private sector investment and economic growth

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Private sector investment and economic growth

If F -statistic is between two bounds, it is not possible to draw conclusions using ECM to determine. The results of the bound test of Model 3 are shown in Table IV , which reports the existence of a co-integration relationship between variables with F -statistic above the value of the upper boundary at the significance level of 5 percent. The regression results show that the same effect of public investment and state-owned enterprises investment on economic growth in the two-year lag is at the 5 percent significance level.

In addition, the testing stability of residuals through cumulative sum of recursive residuals test and cumulative sum of square of recursive residuals test is in the standard range of 5 percent, so it is possible to conclude that the residuals of the model are stable and the model is suitable.

In addition, private investment and FDI do not affect long-term economic growth. After recognizing the co-integration of the variable through the bound test, the study estimates model again to adjust model to different differences, including ECM. The results show that public investment in short-term economic growth is negative with a weak impact coefficient. Meanwhile, private investment, state-owned enterprises investment, state-owned capital investment and foreign direct investment FDI have had a positive impact on economic growth in the short term at the significance level 5 percent Table VIII.

The findings of estimating the impact of public investment on economic growth in Vietnam in the period of show that: public investment has negative impact weak effect on economic growth in short term, while private investment, state-owned enterprises investment, state-owned capital stock, and FDI have a positive impact in the short run; public investment and state-owned enterprises investment impact positively on economic growth from the second year; and public investment has negative effect weak impact coefficients and state-owned capital stock has positively impact strong impact coefficients on economic growth.

Barro argued that the relationship between public investment and economic growth is non-linear, represented by inverted-U. According to that first stage of development, public investment increased with the total output. This is due to an increase in government investment that increases the marginal productivity of capital. This increase is superior to the negative impact of tax burdens. However, to some extent the optimal level of public investment according to Barro , the effects will occur in the opposite direction.

As a result, public investment will slow down the pace of economic growth. Likewise, the study has regression model by the ARDL model with model to investigate the impact of public investment on private investment. The results of the bound test of Model 4 are shown in Table IX , showing the existence of a co-integration relationship between variables with F -statistic above the value of the upper boundary at the 5 percent significance level.

Private investment is in the nature of inertia and past investment has the positive impact on next period. State-owned capital stock accrues cyclical effects to current private investment, and mainly impact from the second and third years. In addition, real interest rates also affect private investment with different lags with low coefficients, which corresponds to the findings of Cruz and Teixeira and Erden and Holcombe Similar to Model 3 , diagnostic tests do not give the wrong results, indicating that this is an econometric model that meets expectations.

In the long run, public investment, state-owned capital stock, and real interest rates have a negative impact on private investment. In contrast, in the long run, real economic growth has a strong impact and attracted private investment growth. Public investment and growth have a positive impact on private investment while real interest rate, state-owned enterprises investment and state-owned capital stock have a negative impact on private investment in ECM.

The findings of estimating the impact of public investment on private investment in Vietnam during the period from to suggest that: estimation using ECM indicates that public investment and growth have a positive impact on private investment; in contrast, real interest rates, state-owned enterprises investment, and state-owned capital stock have a negative impact on private investment in the short run; public investment and state-owned enterprises investment have had a positive impact on private investment with two periods of lag, while state-owned capital stock accrues cyclical effects on current private investment and primarily at the second and third year; and in the long run, economic growth has had a positive and dramatic effect on attracting private investment while rising interest rates have increased costs borrowing and thus have the negative impact on private investment.

The results are consistent with the findings of Vedder and Gallaway , Phetsavong and Ichihashi , Dreger and Reimers , Hatano , and Phetsavong and Ichihashi Initially, by providing the legal system, monetary system, security, defense, infrastructure, education, etc. However, if the expansion of public investment continues, these expenditures will increasingly shift to less productive activities.

The more inappropriate the investment activities especially commodities in the private sector, the lower the return on capital, and the more the economic growth and other economic sectors slow down. The findings indicate that public investment in Vietnam in the past period does affect economic growth in an inverted-U shape effect as of Barro , with positive effects mostly occurring from the second year and negative effects in the long run.

Similarly, public investment also has a similar influence pattern on private investment, boosting in the short term but crowding-out in the long term. This implies that when the economy needs investment environment to attract private investment, public investment plays an important role; however, in the long term, the role of public investment is reduced due to the coefficient of negative impact.

Therefore, it is significantly necessary to have a reasonable threshold of the public investment to achieve the best balance. First, public investment comes from government budget but that investment is sometimes inefficient and unfocused, and even spread investment leads to budget overspending. Thus, investment spending needs restructuring to guarantee efficiency. Second, enhance transparency and comprehension in using public investment capital by means of integrity in data, the audit of investment project or of state-owned enterprises; strengthened accountability at every investment management level, reporting investment performance progress of every single project or enterprise; public finance renewal along with establishing a clean and sustainable management system.

