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Measuring the impact of debt-financed public investment

Author: Carlos Brandão Cavalcanti; Gustavo A Marrero; Tuan Minh Le; World Bank. Poverty Reduction and Economic Management. Economic Policy and Debt Department.
Publisher: [Washington, D.C.] : World Bank, [2014]
Series: Policy research working papers, 6766.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Database:WorldCat
Summary:
"While debt-financed productive public investment raises a country's debt ratios in the short run, it can also generate higher growth, revenues, and exports, leading over time to lower debt ratios. This paper develops a framework to assess whether countries meet the conditions for realizing the net benefits over the costs of public investment debt financing. While it is possible to achieve debt sustainability with  Read more...
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Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Carlos Brandão Cavalcanti; Gustavo A Marrero; Tuan Minh Le; World Bank. Poverty Reduction and Economic Management. Economic Policy and Debt Department.
OCLC Number: 870752210
Notes: "World Bank, Poverty Reduction and Economic Management Network, Economic Policy and Debt Unit."
"February 2014."
Description: 1 online resource (31 pages) : color illustrations.
Series Title: Policy research working papers, 6766.
Responsibility: Carlos B. Cavalcanti, Gustavo A. Marero, and Tuan Minh Le.

Abstract:

"While debt-financed productive public investment raises a country's debt ratios in the short run, it can also generate higher growth, revenues, and exports, leading over time to lower debt ratios. This paper develops a framework to assess whether countries meet the conditions for realizing the net benefits over the costs of public investment debt financing. While it is possible to achieve debt sustainability with an appropriate mix of concessional and non-concessional financing, this is a necessary but not sufficient condition. It is also important to ensure the operational viability of public investment projects by having in place adequate project management: (i) project screening and appraisal, (ii) a clear connection between capital and recurrent expenditures once the projects are launched, and (iii) safeguards for appropriate project implementation and facilities operations. To illustrate the strength of these results, the paper carries out three measurement exercises: (a) a simulation of the degree to which the ratio of optimal public investment responds to changes in key parameters related to project management in a general equilibrium model; (b) application of the public investment management (PIMa) index to benchmark a country's public investment management capacity; and (c) presentation of the results of the Investment, Savings, and Macroeconomic Vulnerabilities tool aimed at tracking country choices in public finance and the impact of public projects on private investments"--Abstract.

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