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Europe > Ireland

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 Working Papers
Public versus Private Cost of Capital with State-Contingent Terminal Value
Luciano Greco
and
Mariano Moszoro
The economic debate underlines the reasons why discount rates of infrastructure projects should be similar, regardless the public or private source of financing, during the forecast period when flows are risky but predictable. In contrast, we show that the incompleteness of contracts between governments and private firms beyond the forecast period (i.e., when flows of net social benefits are state-contingent) entails expected terminal values that are systematically larger under government rather than private financing. This effect provides a new rationale for applying a lower discount rate in the assessment of projects under public financing as compared to private financing.
Keywords:
Social discount rate; public utilities; private financing of infrastructures; public-private partnerships; discount rates of infrastructure project; A. public financing; financing of infrastructure; private firm; cost of capital; Discount rates; Infrastructure; Public sector; Public investment spending
Cover IMF Staff Country Reports
United Kingdom: Technical Assistance Report-Public Investment Management Assessment
International Monetary Fund. Fiscal Affairs Dept.
The United Kingdom (UK) has ambitious plans to increase infrastructure investment, boost economic growth, reduce regional disparities, and help achieve the climate transition. The National Infrastructure Strategy, Plan for Growth, Net Zero Strategy and Levelling Up White Paper set out the Government’s ambitions—including closing existing gaps in transportation networks, transforming digital connectivity, boosting education, skills, and R&D, accelerating the climate transition and investing in infrastructure at the local level. These goals are supported by allocations of over £600 billion in gross public sector investment over the five-year period to 2026/27. The planned ramp-up in public investment is expected to bring the UK’s annual infrastructure investment to OECD average levels of 3 percent by 2024/25, reversing a process of public capital stock decline that goes back to the 1970s and 1980s.
Keywords:
UK Government investment; UK Pima; UK Project delivery career pathway; government major; E. investment implementation; Infrastructure; Public investment spending; Public expenditure review; Budget planning and preparation; Capital spending; Global
Cover IMF Staff Country Reports
United Kingdom: Technical Assistance Report-Public Investment Management Assessment: Climate Change Module
International Monetary Fund. Fiscal Affairs Dept.
The UK has one of the most ambitious climate mitigation targets in the world, achieving net-zero emissions by 2050. Long-term emissions reduction targets are legally-binding, there is a well-developed climate change framework including governance frameworks for mitigation and adaptation. Interim national targets or “five-year carbon budgets” are submitted to parliament for approval and there are National Adaptation Programs. The UK has reduced its greenhouse gas (GHG) emissions by 44 percent between 1990 and 2019, but it will likely be exposed to severe climate change risks such as increased flooding.
Keywords:
A. climate change framework; B. climate change objective; climate change governance framework; I. climate change; climate change risk priority area; Climate change; Public investment spending; Global
Cover PIMA Handbook
PIMA Handbook
Public Investment Management Assessment, 1st Edition
International Monetary Fund. Fiscal Affairs Dept.

Abstract

This handbook is aimed at anyone who is involved in a Public Investment Management Assessment (PIMA) or who has a practical interest in public investment management. It is intended to be useful for country authorities, IMF staff, staff of other financial institutions and development organizations, and anyone who is interested in exploring different aspects of public investment management to understand how country systems are designed and how they work in practice.

