To determine the association between military expenditure (ME) and public investment efficiency, I regressed a measure of public investment effectiveness upon a measure of ME in a cross-section of 59 developing countries. A strong association was only observed for Sub-Saharan Africa. One of the main explanations for the strong association is a relatively big government which was accompanied by government operations being inefficient and corrupt. This served as a reason to separately observe group of regions with relatively small and big governments. The results confirmed that the effect of ME on public investment effectiveness in the group with a relatively big government is negative whereas the effect is positive in group of region with small governments. Thus, it confirms that the increase of ME is not always negative but can in some cases improve the effectiveness of public investment.

Since the 1980s, there has been growing recognition among developing countries that an essential foundation for sustainable growth is capital investment, both public and private. While Iraq is an oil-rich country, with substantial oil revenue, only a small proportion of it has been allocated to importing the capital that is most needed, while the rest has mainly been used for consumption purposes. The effects of the oil-driven state development, conflicts, sanctions, high unemployment and delayed reforms have significantly shaped Iraq’s economy and limited the potential for private-sector-led growth over the past 40 years. This conclusion is worrying for a country like Iraq, which has shown some downward trends in private and public investment, both in the total amounts and relative to GDP. This study, the first of its kind, empirically assesses the pattern of domestic private investment in Iraq and its key determinants over the past four decades. It also examines the issue of the complementarity (crowd-in effect) or substitutability (crowd-out effect) between public capital and private investment in the trend in economic growth. Finally, it evaluates the determinants of public investment, to reveal the indirect impacts oil revenue has on private investment through the increasing of public investment. The thesis employs time-series data and annual datasets covering 1970-2010. Both the ADF and the PP unit root tests are employed to test for the stationarity of the data. Johansen’s cointegration is used to establish the long-run equilibrium relationship among the variables in the models. The VECM is also utilized to examine the short-run dynamics between the variables. The main empirical results support the accelerator principle hypothesis of a positive relationship between GDP and private investment. The McKinnon-Shaw hypothesis is, however, not verified in the case of Iraq but there is some evidence that private investment is crowded in by public investment, and that oil revenue has an indirect effect on private investment.

La thèse s'intéresse à la politique d'investissement public en Tunisie par la voie d'emprunts.L'objectif recherché est l'étude de la question de l'endettement public sous sa triple natureéconomique, institutionnelle et financière dans le cas d'une économie coloniale.La démarche suivie repose sur un plan en trois parties chronologiques mais qui reflètel'évolution de la stratégie d'investissement public en Tunisie. La première partie, qui couvreles années 1920, est marquée par l'émission d'un emprunt émis par tanches. Les priorités del'investissement public consistent à financer la construction d'une infrastructure économiquemoderne. Les fonds destinés aux investissements sociaux demeurent largement insuffisant.Les capitaux privés engagés en Tunisie connaissent une certaine stagnation.La deuxième partie concerne les années 1930 qui coïncident avec la grande dépressionéconomique. Les autorités coloniales décident de simplifier les modalités d'endettementce qui profite principalement aux institutions publiques de la Tunisie. Une décennie difficilesur la plan économique ce qui affecte le volume des investissements publics par la voied'emprunt. Les capitaux privés connaissent une forte régression d’où l'intervention desinstitutions de crédit publiques.La troisième partie s'étend de 1945 à 1956; une période marquée par l'adoption d'unenouvelle stratégie économique basée sur la planification. Les autorités coloniales à Tunischoisissent de diversifier les sources de financement. De part sa construction, cette thèsedresse un schéma de l'économie tunisienne sous le protectorat français entre 1920 et 1956. / The thesis focuses on public investment policy in Tunisia through borrowing. The objective isto study the question of public debt under its triple economic, institutional and financial naturein the case of a colonial economy. The approach followed is based on a three-partchronological plan that reflects the evolution of Tunisia's public investment strategy. The firstpart, which covers the 1920s, is marked by the issuance of a loan issued by tench. Thepriorities of public investment are to finance the construction of a modern economicinfrastructure. Funding for social investment remains largely insufficient. Private capital inTunisia is experiencing some stagnation.The second part concerns the 1930s coinciding with the great economic depression. Thecolonial authorities decided to simplify the methods of indebtedness, which mainly benefitedthe public institutions of Tunisia. A difficult economic decade which affects the volume ofpublic investment by way of borrowing. Private capital is experiencing a sharp decline, hencethe intervention of public credit institutions.The third part runs from 1945 to 1956; A period marked by the adoption of a new economicstrategy based on planning. Colonial authorities in Tunis choose to diversify sources offunding. Due to its construction, this thesis draws up a diagram of the Tunisian economyunder the French protectorate between 1920 and 1956.

