Dabla-Norris, Era, Brumby, Jim, Kyobe, Annette, Mills, Zac and Papageorgiou, Chris (2012) Investing in public investment: an index of public investment efficiency. Journal of Economic Growth, 17 (3). pp. 235-266. ISSN 1381-4338 (print) 1573-7020 (online)

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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