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From natural resource boom to sustainable economic growth : lessons for Mongolia

Author: Pranav GuptaGrace Bin LiJiangyan YuInternational Monetary Fund. Research Department.International Monetary Fund. Strategy, Policy, and Review Department.All authors
Publisher: [Washington, D.C.] : International Monetary Fund, ©2015.
Series: IMF working paper, WP/15/90.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Database:WorldCat
Summary:
Some resource-rich developing countries are in the process of harnessing immense mining resources towards inclusive growth and prosperity. Nevertheless, tapping into natural resources could be challenging given the large front-loaded investment, volatile capital flows and exposure to global commodity markets. Public investment is needed to remove the often-large infrastructure gap and unlock the economic potential.  Read more...
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Details

Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Pranav Gupta; Grace Bin Li; Jiangyan Yu; International Monetary Fund. Research Department.; International Monetary Fund. Strategy, Policy, and Review Department.; International Monetary Fund. Asia and Pacific Department.
OCLC Number: 908342646
Notes: "April 2015."
"Research Department, Strategy, Policy, and Review Department, and Asia and Pacific Department."
Description: 1 online resource (31 pages) : color illustrations.
Series Title: IMF working paper, WP/15/90.
Responsibility: prepared by Pranav Gupta, Bin Grace Li, and Jiangyan Yu.

Abstract:

Some resource-rich developing countries are in the process of harnessing immense mining resources towards inclusive growth and prosperity. Nevertheless, tapping into natural resources could be challenging given the large front-loaded investment, volatile capital flows and exposure to global commodity markets. Public investment is needed to remove the often-large infrastructure gap and unlock the economic potential. However, too rapid fiscal outlays could push the economy to its limit of absorptive capacity and increase macro-financial vulnerabilities. This paper utilizes a structural model-based approach to analyze macroeconomic impacts of different public investment strategies on key fiscal and non-fiscal variables such as debt, consumption, sovereign wealth fund, and real exchange rates. We apply the model to Mongolia and draw policy recommendations from the analysis. We find that fiscal policy adjustment, particularly moderating infrastructure investment and optimizing investment efficiency is needed to maintain macroeconomic and external stability, as well as to boost the long-term sustainable growth for Mongolia. --Abstract.

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