sustained economic growth. The Executive Directors encourage the government to address the shortcomings identified. …

A key challenge in government budgeting is to define an appropriate balance between current and capital expenditures …. Budgeting for government capital investment also remains not well-integrated into the formal budget preparation process in many …

Government spending on infrastructure has recently increased sharply in many emerging-market economies. This paper …-sector dependent open economy model with intersectoral adjustment costs, we show that government spending generates a non-monotonic U …-shaped adjustment path for the real exchange rate with sharp intertemporal trade-offs. The effect of government spending on the real …