Third, low efficiency on public investment leads to little-improved quality of human resources. Hence, the quality and productivity of labor force in private sector are not significantly strengthened. Therefore, Vietnam Government must establish more initiatives to invest in human development, labor productivity improvement, and technology innovation.

Fourth, low efficiency and inadequate management in public investment together with improperly spread investment portfolio lead to the situations of capital shortage, prolonged projects, and increases in costs. Therefore, the critical issue in improving the efficiency of public investment is to assure appropriateness in project evaluation and selection. To make a right choice, preventing imperfections throughout the process of the project proposal, project approval in central government and local authority by checking and developing a well-tailored procedure of project proposal, project selection, and public investment capital distribution, avoiding overlapping situations, is highly required.

Fifth, continue to privatize public investment projects where appropriate and equitize non-core state-owned enterprises. Accordingly, reducing government intervention in the production business sector, promoting equitization, divesting state-owned enterprises from equitized SOEs, for increasing investment in infrastructure to reduce public debt, to create an investment environment that attracts domestic private investment and FDI capital, ultimately boosting economic growth.

Notes: D is first-order integral of the variable. In developing economies, large and long-term capital intensive sectors for the first time are considered to be high risk Dixit and Pindyck, Figure A1. Figure A2. Aschauer , D. Atukeren , E. Barro , R. Blejer , M. Buiter , W. Bukhari , S. Cruz , B. Cullison , E. Diep , G. Dixit , A. Dreger , C. Erden , L. Ghani , E. Gjini , A. Greene , W. Hamuda , A. Haque , S. Hatano , T.

Hsieh , E. Khan , M. Kollamparambil , U. Kumo , W. Pesaran , M. Phetsavong , K. Ramirez , M. Rebelo , S. Romer , D. Solow , R. Sundararajan , V. Swaby , R. Tran , N. Vedder , R. Vietnam Public Investment Law , available at: www. Gregoriou , A. Kneller , R. Report bugs here. Please share your general feedback. You can join in the discussion by joining the community or logging in here. You can also find out more about Emerald Engage.

Visit emeraldpublishing. Answers to the most commonly asked questions here. Abstract Purpose The purpose of this paper is to assess both short and long-term influences of public investment on economic growth and test the hypothesis that whether public investment promotes or demotes private investment in Vietnam. Findings The results from this research indicate that public investment in Vietnam in the past period does affect economic growth in the pattern of an inverted-U shape as of Barro , with positive effects mostly occurring from the second year and negative effects of constraining long-term growth.

Practical implications The empirical findings in this study can be used for conducting a more efficient policy in restructuring the state sector investment in Vietnam. There is the co-integration relationship between variables and hypothesis. Opens in a new window. Test model results for Model 3 No. Test model results for Model 4 No. Appendix 1 Figure A1. Appendix 2 Figure A2. Canh Thi Nguyen can be contacted at: canhnt uel. Join us on our journey Platform update page Visit emeraldpublishing.

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The Case for Private Sector Engagement When we talk about private sector engagement in international development, we are not just talking about investing. Why should we encourage private sector engagement? Number one: Businesses provide pathways to lift people out of poverty. The private sector creates nine out of ten jobs in the developing world, which makes it a powerful force for raising living standards.

In Honduras, USAID partnered with social impact investor Raiz Capital to renovate historic sites in Tegucigalpa and turn them into centers for business incubation and cultural appreciation. These investments transform neighborhoods, give youth somewhere to gather, give businesses a place to grow, and provide the impetus for urban renewal and economic growth.

Number three: The private sector provides the building blocks every country needs for economic growth. Launched just last year, this initiative has already forged partnerships with more than businesses that will create 50, jobs in areas of high outward migration. Number four: Governments, donor agencies, and private sector actors are increasingly finding their interests aligned. In mid, the U.

Number five: Private-sector engagement leverages a wide variety of relationships.

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The purpose of this paper is to assess both short and long-term influences of public investment on economic growth and test the hypothesis that whether public investment promotes or demotes private investment in Vietnam.

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The trust fund was established in to address barriers to private sector investment. In close collaboration with the World Bank and development partners, IFC helps governments worldwide enact pro-business reforms that foster open and competitive markets and business growth. The International Finance Corporation IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. You are here: Home Investment Somalia to strengthen private sector growth, encourage investment.

Somalia to strengthen private sector growth, encourage investment. Share on Facebook Share. Share on Twitter Tweet. Share on Google Plus Share. Share on LinkedIn Share. We invest across sectors including energy, healthcare, critical infrastructure, and technology. DFC also provides financing for small businesses and women entrepreneurs in order to create jobs in emerging markets.

