This paper introduces a new 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. Potential research venues are outlined.While the PIMI index is timeinvariant, like most institutional processes, the institutional aspects of the investment ... A potential application of the investment efficiency index is in the valuation of capital stocks first explored by Pritchett ( 2000).
|Title||:||Investing in Public Investment|
|Author||:||Zac Mills, Annette Kyobe, Jim Brumby, Chris Papageorgiou, Ms. Era Dabla-Norris|
|Publisher||:||International Monetary Fund - 2011-02-01|