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Debt sustainability, public investment, and natural resources in Developing countries : the DIGNAR model

Author: Giovanni Melina; Shu-Chun Susan Yang; Luis-Felipe Zanna; International Monetary Fund,
Publisher: [Washington, District of Columbia] : International Monetary Fund, 2014. ©2014
Series: IMF working paper, WP/14/50.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
This paper presents the DIGNAR (Debt, Investment, Growth, and Natural Resources) model, which can be used to analyze the debt sustainability and macroeconomic effects of public investment plans in resource-abundant developing countries. DIGNAR is a dynamic, stochastic model of a small open economy. It has two types of households, including poor households with no access to financial markets, and features traded and  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Melina, Giovanni.
Debt sustainability, public investment, and natural resources in Developing countries: the DIGNAR model.
[Washington, District of Columbia] : International Monetary Fund, ©2014
approximately 42 pages
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Giovanni Melina; Shu-Chun Susan Yang; Luis-Felipe Zanna; International Monetary Fund,
ISBN: 9781484347942 1484347943
OCLC Number: 880458644
Description: 1 online resource (42 pages) : illustrations (some color).
Contents: Cover; Contents; I. Introduction; II. The DIGNAR Model; A. Households; B. Firms; C. The Government; D. Identities and Market Clearing Conditions; III. Calibration; IV. Scaling up Public Investment with a Resource Windfall; A. The Spend-As-You-Go Approach versus the Delinked Investment Approach; B. Front Loading Public Investment with Commercial Borrowing; C. Domestic versus External Commercial Borrowing; D. Public Investment Efficiency, Return on Public Capital, and Debt Sustainability; V. Conclusions; Tables; 1. Baseline calibration; Figures. 1. Different speeds of investment scaling-ups. X-axis is in years. 2. Different degrees of frontloading in investment scaling-ups. X-axis is in years.; 3. Spend-as-you-go vs. delinked investment approach: no additional commercial borrowing. X-axis is in years; 4. Spend-as-you-go vs. delinked investment approach (continued): no additional commercial borrowing. X-axis is in years; 5. Various degrees of investment frontloading: external commercial borrowing. X axis is in years; 6. Various degrees of investment frontloading (continued): external commercial borrowing. X-axis is in years. 7. Various degrees of investment frontloading (concluded): external commercial borrowing. X-axis is in years8. Domestic vs. external commercial borrowing. X-axis is in years; 9. Increasing public investment efficiency and/or higher return to public capital: external commercial borrowing and adverse natural resource scenario. X-axis is in years; VI. References.
Series Title: IMF working paper, WP/14/50.
Responsibility: Giovanni Melina, Shu-Chun S. Yang, Luis-Felipe Zanna.

Abstract:

This paper presents the DIGNAR (Debt, Investment, Growth, and Natural Resources) model, which can be used to analyze the debt sustainability and macroeconomic effects of public investment plans in resource-abundant developing countries. DIGNAR is a dynamic, stochastic model of a small open economy. It has two types of households, including poor households with no access to financial markets, and features traded and nontraded sectors as well as a natural resource sector. Public capital enters production technologies, while public investment is subject to inefficiencies and absorptive capacity c.

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