Creating and Using Fiscal Space for Accelerated Development in Liberia

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collection.link.5
https://openknowledge.worldbank.org/handle/10986/9
collection.name.5
Policy Research Working Papers
dc.contributor.author
Lofgren, Hans
dc.date.accessioned
2014-02-04T20:37:53Z
dc.date.available
2014-02-04T20:37:53Z
dc.date.issued
2013-10
dc.description.abstract
This paper presents simulations for the period 2013-2030 of measures that permit increased spending on infrastructure and human development, the priority areas in Liberia's 2013-2017 "Agenda for Transformation" and for its national vision, Liberia Rising 2030. The simulations are carried out with a Liberian version of MAMS (Maquette for Millennium Development Goals Simulations), a Computable General Equilibrium model. According to the results, among the key sources of fiscal space, foreign grants generate the best outcomes followed by improved government allocative efficiency. Taxes tend to involve trade-offs since they reduce resources for private consumption and investment, both of which tend to contribute to stronger macro and Millennium Development Goals performance. Increased foreign borrowing is less attractive since, in order to make a substantial difference, it would quickly add to the foreign debt, making the economy more crisis-prone and less flexible. The preferred balance between different uses of fiscal space depends on payoffs from different government functions, typically unknown or only appearing with a lag. Under the parameters used in the simulations, determined in light of fragmentary evidence, the outcomes were marginally stronger under a balanced approach with scaling up of both infrastructure and human development services. Balanced expansion may also contribute to efficiency and be easier for political reasons. A final finding is that it is possible to consider fiscal space issues in isolation from the mining sector: simulations suggest that the marginal effects of creating additional fiscal space are very similar irrespective of the level of mining export prices.
en
dc.identifier
http://documents.worldbank.org/curated/en/2013/10/18446608/creating-using-fiscal-space-accelerated-development-liberia
dc.identifier.uri
http://hdl.handle.net/10986/16893
dc.language
English
dc.language.iso
en_US
dc.publisher
World Bank, Washington, DC
dc.relation.ispartofseries
Policy Research Working Paper;No. 6678
dc.rights
CC BY 3.0 IGO
dc.rights.holder
World Bank
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo/
dc.subject
ACCOUNTING
dc.subject
ADMINISTRATIVE COSTS
dc.subject
AGRICULTURAL SECTORS
dc.subject
AGRICULTURE
dc.subject
BALANCE OF PAYMENTS
dc.subject
BANK POLICY
dc.subject
BUDGET
dc.subject
BUDGET CONSTRAINT
dc.subject
BUDGET CONSTRAINTS
dc.subject
BUDGETS
dc.subject
CAPITAL
dc.subject
CAPITAL ACCOUNT
dc.subject
CAPITAL ACCUMULATION
dc.subject
CAPITAL STOCK
dc.subject
CAPITAL STOCKS
dc.subject
COMMODITIES
dc.subject
COMMODITY
dc.subject
CONSUMPTION
dc.subject
CREDIT
dc.subject
CREDIT FACILITY
dc.subject
CURRENT ACCOUNT
dc.subject
CURRENT ACCOUNT DEFICIT
dc.subject
DATA AVAILABILITY
dc.subject
DEBT