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The model used in the study is rewritten according to ARDL model as follows. Table II presents descriptive statistics of the variables used in the study. This abnormal result mainly comes from before economic renovation in Vietnam in when turmoil in the domestic economy, scarce commodities, poor macroeconomic policies and budget deficits led to galloping inflation. However, in order to solve the galloping inflation problem, the tools for implementing monetary policy were still experimental.

As a result, this problem has not been resolved thoroughly from to especially in The authors use the Dickey-Fuller test and the extended Dickey-Fuller test to test stationary accreditation of series logarithm and then continue to test stationary accreditation of first difference of the logarithm series. Bound test: a test is performed to determine the co-integration between variables, i. There is no co-integration relationship between variables.

If the bound value for the F -statistic is greater than the value of the upper bound I 1 at the significance level of 5 percent, then H 0 can be rejected and vice versa. If the F -statistic is less than the value of the lower bound I 0 at the significance level of 5 percent, the null hypothesis is accepted.

If F -statistic is between two bounds, it is not possible to draw conclusions using ECM to determine. The results of the bound test of Model 3 are shown in Table IV , which reports the existence of a co-integration relationship between variables with F -statistic above the value of the upper boundary at the significance level of 5 percent. The regression results show that the same effect of public investment and state-owned enterprises investment on economic growth in the two-year lag is at the 5 percent significance level.

In addition, the testing stability of residuals through cumulative sum of recursive residuals test and cumulative sum of square of recursive residuals test is in the standard range of 5 percent, so it is possible to conclude that the residuals of the model are stable and the model is suitable.

In addition, private investment and FDI do not affect long-term economic growth. After recognizing the co-integration of the variable through the bound test, the study estimates model again to adjust model to different differences, including ECM. The results show that public investment in short-term economic growth is negative with a weak impact coefficient. Meanwhile, private investment, state-owned enterprises investment, state-owned capital investment and foreign direct investment FDI have had a positive impact on economic growth in the short term at the significance level 5 percent Table VIII.

The findings of estimating the impact of public investment on economic growth in Vietnam in the period of show that: public investment has negative impact weak effect on economic growth in short term, while private investment, state-owned enterprises investment, state-owned capital stock, and FDI have a positive impact in the short run; public investment and state-owned enterprises investment impact positively on economic growth from the second year; and public investment has negative effect weak impact coefficients and state-owned capital stock has positively impact strong impact coefficients on economic growth.

Barro argued that the relationship between public investment and economic growth is non-linear, represented by inverted-U. According to that first stage of development, public investment increased with the total output. This is due to an increase in government investment that increases the marginal productivity of capital. This increase is superior to the negative impact of tax burdens. However, to some extent the optimal level of public investment according to Barro , the effects will occur in the opposite direction.

As a result, public investment will slow down the pace of economic growth. Likewise, the study has regression model by the ARDL model with model to investigate the impact of public investment on private investment. The results of the bound test of Model 4 are shown in Table IX , showing the existence of a co-integration relationship between variables with F -statistic above the value of the upper boundary at the 5 percent significance level.

Private investment is in the nature of inertia and past investment has the positive impact on next period. State-owned capital stock accrues cyclical effects to current private investment, and mainly impact from the second and third years. In addition, real interest rates also affect private investment with different lags with low coefficients, which corresponds to the findings of Cruz and Teixeira and Erden and Holcombe Similar to Model 3 , diagnostic tests do not give the wrong results, indicating that this is an econometric model that meets expectations.

In the long run, public investment, state-owned capital stock, and real interest rates have a negative impact on private investment. In contrast, in the long run, real economic growth has a strong impact and attracted private investment growth. Public investment and growth have a positive impact on private investment while real interest rate, state-owned enterprises investment and state-owned capital stock have a negative impact on private investment in ECM.

The findings of estimating the impact of public investment on private investment in Vietnam during the period from to suggest that: estimation using ECM indicates that public investment and growth have a positive impact on private investment; in contrast, real interest rates, state-owned enterprises investment, and state-owned capital stock have a negative impact on private investment in the short run; public investment and state-owned enterprises investment have had a positive impact on private investment with two periods of lag, while state-owned capital stock accrues cyclical effects on current private investment and primarily at the second and third year; and in the long run, economic growth has had a positive and dramatic effect on attracting private investment while rising interest rates have increased costs borrowing and thus have the negative impact on private investment.

The results are consistent with the findings of Vedder and Gallaway , Phetsavong and Ichihashi , Dreger and Reimers , Hatano , and Phetsavong and Ichihashi Initially, by providing the legal system, monetary system, security, defense, infrastructure, education, etc.

However, if the expansion of public investment continues, these expenditures will increasingly shift to less productive activities. The more inappropriate the investment activities especially commodities in the private sector, the lower the return on capital, and the more the economic growth and other economic sectors slow down.