Researched during the summer of 2006 in a collaborative effort between Carnegie Mellon University's Urban Lab and East Liberty Development, Inc. this thesis seeks to develop a model for evaluating the impact of progressive urban design strategies in an existing community by measuring the costs and potential returns of public investment in progressive urban infrastructure. Using the case study of East Liberty as a laboratory, this study identifies clear baseline assumptions for the costs of urban infrastructure, as well as estimated public returns based on private investment leveraged and new residential and commercial tax revenue streams. Aimed at providing urban designers a facilitation tool in arguing for public investment in progressive urban infrastructure that reconnects fragmented com m unities, this study suggests that clear financial and com m unity returns are "hidden" in urban infrastructure investment.

Representando 0,84% do PIB brasileiro, as grandes firmas de carnes trazem uma idiossincrasia com relação à dinâmica de crescimento, quando comparadas com outras do setor. De um lado, sua expansão ocorre a partir da participação acionária de grupos de capital aberto com a composição de diversos agentes, entre eles o Governo, por meio do BNDES e fundos de investimentos ligados ao governo e, de outro, com a ausência de grupos estrangeiros atuantes no mercado de abates (somente como acionistas privados). Um segundo grupo de firmas, as não contempladas pelos empréstimos do governo, necessitam buscar outras soluções estratégicas para sobreviver num ambiente de competição acirrada. A presente pesquisa teve dois objetivos. O primeiro, verificar qual o papel da participação do capital público nas estratégias de crescimento das empresas do setor e, o segundo, a influência desse capital no desempenho das empresas. Buscou-se analisar os dados e informações das empresas que compõe a indústria de carne bovina no Brasil. Como metodologia de pesquisa, optou-se pelo estudo das informações financeiras das empresas de capital aberto, que possuem dados disponíveis à sociedade, visando discutir o desempenho das mesmas. Para a análise das estratégias foi realizado estudo das reuniões do conselho administrativo dessas firmas. No caso das firmas de capital fechado foram realizadas entrevistas com uma amostra de 17,4% do total das firmas com SIF. Os resultados permitiram analisar a estratégia das firmas neste cenário de importante reestruturação setorial. No que se refere à participação do governo, observou-se que: 1) apesar de a participação na composição acionária e no conselho de algumas empresas, não foi verificado, a partir das análises das reuniões do conselho administrativo, que os órgãos públicos são os principais tomadores de decisão dos rumos dessas empresas, mas sim as famílias, através de holdings; 2) os investimentos feitos pelas empresas com capital aberto e/ou com apoio do Estado são distintos: empresas como o JBS e Marfrig, com o maior apoio do BNDES, cresceram 640% e 610,4% entre 2007 a 2012 com aquisições e diversificação de produtos e mercados; o terceiro maior grupo de carne bovina, o Minerva, sem participação de órgãos públicos, focando suas estratégias de crescimento apenas no mercado de pecuária de corte e expandindo suas atividades, através de aquisições, no mercado sul-americano; última empresa de capital aberto e com suporte de órgãos públicos, a BRF, focando na expansão dos mercados de carne suína e de frango e arrendando suas duas únicas unidades de carne bovina em troca de ações do frigorífico Minerva. Com relação ao grupo de frigoríficos de capital fechado e sem aporte do governo, observou-se que este adotar a estratégia de diferenciar suas atividades, sejam elas de produto ou mercados. Com relação ao desempenho, foi possível verificar que as empresas líderes no mercado de carne bovina, JBS e Marfrig, têm alto grau de relação de capital de terceiros em suas contas, sinalizando a grande dependência de empréstimos e financiamentos, principalmente do BNDES. / Representing 0.84% of the Brazilian GDP, the big meat companies bring an idiosyncrasy with respect to the dynamics of growth, when compared to other industries in the sector. On the one hand, the expansion occurs from the shareholding of publicly traded groups with the composition of various actors, including the Government, through the BNDES and investment funds linked to the government and on the other hand, with the absence of groups foreign groups working in the slaughter market (only as private shareholders). A second group of firms, not covered government loans, requires other strategic solutions to survive in a fierce competitive environment. This study had two objectives. First, check what is the role of public participation capital in the growth strategies of companies in the sector and, second, the influence of this capital on business performance. It sought to analyze the data and information of the companies making up the beef industry in Brazil. As a research methodology, we opted for the financial information study of publicly traded companies, which have data available to the society, in order to discuss the performance of the same. In the case of private equity firms, interviews were conducted with a sample of 17.4% of all firms with SIF. The results allowed us to analyze the strategy of the companies in this important scenario of sector restructuring. With regarding government participation, it was observed that: 1) despite the participation in the ownership and on the board of some companies , it was verified from the analyses of board meetings that public bodies are the main direction of decision-makers ,not the families, through holding companies; 2) investments made by companies with publicly traded and/or state support are distinct: companies such as JBS and Marfrig, with greater support from the BNDES, grew 640% and 610.4% between 2007-2012 with acquisitions and diversification of products and markets; the third largest group of beef, Minerva Foods, without any participation of public agencies, focusing their growth strategies only in the beef cattle market and expanding its activities through acquisitions, in the South American market; the last public company and public agency support, BRF, focusing on the expansion of pork and poultry meat markets and leasing its activities its only two beef units in exchange for Minerva Foods share. For slaughterhouses private held and without any government support was observed that adopt strategy of differentiate their activities, whether they be product or markets. Regarding the performance, it was found that leading companies in beef market, JBS and Marfrig , have a high degree of capital injections in their accounts, signaling the heavy reliance on loans and financing, mainly from BNDES.

