countries, the authors analyze determinants of investment productivity. Results from Tobit estimation demonstrate that the … productivity of investments. Countries with undistorted policies are likely to be unproductive investments. In countries with … economic policymaking improves. The productivity of projects in the tradable sectors are also affected (in a nonlinear fashion …

when spending on investment is best done by the government itself, and when public funds should be used to support … investment by the private sector. A key concept in this issue is the degree of external benefits, or spillovers, of investment …. These notions refer to the fact that sometimes a certain action by an economic agent results indirectly in productivity …