Keywords:
IMF Public Investment Management Assessment; public investment; PIMA; PIM; public investment management; handbook; investment; government; governance; country; spending; infrastructure governance; investment efficiency; investment shock; investment spending; public investment spending; public investment and public-private partnerships (PPP); infrastructure; budget planning; planification; allocation; execution; fiscal rules; global; Asia and Pacific; Africa; Caribbean; Sub-Saharan Africa; Western Hemisphere; Middle East; investment trend; infrastructure investment spending; Pima report; investment planning; PPP investment; Budget planning and preparation; Capital spending; Capital budget
Cover IMF Staff Country Reports
Republic of Estonia: Technical Assistance Report-Public Investment Management Assessment
International Monetary Fund. Fiscal Affairs Dept.
This Technical Assistance Report on the Republic of Estonia highlights that public investment is a priority spending area, and Estonia is seeking to strengthen the efficiency and effectiveness of its capital expenditure from an already high level. Estonia’s public investment is relatively efficient, while further improvements should pay attention to the quality of public services enabled by them. Investment implementation is particularly strong. This reflects Estonia’s open procurement framework that utilizes an advanced e-procurement system, its modern treasury that employs an effective Treasury Single Account system to guarantee cash availability, asset monitoring that has been made routine through full accrual accounting for the whole public sector, and active project management by ministries. Some practices that are already effectively implemented should be formalized in the institutional design which will act as a safeguard. Public investment projects should be managed in an integrated portfolio at all stages of the investment cycle. It is difficult to obtain a picture of all-important investment projects pursued in the public sector including by local governments and state-owned enterprises. A comprehensive portfolio view of all projects supports transparent prioritization across sectors and the identification of systemic patterns or risks.
Keywords:
ISCR; CR; balance sheet; capital expenditure; accounting data; local government; annual budget; Budget planning and preparation; Public investment and public-private partnerships (PPP); Public investment spending; Capital spending; Global
Cover IMF Staff Country Reports
Republic of Estonia: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper analyzes the drivers of wage growth and inflation in Estonia. The analysis reveals that the role played by the inflation and inflation expectations in Estonia is different from those of the EU15. The impact of inflation on wage formation is smaller than in larger and richer countries with lower inflation volatility. This has limited the downward pressure on wages during the period of very low inflation in 2014–16. Although there has been an episode of wage growth leading inflation before the global financial crisis, the current simultaneous acceleration in prices and wages is not evidence of a developing wage-price spiral, as a significant share of the increase in inflation is owing to exogenous factors.
Keywords:
ISCR; CR; pay; state; wage growth; minimum wage; EU average; spiral emerging; IMF staff calculation; gender pay gap; Wages; Public investment spending; Budget planning and preparation; Labor markets; Baltics; Western Europe; Europe
Cover Policy Papers
Public Investment Management Assessment - Review and Update
International Monetary Fund. Fiscal Affairs Dept.
Public Investment Management Assessments (PIMAs) are the IMF‘s key tool for assessing infrastructure governance over the full investment cycle and supporting economic institution building in this area. The PIMA framework was first introduced in the 2015 Board Paper on “Making Public Investment More Efficient,” as part of the IMF’s Infrastructure Policy Support Initiative (IPSI). A key motivation for its development has been that strong infrastructure governance is critical for public investment to spur economic growth. PIMAs offer rigorous assessment of infrastructure governance, that is, the key public investment management (PIM) institutions and processes of a country. On the basis of the PIMAs conducted to date, this paper summarizes the lessons learned and updates the assessment framework itself. PIMAs summarize the strengths and weaknesses of country public investment processes, and set out a prioritized and sequenced reform action plan. The PIMA framework has been well-received by member countries, with over 30 PIMAs conducted to date (mainly in emerging markets (EMs) and low income developing countries (LIDCs), and a pipeline of new requests in place; eight PIMAs have been or are about to be published. The PIMAs conducted show that there is much room for strengthening PIM, with weaknesses spread across the investment cycle. The results and recommendations of several PIMAs have been used in IMF lending, surveillance, and capacity development (CD) work, and have improved support and coordination among CD providers. While leaving the structure of the 2015 framework unchanged, the revised PIMA framework highlights some critical governance aspects more prominently. In particular, it brings out more fully some key aspects of maintenance, procurement, independent review of projects, and the enabling environment (e.g., adequacy of the legal framework, information systems, and staff capacity). Yet, the revised PIMA retains the key features of the 2015 framework, including the three-phase structure (planning, allocation, and implementation) with five institutions assigned to each phase, three dimensions under each institution, and three possible scores under each dimension (i.e., not/partially/fully met). The revision has benefitted from extensive stakeholder feedback, including from IMF teams, World Bank staff, and country authorities.
Keywords:
PP; country authorities; infrastructure governance; investment institution; priority reform; reform priority; section IV; efficiency gap; fund member country; department comment; member country request; investment efficiency; country group; Public Investment Management Assessment (PIMA); Public investment spending; Public investment and public-private partnerships (PPP); Budget planning and preparation; Infrastructure; Africa; Middle East and Central Asia; Europe; Western Hemisphere; Asia and Pacific
Cover IMF Staff Country Reports
Iceland: Selected Issues Paper
International Monetary Fund. European Dept.
This Selected Issues paper examines implications of capital account liberalization in Iceland. Capital controls were critical in 2008 to avoid a more severe collapse of the Icelandic economy. Six years later, capital inflows have been liberalized, but most outflows remain restricted. Iceland has used the breathing room to reduce flow and stock vulnerabilities, strengthen institutions, and prepare for the lifting of capital controls. Simulations using the central bank’s Quarterly Macroeconomic Model (QMM) suggest that, compared with the 2008 crisis episode, the economy can better withstand the impact of an abrupt removal of capital controls. However, the outcome would be dependent on a number of factors, including resident depositor behavior.
Keywords:
ISCR; CR; Iceland; financial crisis; saving; investment; statistics Iceland; current account balance; FCI component; credit condition; saving rate; Housing prices; Personal income tax; Private savings; Global; East Asia; Europe
Cover IMF Working Papers
The Driving Force behind the Boom and Bust in Construction in Europe
Ms. Yan M Sun
,
Ms. Pritha Mitra
, and
Mr. Alejandro Simone
This paper studies the factors behind pro-cyclical but widely varying construction shares (as a percent of GDP) across countries, with a strong focus on European countries. Using a dataset covering 48 countries (including advanced and emerging economies within and outside Europe) for 1990-2011, we find that country’s geography, demographics, and economic conditions are the key determinants of a norm around which actual construction shares revolve in a simple AR(1) and error-correction process. The empirical results show that in many European countries, construction shares overshoot relative to their norms before the recent global crisis, but they have fallen significantly since the crisis. Nevertheless, there is still room for further adjustment in construction shares in some countries which may weigh on economic recovery.
Keywords:
WP; construction share; Construction; Business Cycle; Error-correction; European Growth; share of construction; significance level; norm vis-a-vis; adjustment dynamics of construction share; share norm equation; estimated construction share norm; construction share norm; medium-term norm; norm equation; adjustment in construction share; increase in construction share; Stock markets; Capital spending; Housing; Income; Europe
Cover IMF Staff Country Reports
Republic of Poland: Selected Issues
International Monetary Fund
This paper provides three policy lessons to take full advantage of the opportunity afforded by EU funds. The main features of the global integrated monetary and fiscal (GIMF) model and how it was modified to account for income convergence are discussed. The impact of EU funds as exhibited in the model and highlights potential risks related to the authorities’ policy choices, in particular in the fiscal area, are also discussed. The macroeconomic literature on the impact of EU funds can be divided into broad groups: model simulations and econometric studies.
Keywords:
ISCR; CR; EU fund; nominal exchange rate; fund; exchange rate; government wage bill; EU funds; EU fund inflow; wage moderation; EU transfer; Labor markets; Employment; Wages; Public investment spending; Real interest rates; Baltics; Europe; Global