No description available.

Exhaustible resource rents are an important taxable base in many countries, with revenue sharing often part of the scheme. In some cases large shares are retained for the central government. Generally, the discussions of exhaustible resource taxation consider assignment of resource rent tax base and revenue sharing from the limited perspectives of efficiency and stability. Tax assignment and sharing arrangements are assumed to have a neutral effect on investment of resource rents in long-lived public goods. We attempt to demonstrate that this may not be the case, specifically looking at the question of whether rent assignment is neutral to effects on investment of rents in long-lived public goods, a normative policy objective, and under what conditions it occurs. We test the theoretical propositions with data from the Russian Federation to derive empirical results. The results from the Russian Federation point toward an important dimension of rent tax assignment in a federation. They results show that ceteris paribus, higher share of rent for the federation may lead to lower investment in long-lived public goods and may be constrained by stability. Another argument has been made for reconsidering rent tax assignment using assertive ethnic identity as a manifestation strong ownership claims. Communities with strongly valued identities value ownership over land and exhaustible resource endowments in their areas. This may be the case especially if ethnic identity is important to the resource owning community. The empirical results show that a decrease in the regional share of rent resulted in a fall in investments in the republics and regions with strong ethnic identity. Republics among the producing regions have historical claims to a distinct identity and may have a preference for preserving their identity. This preference is manifested as higher levels of rent investment. Following this line of argument, it can be concluded that rent assignment, through rent tax or revenue assignment, should favor producing regions within the range of stability in a federation, if the objective is achieving higher investment in long-lived public goods.

