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Western Hemisphere > Argentina

You are looking at 1 - 10 of 15 items for :

  • Type: Journal Issue x
  • National Government Expenditures and Related Policies: Infrastructures; Other Public Investment and Capital Stock x
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Cover IMF Staff Country Reports
Uruguay: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper studies economic growth in Uruguay. Following the 2002 crisis, Uruguay had a remarkable economic recovery. The major growth acceleration in 2004–14 was explained by a combination of positive external factors, recovery from crisis, and emergence of new export sectors. With external factors no longer a support for growth, Uruguay needs to leverage its strengths to raise growth sustainably. Uruguay’s high level of institutional quality and social cohesion provides a stable container for growth. A comparison relative to its trading partners and high growth peers helps identify areas that Uruguay can further enhance to unleash its growth potential. These include, a strong, flexible, and equitable labor market, better education outcomes, higher private sector dynamism, and continued macro stability. Structural policy reforms on key constraints to the private sector will help realize the potential of the new export industries and set the stage for inclusive growth. A strong and credible macro policy framework is also essential for growth sustainability. Efforts to reduce debt, inflation, and dollarization and keep them at low levels will lay the foundations for structural reforms to flourish.
Keywords:
ISCR; CR; infrastructure investment; text; youth unemployment; youth-to-adult unemployment gap; Labor indicator; wage council; labor market condition; Unemployment; Exports; Public investment and public-private partnerships (PPP); Infrastructure; Public investment spending; Global; Asia and Pacific
Cover IMF Working Papers
Is the Public Investment Multiplier Higher in Developing Countries? An Empirical Exploration
Mr. Alejandro Izquierdo
,
Mr. Ruy Lama
,
Juan Pablo Medina
,
Jorge Puig
,
Daniel Riera-Crichton
,
Mr. Carlos A. Végh Gramont
, and
Guillermo Javier Vuletin
Over the last decade, empirical studies analyzing macroeconomic conditions that may affect the size of government spending multipliers have flourished. Yet, in spite of their obvious public policy importance, little is known about public investment multipliers. In particular, the clear theoretical implication that public investment multipliers should be higher (lower) the lower (higher) is the initial stock of public capital has not, to the best of our knowledge, been tested. This paper tackles this empirical challenge and finds robust evidence in favor of the above hypothesis: countries with a low initial stock of public capital (as a proportion of GDP) have significantly higher public investment multipliers than countries with a high initial stock of public capital. This key finding seems robust to the sample (European countries, U.S. states, and Argentine provinces) and to the identification method (Blanchard-Perotti, forecast errors, and instrumental variables). Our results thus suggest that public investment in developing countries would carry high returns.
Keywords:
WP; investment multiplier; Fiscal multiplier; Public investment; Stock of public capital; Crowding-in; multiplier estimate; public investment multiplier; multiplier calculation; government spending multiplier; Public investment spending; Stocks; Government consumption; Private investment; Global
Cover IMF Staff Country Reports
Mexico: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper shows that upgrading basic public infrastructure, and road infrastructure, raises productivity among firms, not only for large companies but also for Mexico’s large number of small and micro firms. This finding suggests that greater government spending on road infrastructure will support efforts to raise productivity and growth over the medium term. Mexico’s infrastructure quality has been on a steady decline. World Economic Forum indicators of perceived infrastructure quality show Mexico broadly in line with—or even outperforming—its emerging market and regional peers. Infrastructure quality and access are likely to weaken further at current investment rates. Spending trends compare particularly poorly to investment needs in the case of roads investment. According to the Global Competitiveness Index, the perceived quality of Mexico’s transportation infrastructure is broadly in line with peers. The note provides evidence of the role of infrastructure investment in boosting productivity.
Keywords:
ISCR; CR; firm; Mexico; cost; micro firm; cost cap; spending efficiency; firm productivity; firm's locality; physical capital; IMF FAD Expenditure Assessment Tool; Total expenditures; Education spending; Social protection spending; Capital spending; Global
Cover IMF Staff Country Reports
Bolivia: 2018 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. Western Hemisphere Dept.
After years of impressive growth and poverty reduction, Bolivia is facing a more challenging period. Accommodative fiscal and monetary policies combined with lower gas and minerals prices have contributed to continued large twin deficits, foreign reserve losses, and a sharp increase in public debt. External competitiveness has been negatively affected by the appreciating US dollar, high wage growth, and domestic policies that have hindered private sector investment. A definitive change in the policy stance is warranted to restore external balance, minimize a further buildup in vulnerabilities, and promote broad based growth.
Keywords:
ISCR; CR; fiscal policy; commodity; exchange rate; U.S. dollar; central bank; exchange regime; accommodative fiscal policy; boom period; Public investment and public-private partnerships (PPP); Credit; Commodity prices; Public sector; Global
Cover IMF Working Papers
Enforcing Public-Private Partnership Contract: How do Fiscal Institutions Matter?
Manabu Nose
Public-private partnerships (PPPs) have increased rapidly in emerging and developing countries, creating both opportunities and fiscal challenges. One of the main challenges is that while governments have increased commitments in guarantees and direct subsidies to promote PPPs, contractual disputes remain high with significant costs. This paper examines how fiscal institutions affect the selection of PPP contracts and the probability of contract disputes using about 6,000 PPP contract-level data. The analysis shows that larger government financing needs, lower budget transparency and bureaucratic efficiency are associated with higher probability for governments to offer guarantees. Propensity score matching results show that disputes are more common for guaranteed contracts due to adverse selection and contingent liability effects. PPP management quality and budget transparency are found to be key determinants for a longer survival of PPPs.
Keywords:
WP; adverse selection; capital stock; Public-private partnerships; public investment management; fiscal risk; propensity score matching; dispute risk; PPP contract; drive government decision; PIM quality index; government involvement; government financing; dispute case; management quality; indebted government; PPP investment; provision of guarantee; PPP project; Public investment and public-private partnerships (PPP); Budget planning and preparation; Fiscal risks; Contingent liabilities; Asia and Pacific
Cover IMF Staff Country Reports
Paraguay: Consulta del Artículo IV correspondiente a 2013-informe del personal; Comunicado de prensa
International Monetary Fund. Western Hemisphere Dept.
TEMAS PRINCIPALES Contexto: Los fundamentos económicos de Paraguay son sólidos: bajo nivel de endeudamiento, cuantiosas reservas oficiales y desequilibrios fiscales y externos reducidos. El principal desafío por delante consiste en mejorar el desarrollo social y económico, fortaleciendo al mismo tiempo el marco de política macroeconómica para cimentar fundamentos sólidos. Ante estos desafíos, el gobierno que asumió funciones en agosto de 2013 ha propuesto importantes reformas y ha dado un decidido primer paso al promulgar leyes de importancia clave: nuevos impuestos, alianzas público-privadas (APP) y leyes de responsabilidad fiscal. Perspectivas: Las perspectivas de Paraguay para 2014–18 son favorables, con riesgos ampliamente equilibrados pese a una coyuntura externa menos dinámica. La economía seguirá siendo una de las más pujantes de la región, con un crecimiento que para 2016 retornará al nivel potencial de aproximadamente 4,5%, una inflación acorde con la tasa fijada como meta por el banco central y bajos niveles de déficit fiscal y en cuenta corriente. Conforme a estas perspectivas, la orientación de la política económica debería tornarse más restrictiva a corto plazo, tomando como guía la responsabilidad fiscal y un incipiente régimen de metas de inflación a mediano plazo. Cimentar fundamentos económicos sólidos: La Ley de Responsabilidad Fiscal proporciona una base sólida para la sostenibilidad fiscal, pero se necesitan instituciones presupuestarias más firmes para mejorar la calidad del gasto, a la vez que se fortalecen la administración y la capacitad tributaria y aduanera para disipar los riesgos que podrían plantear las APP. Las reformas de la función pública y las pensiones también son necesarias para seguir reforzando el marco fiscal. El banco central ha avanzado bastante en la implementación de un régimen de metas de inflación, junto con la flexibilización del tipo de cambio. La atención debe seguir centrada en medidas para lograr un régimen de metas de inflación cabal y en reforzar la supervisión basada en riesgos conforme a prácticas óptimas internacionales. Crecimiento inclusivo: La reducción de la pobreza dependerá de que se garantice la sostenibilidad a largo plazo de las iniciativas que están en curso y de que se incremente la flexibilidad del mercado laboral para reducir la informalidad, así como de una mejor gestión de las empresas públicas para ampliar el acceso a servicios públicos básicos a un costo razonable.