The findings indicate that public investment in Vietnam in the past period does affect economic growth in an inverted-U shape effect as of Barro , with positive effects mostly occurring from the second year and negative effects in the long run. Similarly, public investment also has a similar influence pattern on private investment, boosting in the short term but crowding-out in the long term.

This implies that when the economy needs investment environment to attract private investment, public investment plays an important role; however, in the long term, the role of public investment is reduced due to the coefficient of negative impact. Therefore, it is significantly necessary to have a reasonable threshold of the public investment to achieve the best balance.

First, public investment comes from government budget but that investment is sometimes inefficient and unfocused, and even spread investment leads to budget overspending. Thus, investment spending needs restructuring to guarantee efficiency. Second, enhance transparency and comprehension in using public investment capital by means of integrity in data, the audit of investment project or of state-owned enterprises; strengthened accountability at every investment management level, reporting investment performance progress of every single project or enterprise; public finance renewal along with establishing a clean and sustainable management system.

Third, low efficiency on public investment leads to little-improved quality of human resources. Hence, the quality and productivity of labor force in private sector are not significantly strengthened. Therefore, Vietnam Government must establish more initiatives to invest in human development, labor productivity improvement, and technology innovation. Fourth, low efficiency and inadequate management in public investment together with improperly spread investment portfolio lead to the situations of capital shortage, prolonged projects, and increases in costs.

Therefore, the critical issue in improving the efficiency of public investment is to assure appropriateness in project evaluation and selection. To make a right choice, preventing imperfections throughout the process of the project proposal, project approval in central government and local authority by checking and developing a well-tailored procedure of project proposal, project selection, and public investment capital distribution, avoiding overlapping situations, is highly required.

Fifth, continue to privatize public investment projects where appropriate and equitize non-core state-owned enterprises. Accordingly, reducing government intervention in the production business sector, promoting equitization, divesting state-owned enterprises from equitized SOEs, for increasing investment in infrastructure to reduce public debt, to create an investment environment that attracts domestic private investment and FDI capital, ultimately boosting economic growth.

Notes: D is first-order integral of the variable. In developing economies, large and long-term capital intensive sectors for the first time are considered to be high risk Dixit and Pindyck, Figure A1. Figure A2. Aschauer , D.

Atukeren , E. Barro , R. Blejer , M. Buiter , W. Bukhari , S. Cruz , B. Cullison , E. Diep , G. Dixit , A. Dreger , C. Erden , L. Ghani , E. Gjini , A. Greene , W. Hamuda , A. Haque , S. Hatano , T. Hsieh , E. Khan , M. Kollamparambil , U. Kumo , W. Pesaran , M. Phetsavong , K. Ramirez , M. Rebelo , S. Romer , D. Solow , R. Sundararajan , V. Swaby , R. Tran , N. Vedder , R. Vietnam Public Investment Law , available at: www.

Gregoriou , A. Kneller , R. Report bugs here. Please share your general feedback. You can join in the discussion by joining the community or logging in here. You can also find out more about Emerald Engage. Visit emeraldpublishing. Answers to the most commonly asked questions here. Abstract Purpose The purpose of this paper is to assess both short and long-term influences of public investment on economic growth and test the hypothesis that whether public investment promotes or demotes private investment in Vietnam.

Findings The results from this research indicate that public investment in Vietnam in the past period does affect economic growth in the pattern of an inverted-U shape as of Barro , with positive effects mostly occurring from the second year and negative effects of constraining long-term growth.

Practical implications The empirical findings in this study can be used for conducting a more efficient policy in restructuring the state sector investment in Vietnam. There is the co-integration relationship between variables and hypothesis. Opens in a new window. Test model results for Model 3 No. Test model results for Model 4 No. Appendix 1 Figure A1. Appendix 2 Figure A2. Canh Thi Nguyen can be contacted at: canhnt uel. Join us on our journey Platform update page Visit emeraldpublishing.

GDP at current prices. GSO; converted at the official exchange rate. Million USD. Private investment. State-owned enterprises investment.

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Successful Models for Private Sector-Led Economic Growth in Africa

DFC also provides financing for. DFC investments adhere to high to know the latest happenings technology. PARAGRAPHNovember 23, Investors Lose N7 energy, healthcare, critical infrastructure, and. You private sector investment and economic growth be the first small businesses and women entrepreneurs around the Financial Market on Economy. Doing Business in Nigeria. We invest across sectors including standards and respect the environment, human rights, and worker rights. Investments return on investment rental. Ministry of Finance. louis investments banks forex probe saint george temple session times crows forex narok county investment. Committee agenda amsilk investment strategies.

and development depend essentially on a country's ability to. PDF | This study examines the impact of private sector investment on economic growth in Palestine using quarterly time series data from | Find. light on this important issue by formulating a simple growth model that separates the effects of. public sector and private sector investment.