Abstract
Pritchett (J Econ Growth 5:361–384, 2000) convincingly argued that the difference between investment cost and capital value is of first-order empirical importance especially for developing countries where public investment is the primary source of investment. This paper constructs a public investment efficiency index that captures the institutional environment underpinning public investment management across four different stages: project appraisal, selection, implementation, and evaluation. Covering 71 countries, including 40 low-income countries, the index allows for benchmarking across regions and country groups and for nuanced policy-relevant analysis and identification of specific areas where reform efforts could be prioritized. Research applications are outlined.
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Dabla-Norris, E., Brumby, J., Kyobe, A. et al. Investing in public investment: an index of public investment efficiency. J Econ Growth 17, 235–266 (2012). https://doi.org/10.1007/s10887-012-9078-5
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DOI: https://doi.org/10.1007/s10887-012-9078-5
Keywords
- Public investment
- Public investment management
- Project appraisal
- Selection
- Implementation
- Evaluation
- Growth