Keywords:
ISCR; CR; inflation targeting; inflation-targeting regime; target rate; exchange rate
Cover IMF Staff Country Reports
Paraguay: 2013 Article IV Consultation-Staff Report; Press Release
International Monetary Fund. Western Hemisphere Dept.
This 2013 Article IV consultation highlights the main challenge ahead for Paraguay, which is to improve social and economic development while strengthening the macroeconomic policy framework to cement strong fundamentals. Paraguay’s outlook for 2014–18 is favorable, with broadly balanced risks, despite less buoyant external conditions. The economy is expected to continue to be one of the most dynamic in the region, with growth returning to potential of about 4.5 percent a year by 2016, inflation in line with the central bank’s target rate, and small fiscal and current account deficits. Consistent with this outlook, the policy stance should be tightened in the near term, with policies guided by fiscal responsibility and incipient inflation-targeting frameworks over the medium term.
Keywords:
ISCR; CR; inflation targeting; inflation-targeting regime; target rate; exchange rate; inflation-targeting framework; foreign currency; current account; U.S. dollar; Public investment and public-private partnerships (PPP); PFM legal and regulatory frameworks; Global
Cover IMF Staff Country Reports
Uruguay: Selected Issues
International Monetary Fund
This report includes five background studies with emphasis on vulnerabilities and growth, the focus of the 2006 Article IV Consultation with Uruguay. Stocks of key financial balance sheet vulnerabilities are also discussed. With the appreciation of the peso since early 2004, the discussion on competitiveness has intensified. To assess competitiveness, the paper looks at balance of payments trends, the ratio of tradable to nontradable prices, cost and profitability measures, and real exchange rates and their alignment with purchasing power parity (PPP).
Keywords:
ISCR; CR; Uruguay; growth performance; bank; Uruguay's competitiveness; private sector participation; bank credit stock; balance of payments trend; Uruguayan peso; Public investment and public-private partnerships (PPP); Public investment spending; Credit; Infrastructure; East Asia; South Asia; Global
Cover IMF Research Bulletin
IMF Research Bulletin, June 2006
International Monetary Fund. Research Dept.
Research summaries on (1) public investment, and (2) bank transaction taxes; announcement of forthcoming (November 2006) Jacques Polak Seventh Annual Research Conference; country study on Italy; listing of contents of Vol. 53, No. 2 of IMF Staff Papers, summary of recently published book entitled "Divergent Paths in Post-Communist Transformation: Capitalism for All or Capitalism for the Few?"; summary of (January 2006) Warsaw Conference on European Union (EU) enlargement and related flows of labor and capital; listing of recent IMF Working Papers; and listing of visiting scholars at IMF, January-April 2006.
Keywords:
IRB; CIS country; investment; IMF data; Italy; revenue; forecasting ECB monetary policy; convergence process; EU enlargement; data section; Public investment spending; Public investment and public-private partnerships (PPP); Bank levy; Financial transaction tax; Fiscal consolidation; Europe; Global; Caribbean; Africa
Cover Unproductive Public Expenditures
Unproductive Public Expenditures
A Pragmatic Approach to Policy Analysis
International Monetary Fund

Abstract

Public expenditure policy, together with efforts to raise revenue,is at the core of efficient and equitable adjustment. Public expenditureproductivity has critical implications for fiscal adjustment, particularly as the competition for limited public resources intensifies.By providing a framework for defining and analyzing public expenditureproductivity and unproductive expenditures, this pamphlet discusseshow economic policymakers may approach these issues.

Keywords:
PAM; International monetary fund pamphlet series; IMF stand-by arrangement; Policy dialogue; pamphlet; microfilm copy; public expenditure; fund Conditionality; Public sector; Defense spending; Public investment spending; Expenditure composition; Global; Middle East