{
  "title": "Improving Public Investment Efficiency in the G-20",
  "publication": "Policy Papers, September 1, 2015",
  "sourceUrl": "https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/improving-public-investment-efficiency-in-the-g-20-pp4980",
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  "summary": "Through the provision of both social and economic infrastructure, public investment can serve as an important catalyst for economic growth.",
  "sections": [
    {
      "heading": "Context",
      "content": "- Public investment provides social and economic infrastructure and can be an important catalyst for economic growth.\n- Background concerns motivating the analysis:\n  - A steady decline in public investment as a share of GDP in advanced economies.\n  - Evidence of infrastructure bottlenecks in emerging economies.\n  - A sluggish global economic recovery.\n- G-20 policy objective referenced: ramping up public investment to raise long-run economic growth (G-20, 2014).\n- Subjects tagged: Asset management, Developed countries, Emerging markets, Group of Twenty, Infrastructure, Public investment."
    },
    {
      "heading": "Summary of the paper",
      "content": "- The paper explores the link between public investment management (PIM) institutions and the efficiency of public investment for the G-20 countries.\n- Key high-level conclusion: better PIM enhances public infrastructure quality and helps boost public investment efficiency.\n- Analytical basis:\n  - A comprehensive data set on investment, infrastructure and capital stocks.\n  - Two analytical innovations:\n    - (i) a new cross-country Public Investment Efficiency Index (PIE-X);\n    - (ii) a new Public Investment Management Assessment (PIMA) applied to G-20 countries."
    },
    {
      "heading": "Findings",
      "content": "- There is a positive relationship between investment in high-quality public infrastructure and economy-wide productivity, supported by theoretical and empirical research.\n- Despite widespread anecdotal evidence of time delays, cost overruns, and inadequate maintenance in projects, there are few robust empirical studies of determinants of public investment efficiency.\n- The IMF study cited (IMF 2015) finds that stronger PIM institutions are associated with better public infrastructure quality."
    },
    {
      "heading": "Methodology and innovations",
      "content": "- Construction and use of a new Public Investment Efficiency Index (PIE-X) for cross-country comparison.\n- Application of a new Public Investment Management Assessment (PIMA) framework to G-20 countries.\n- Use of a comprehensive dataset covering investment, infrastructure, and capital stocks."
    },
    {
      "heading": "Policy implications and reform needs",
      "content": "- Improving PIM institutions is central to raising the economic and social returns to public investment.\n- The paper pinpoints key institutional reform needs to boost public investment efficiency (specific reforms are identified in the underlying IMF 2015 study)."
    },
    {
      "heading": "Publication and access",
      "content": "- Publication title: Improving Public Investment Efficiency in the G-20\n- Publication date: September 1, 2015\n- Reference format provided on landing page: Improving Public Investment Efficiency in the G-20, (USA: International Monetary Fund, 0) accessed 9/18/2026\n\nSource: Improving Public Investment Efficiency in the G-20, International Monetary Fund. Canonical URL: https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/improving-public-investment-efficiency-in-the-g-20-pp4980\n\n---\n\n Content in this bundle\n\n- Improving Public Investment Efficiency in the G-20; IMF Policy Paper, September 1, 2015\n  - Improving Public Investment Efficiency in the G-20; IMF Policy Paper, September 1, 2015 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Improving Public Investment Efficiency in the G-20; IMF Policy Paper, September 1, 2015 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/improving-public-investment-efficiency-in-the-g-20-pp4980"
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    "Published: September 1, 2015",
    "Series: Policy Papers",
    "Public investment provides social and economic infrastructure and can be an important catalyst for economic growth.",
    "Background concerns motivating the analysis:",
    "G-20 policy objective referenced: ramping up public investment to raise long-run economic growth (G-20, 2014).",
    "Subjects tagged: Asset management, Developed countries, Emerging markets, Group of Twenty, Infrastructure, Public investment.",
    "The paper explores the link between public investment management (PIM) institutions and the efficiency of public investment for the G-20 countries.",
    "Key high-level conclusion: better PIM enhances public infrastructure quality and helps boost public investment efficiency.",
    "Analytical basis:",
    "There is a positive relationship between investment in high-quality public infrastructure and economy-wide productivity, supported by theoretical and empirical research.",
    "Despite widespread anecdotal evidence of time delays, cost overruns, and inadequate maintenance in projects, there are few robust empirical studies of determinants of public investment efficiency.",
    "The IMF study cited (IMF 2015) finds that stronger PIM institutions are associated with better public infrastructure quality.",
    "Construction and use of a new Public Investment Efficiency Index (PIE-X) for cross-country comparison.",
    "Application of a new Public Investment Management Assessment (PIMA) framework to G-20 countries.",
    "Use of a comprehensive dataset covering investment, infrastructure, and capital stocks.",
    "Improving PIM institutions is central to raising the economic and social returns to public investment.",
    "The paper pinpoints key institutional reform needs to boost public investment efficiency (specific reforms are identified in the underlying IMF 2015 study).",
    "Publication title: Improving Public Investment Efficiency in the G-20",
    "Publication date: September 1, 2015",
    "Reference format provided on landing page: Improving Public Investment Efficiency in the G-20, (USA: International Monetary Fund, 0) accessed 9/18/2026",
    "**Improving Public Investment Efficiency in the G-20; IMF Policy Paper, September 1, 2015**"
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