dc.subject
DEBT CAPITAL
dc.subject
DEBT INTEREST
dc.subject
DEBT STOCKS
dc.subject
DEMAND CURVES
dc.subject
DEVELOPING COUNTRY
dc.subject
DEVELOPMENT
dc.subject
DEVELOPMENT ECONOMICS
dc.subject
DEVELOPMENT POLICIES
dc.subject
DEVELOPMENT POLICY
dc.subject
DEVELOPMENT STRATEGY
dc.subject
DISPOSABLE INCOME
dc.subject
DOMESTIC BORROWING
dc.subject
DOMESTIC DEBT
dc.subject
DOMESTIC MARKET
dc.subject
DOMESTIC MARKETS
dc.subject
DOMESTIC PRICE
dc.subject
DOMESTIC PRICES
dc.subject
ECONOMIC ACTIVITIES
dc.subject
ECONOMIC GROWTH
dc.subject
ECONOMIC POLICY
dc.subject
ECONOMY
dc.subject
EDUCATION SPENDING
dc.subject
EDUCATIONAL ATTAINMENT
dc.subject
EDUCATIONAL ATTAINMENTS
dc.subject
ELASTICITY
dc.subject
EXCHANGE
dc.subject
EXPORTS
dc.subject
FACTOR DEMAND
dc.subject
FACTORS OF PRODUCTION
dc.subject
FINANCE
dc.subject
FINANCES
dc.subject
FISCAL POLICIES
dc.subject
FISCAL YEAR
dc.subject
FIXED INVESTMENT
dc.subject
FOREIGN DEBT
dc.subject
FOREIGN DEBTS
dc.subject
FOREIGN DIRECT INVESTMENT
dc.subject
FOREIGN EXCHANGE
dc.subject
FOREIGN GOVERNMENT
dc.subject
FOREIGN INTEREST
dc.subject
FOREIGN TRANSACTIONS
dc.subject
FULL EMPLOYMENT
dc.subject
FUTURE
dc.subject
GDP
dc.subject
GINI COEFFICIENT
dc.subject
GOOD
dc.subject
GOVERNMENT BORROWING
dc.subject
GOVERNMENT BUDGET
dc.subject
GOVERNMENT DEBT
dc.subject
GOVERNMENT INVESTMENT
dc.subject
GOVERNMENT INVESTMENTS
dc.subject
GOVERNMENT REVENUE
dc.subject
GOVERNMENT REVENUES
dc.subject
GOVERNMENT SPENDING
dc.subject
GOVERNMENTS
dc.subject
GRANT
dc.subject
GRANTS
dc.subject
GROSS NATIONAL SAVINGS
dc.subject
GROSS REVENUES
dc.subject
GROWTH RATE
dc.subject
GROWTH RATES
dc.subject
HOUSEHOLD
dc.subject
HOUSEHOLDS
dc.subject
HUMAN DEVELOPMENT
dc.subject
IMPORT TARIFFS
dc.subject
INCENTIVES
dc.subject
INCOME
dc.subject
INCOMES
dc.subject
INDUSTRY
dc.subject
INEQUALITY
dc.subject
INFLUENCE
dc.subject
INFORMATION SERVICES
dc.subject
INFRASTRUCTURE
dc.subject
INITIAL INVESTMENT
dc.subject
INPUTS
dc.subject
INTEREST
dc.subject
INTEREST PAYMENTS
dc.subject
INTERNAL RATES OF RETURN
dc.subject
INTERNATIONAL BANK
dc.subject
INTERNATIONAL MARKETS
dc.subject
INVESTMENT
dc.subject
INVESTMENT CLIMATE
dc.subject
INVESTMENT FINANCING
dc.subject
INVESTMENT FLOWS
dc.subject
INVESTMENT SPENDING
dc.subject
LABOR
dc.subject
LABOR MARKET
dc.subject
LAGS
dc.subject
LAND
dc.subject
LENDING
dc.subject
LOANS
dc.subject
MARGINAL PRODUCTIVITY
dc.subject
MARGINAL VALUE
dc.subject
MARKET
dc.subject
MARKET PRICES
dc.subject
MARKETS
dc.subject
MIDDLE-INCOME COUNTRIES
dc.subject
NATIONAL ECONOMY
dc.subject
NATURAL RESOURCES
dc.subject
NEGATIVE EXTERNALITIES
dc.subject
OPERATING SURPLUS
dc.subject
OPPORTUNITY COST
dc.subject
OPTION
dc.subject
OPTIONS
dc.subject
OUTCOMES
dc.subject
OUTPUT
dc.subject
OUTPUTS
dc.subject
PAYMENT
dc.subject
PAYMENT FLOWS
dc.subject
PAYMENTS
dc.subject
POLITICAL ECONOMY
dc.subject
POSITIVE EFFECTS
dc.subject
POVERTY
dc.subject
PRESENT VALUE
dc.subject
PRICE
dc.subject
PRICE CHANGE
dc.subject
PRICE CHANGES
dc.subject
PRICE LEVELS
dc.subject
PRICES
dc.subject
PRIVATE CAPITAL
dc.subject
PRIVATE INVESTMENT
dc.subject
PRIVATE SAVINGS
dc.subject
PRODUCTION
dc.subject
PRODUCTIVITY
dc.subject
PRODUCTIVITY GROWTH
