Public investment supports the delivery of key public services, connects citizens and firms to economic opportunities, and can serve as an important catalyst for economic growth. After three decades of decline, public investment has begun to recover as a share of GDP in emerging markets (EMs)...

In an economy with a debt overhang, investment depends on expected tax rates. On the other hand, expected tax rates depend on the debt’s face value. Therefore investment depends on the face value of debt. I show that this may lead to a positive or negative association between debt and...

This paper provides empirical evidence on the determinants of long-term growth performance in a sample of 55 developing countries grouped by income levels. The evidence indicates that a model incorporating the savings rate, export performance, expenditures on human capital development, the...

Through the provision of both social and economic infrastructure, public investment can serve as an important catalyst for economic growth. A significant body of theoretical and empirical research underscores the positive relationship between investment in high-quality public infrastructure and...

This paper reports on findings from eight pilot country studies on public investment that were carried out during the second half of 2004. The pilot country studies covered a diverse group of countries. Specifically, they included countries in Latin America (Brazil, Chile, Colombia, and Peru),...

In some countries, corrupt politicians appear to choose investment projects based on the opportunity for bribes and kickbacks these projectspresent. This paper contends that such corruption increases the numberof capital projects undertaken and trends to enlarge their size andcomplexity. The...

This paper assesses the link between public investment and economic growth in Burkina Faso. It also evaluates Burkina Faso's external competitiveness by using a comparison of REER to its equilibrium levels and a survey-based assessment of overall competitiveness. The report attempts to quantify...

This study examines the determinants of entry into by foreign firms, using information on 515 Chinese industries at the provincial level during 1998-2001. The analysis, rooted in the new economic geography, focuses on market and supplier access within and outside the province of entry, as well...

The Joint Staff Advisory Note reviews Cameroon's Third Annual Progress Report on achievements and obstacles in the implementation of the Poverty Reduction Strategy Paper (PRSP). It highlights the substantial improvement of the fiscal position and the strengthening of fiscal management. It...

This 2013 Article IV Consultation highlights that Sierra Leone has made significant progress in macroeconomic stabilization over the last five years. Real GDP growth averaged some 7 percent, driven by output expansion in agriculture, mining, and services; as well as the scaling-up of...