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Public investment as an engine of growth

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  • Public investment as an engine of growth
  • Warner, Andrew
  • International Monetary Fund


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Title Public investment as an engine of growth
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Material Type Reports
Author(English)

Warner, Andrew

Publisher

[Washington, DC, U.S.] : International Monetary Fund

Date 2014-08
Series Title; No IMF working papers / 14/148
Pages 76
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Administration
Official Aid < Development Assistance
Holding EconPapers
License

Abstract

This paper looks at the empirical record whether big infrastructure and public capital drives have succeeded in accelerating economic growth in low-income countries. It looks at big long-lasting drives in public capital spending, as these were arguably clear and exogenous policy decisions. On average the evidence shows only a weak positive association between investment spending and growth and only in the same year, as lagged impacts are not significant. Furthermore, there is little evidence of long term positive impacts. Some individual countries may be exceptions to this general result, as for example Ethiopia in recent years, as high public investment has coincided with high GDP growth, but it is probably too early to draw definitive conclusions. (The rest omitted)