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Europe > Ireland

You are looking at 1 - 6 of 6 items for :

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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 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 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 Working Papers
Complex Ownership Structures and Corporate Valuations
Mr. Luc Laeven
and
Mr. Ross Levine
The bulk of corporate governance theory examines the agency problems that arise from two extreme ownership structures: 100 percent small shareholders or one large, controlling owner combined with small shareholders. In this paper, we question the empirical validity of this dichotomy. In fact, one-third of publicly listed firms in Europe have multiple large owners, and the market value of firms with multiple blockholders differs from firms with a single large owner and from widely-held firms. Moreover, the relationship between corporate valuations and the distribution of cash-flow rights across multiple large owners is consistent with the predictions of recent theoretical models.
Keywords:
WP; cash-flow right; ownership structure; founding firm; cash-flow dispersion; firm c
Cover IMF Working Papers
Public Investment and Growth in the Eastern Caribbean
Mr. Shaun K. Roache
This paper quantifies the effect of public investment on growth in the ECCU. The results, emerging from panel vector autoregressions, indicate that the return on public investment, as defined by Perreira (2000), is very likely negative. This means that the total change in real output induced by one EC dollar of public investment, due to its short-run impact on demand, or the longer-run impact on supply, is below one EC dollar. Public investment shocks also appear to appreciate the real exchange rate, suggesting that the short-run demand impact is larger than the long-run supply response.
Keywords:
WP; growth rate