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National wealth --- International economic relations --- Africa --- Natural Resource Economics --- Natural Resource Economics. --- Investments, Foreign --- Economic development --- Social Sciences and Humanities. Economics --- Environmental Economics --- Foreign economic relations. --- Economic conditions --- Investissements étrangers --- Développement économique --- Afrique --- Foreign economic relations --- Conditions économiques --- Relations économiques extérieures

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Over the past decade, rising oil prices have translated into high levels of public investment in most MENA and CCA oil exporters. This has prompted questions about the efficiency of public investment in generating growth and closing infrastructure gaps, as well as concerns about fiscal vulnerabilities. When public investment is inefficient, higher levels of spending may simply lead to larger budget deficits, without sufficiency increasing the quantity or quality of public infrastructure in support of economic growth. This paper examines the efficiency of public investment in the MENA and CCA oil exporters using several techniques, including a novel application of the efficiency frontier analysis, estimates of unit investment costs, and assessments of public investment processes. The analysis confirms that these oil exporters have substantial room to improve public investment efficiency. Reforms in the public financial and investment management systems are needed to achieve this objective.

Infrastructure --- Public Finance --- Natural Resources --- Fiscal Policy --- Fiscal and Monetary Policy in Development --- Exhaustible Resources and Economic Development --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Investment --- Capital --- Intangible Capital --- Capacity --- Agricultural and Natural Resource Economics --- Environmental and Ecological Economics: General --- Public finance & taxation --- Macroeconomics --- Environmental management --- Public investment spending --- Public investment and public-private partnerships (PPP) --- Natural resources --- Capital spending --- Expenditure --- National accounts --- Environment --- Public investments --- Public-private sector cooperation --- Saving and investment --- Capital investments --- United States

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This paper uses a newly constructed revenue dataset of 35 resource-rich countries for the period 1992-2009 to analyze the impact of expanding resource revenues on different types of domestic (non resource) tax revenues. Overall, we find a statistically significant negative relationship between resource revenues and total domestic (non resource) revenues, including for the major tax components. For each additional percentage point of GDP in resource revenues, there is a reduction in domestic (non resource) revenues of about 0.3 percentage points of GDP. We find this primarily occurs through reduced effort on taxes on goods and services—in particular, the VAT— followed by a smaller negative impact on corporate income and trade taxes.

International finance. --- International monetary system --- International money --- Finance --- International economic relations --- Public Finance --- Taxation --- Corporate Taxation --- Natural Resources --- Resource Booms --- Nonrenewable Resources and Conservation: Government Policy --- Business Taxes and Subsidies --- Taxation, Subsidies, and Revenue: General --- Agricultural and Natural Resource Economics --- Environmental and Ecological Economics: General --- Public finance & taxation --- Corporate & business tax --- Environmental management --- Revenue administration --- Consumption taxes --- Corporate income tax --- Natural resources --- Value-added tax --- Revenue --- Spendings tax --- Corporations

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Résumé. L’activité économique a continué d’augmenter rapidement en 2013. Les projections de croissance ont été révisées légèrement à la baisse, à 6,8 % en 2013 et en 2014, à cause de la baisse des cours de l’or et du coton qui entraîne une légère diminution de la production, ainsi que de l’impact de la base élevée de la production agricole en 2012 sur la croissance en 2013. L’inflation a continué de baisser, pour atteindre 2 %, du fait d’une diminution des prix des produits alimentaires et des produits essentiels. Le solde des transactions extérieures courantes se détériorera probablement plus que prévu en raison de la dégradation des termes de l’échange, ainsi que de l’augmentation du volume des importations de carburants et de biens d’équipement. L’exécution du programme reste solide. Les recettes demeurent conformes à l’objectif, mais ne dépassent plus les objectifs comme ces dernières années, tandis que l’exécution des dépenses est inférieure à l’objectif. Presque tous les objectifs fixés dans le programme ont été atteints, y compris en ce qui concerne le financement intérieur net et le solde budgétaire. Tous les repères structurels fixés pour juin et septembre ont été respectés. Les autorités sollicitent un nouvel accord triennal au titre de la facilité élargie de crédit (FEC) afin de satisfaire les besoins de financement de la balance des paiements qui sont prévus. Sur la base d’accords ad referendum, le nouveau programme appuyé par la FEC qui est sollicité vise à s’attaquer à des problèmes structurels à long terme, tout en préservant la stabilité dans un environnement macroéconomique qui pourrait être plus difficile à terme. Les réformes structurelles s’articulent autour de quatre thèmes principaux : gérer l’utilisation des recettes des ressources naturelles, améliorer la qualité et le rythme des dépenses d’investissement, appuyer les efforts déployés pour mieux partager les bienfaits d’une croissance élevée, et, dans le secteur de l’énergie, accroître l’offre tout en assurant la viabilité financière. Le cadre macroéconomique à moyen terme vise à contenir le déficit aux environs de 3% du PIB tout en prévoyant d’accroître les dépenses sociales et les dépenses d’investissement. Le programme vise un ajustement des dépenses courantes, principalement par le biais de l’expiration des dépenses exceptionnelles nécessaires pour faire face à des chocs exogènes, qui ira de pair avec une croissance modeste des recettes et du financement. Les besoins résiduels de financement du budget et de la balance des paiements seraient modestes sur la période de trois ans qui est couverte par le programme ; l’accès proposé de 45 % de la quote-part comblerait environ un tiers des besoins établis.

Agricultural and Natural Resource Economics --- Budgeting --- Economic development --- Economic Growth and Aggregate Productivity: General --- Economic growth --- Environmental and Ecological Economics: General --- Environmental management --- Extractive industries --- Finance, Public --- General Aggregative Models: General --- Inclusive growth --- Industry Studies: Primary Products and Construction: General --- Macroeconomics --- Mineral industries --- Mining sector --- National accounts --- National Government Expenditures and Related Policies: General --- National income --- Natural Resource Extraction --- Natural Resources --- Natural resources --- Public finance & taxation --- Public Finance --- Public financial management (PFM) --- Burkina Faso

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After skyrocketing over the past decade, commodity prices have remained stable or eased somewhat since mid-2011—and most projections suggest they are not likely to resume the upward trend observed in the last decade. This paper analyzes what this turn in the commodity price cycle may imply for output growth in Latin America and the Caribbean. The analysis suggests that growth in the years ahead for the average commodity exporter in the region could be significantly lower than during the commodity boom, even if commodity prices were to remain stable at their current still-high levels. Slower-than-expected growth in China represents a key downside risk. The results caution against trying to offset the current economic slowdown with demand-side stimulus and underscore the need for ambitious structural reforms to secure strong growth over the medium term.

International economic relations. --- International Monetary Fund. --- Latin America -- Economic conditions. --- Money -- Latin America. --- Investments: Commodities --- Macroeconomics --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- State Space Models --- Open Economy Macroeconomics --- Economic Growth of Open Economies --- Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation --- Agricultural and Natural Resource Economics --- Environmental and Ecological Economics: General --- Resource Booms --- Commodity Markets --- Macroeconomics: Production --- Price Level --- Inflation --- Deflation --- Investment & securities --- Commodity prices --- Commodities --- Production growth --- Commodity price indexes --- Commodity price fluctuations --- Prices --- Production --- Commercial products --- Economic theory --- Price indexes --- China, People's Republic of