 12/274
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Notes:	"November 2012" -- verso of t.p At head of title: Research Department -- verso of t.p Includes bibliographical references (p. 42-47) Systemvoraussetzungen: Acrobat Reader 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 Windfall6 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 Electronic reproduction; Available via World Wide Web
ISBN:	978-1-4755-3556-3
Source:	ECONIS - Online Catalogue of the ZBW

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