dc.subject
PRODUCTIVITY INCREASES
dc.subject
PROFIT
dc.subject
PROFIT MAXIMIZATION
dc.subject
PROFITS
dc.subject
RAPID GROWTH
dc.subject
REAL EXCHANGE RATE
dc.subject
REAL GDP
dc.subject
REAL INTEREST
dc.subject
REAL INTEREST RATES
dc.subject
REAL SECTOR
dc.subject
RECEIPT
dc.subject
RECEIPTS
dc.subject
REMITTANCES
dc.subject
RENT
dc.subject
RETURNS
dc.subject
SAVINGS
dc.subject
SAVINGS RATE
dc.subject
SERVICES
dc.subject
SHARE
dc.subject
SHARE OF INVESTMENTS
dc.subject
SHARES
dc.subject
SMALL COUNTRY
dc.subject
STRATEGIES
dc.subject
STRUCTURAL CHANGE
dc.subject
SUPPLY CURVE
dc.subject
SUPPLY CURVES
dc.subject
SUSTAINABILITY ANALYSIS
dc.subject
TARIFFS
dc.subject
TAX
dc.subject
TAX RATE
dc.subject
TAX RATES
dc.subject
TAXATION
dc.subject
TAXES
dc.subject
TELECOMMUNICATIONS
dc.subject
THEORY
dc.subject
TOTAL FACTOR PRODUCTIVITY
dc.subject
TRADE
dc.subject
TRADE DEFICIT
dc.subject
TRANSACTIONS
dc.subject
TRANSACTIONS COSTS
dc.subject
TRANSFERS
dc.subject
TRENDS
dc.subject
TRUST FUND
dc.subject
UNEMPLOYMENT
dc.subject
UNEMPLOYMENT RATE
dc.subject
UTILITY
dc.subject
VALUE
dc.subject
VARIABLES
dc.subject
WAGES
dc.subject
WATER SUPPLY
dc.subject
WORLD DEVELOPMENT INDICATORS
dc.subject
WORLD MARKETS
dc.title
Creating and Using Fiscal Space for Accelerated Development in Liberia
en
okr.date.disclosure
2013-10-01
okr.doctype
Publications & Research :: Policy Research Working Paper
okr.doctype
Publications & Research
okr.docurl
http://documents.worldbank.org/curated/en/2013/10/18446608/creating-using-fiscal-space-accelerated-development-liberia
okr.globalpractice
Macroeconomics and Fiscal Management
okr.globalpractice
Finance and Markets
okr.globalpractice
Trade and Competitiveness
okr.googlescholar.linkpresent
yes
okr.identifier.doi
10.1596/1813-9450-6678
okr.identifier.externaldocumentum
000158349_20131028091123
okr.identifier.internaldocumentum
18446608
okr.identifier.report
WPS6678
okr.language.supported
en
okr.pdfurl
http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/10/28/000158349_20131028091123/Rendered/PDF/WPS6678.pdf
en
okr.region.administrative
Africa
okr.region.country
Liberia
okr.sector
Public Administration, Law, and Justice::Central government administration
okr.sector
Public Administration, Law, and Justice::Law and justice
okr.sector
Public Administration, Law, and Justice::General public administration sector
okr.sector
Education
okr.sector
Health and other social services::Health
okr.theme
Public sector governance::Public expenditure, financial management and procurement
okr.theme
Rule of law
okr.theme
Social protection and risk management::Social safety nets
okr.theme
Human development::Education for all
okr.theme
Human development::Health system performance
okr.topic
Finance and Financial Sector Development :: Access to Finance
okr.topic
Banks and Banking Reform
okr.topic
Economic Theory and Research
okr.topic
Private Sector Development :: Emerging Markets
okr.topic
Finance and Financial Sector Development :: Debt Markets
okr.topic
Macroeconomics and Economic Growth
okr.unit
Development Prospects Group, Development Economics
okr.volume
1 of 1

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