nÃo hà / Visando contribuir com o debate sobre o ajuste fiscal proposto nas Ãltimas dÃcadas, este estudo consiste em uma investigaÃÃo empÃrica acerca dos determinantes dos investimentos pÃblicos nas administraÃÃes estaduais a partir de um painel de dados compreendendo o perÃodo de 2005 a 2008. Modelos economÃtricos em painel dinÃmico sÃo elaborados e estimados via MÃtodo Generalizado dos Momentos (MGM) para trÃs variÃveis consideradas como vias para o investimento pÃblico, quais sejam: investimento, gastos com pessoal e despesas de custeio. A robustez das estimativas permite inferir que: i) o ajuste fiscal dos Estados brasileiros fundamentou-se na ampliaÃÃo da carga tributÃria e na reduÃÃo dos investimentos pÃblicos; ii) o Ãltimo ano de mandato de governo, o investimento pÃblico defasado, o resultado primÃrio defasado e, principalmente, as receitas de operaÃÃo de crÃdito contribuem para a ampliaÃÃo do investimento pÃblico; iii) ajustes nos instrumentos fiscais utilizados para o controle das finanÃas pÃblicas dos Estados podem ajudar na reversÃo da trajetÃria de queda dos investimentos estaduais sem comprometer o equilÃbrio de suas finanÃas. / The study aims to contribute with the debate concerning the fiscal adjustment proposed in the last decades and consists in an empirical investigation about the determinants of public investment in of the Brazilian states from a panel of data spanning the period from 2005 to 2008. Dynamic panel econometric models by Generalized Method of Moments (GMM) are developed and estimated for three variables considered as routes for public investment: investment, payroll and costing expenses. The robustness of the estimates allow us to infer that: i) fiscal adjustment of Brazilian states was based upon expansion of the tax burden and the reduction of public investment, ii) the last year before new elections, the public investment and the primary result of the last periods and, mainly, credit revenues contribute to the expansion of public investment, iii) adjustments in the tax instruments used to keep public finances stable can help in order to reverse the downward trend of investment without compromising the statesâ fiscal balance.

Representando 0,84% do PIB brasileiro, as grandes firmas de carnes trazem uma idiossincrasia com relação à dinâmica de crescimento, quando comparadas com outras do setor. De um lado, sua expansão ocorre a partir da participação acionária de grupos de capital aberto com a composição de diversos agentes, entre eles o Governo, por meio do BNDES e fundos de investimentos ligados ao governo e, de outro, com a ausência de grupos estrangeiros atuantes no mercado de abates (somente como acionistas privados). Um segundo grupo de firmas, as não contempladas pelos empréstimos do governo, necessitam buscar outras soluções estratégicas para sobreviver num ambiente de competição acirrada. A presente pesquisa teve dois objetivos. O primeiro, verificar qual o papel da participação do capital público nas estratégias de crescimento das empresas do setor e, o segundo, a influência desse capital no desempenho das empresas. Buscou-se analisar os dados e informações das empresas que compõe a indústria de carne bovina no Brasil. Como metodologia de pesquisa, optou-se pelo estudo das informações financeiras das empresas de capital aberto, que possuem dados disponíveis à sociedade, visando discutir o desempenho das mesmas. Para a análise das estratégias foi realizado estudo das reuniões do conselho administrativo dessas firmas. No caso das firmas de capital fechado foram realizadas entrevistas com uma amostra de 17,4% do total das firmas com SIF. Os resultados permitiram analisar a estratégia das firmas neste cenário de importante reestruturação setorial. No que se refere à participação do governo, observou-se que: 1) apesar de a participação na composição acionária e no conselho de algumas empresas, não foi verificado, a partir das análises das reuniões do conselho administrativo, que os órgãos públicos são os principais tomadores de decisão dos rumos dessas empresas, mas sim as famílias, através de holdings; 2) os investimentos feitos pelas empresas com capital aberto e/ou com apoio do Estado são distintos: empresas como o JBS e Marfrig, com o maior apoio do BNDES, cresceram 640% e 610,4% entre 2007 a 2012 com aquisições e diversificação de produtos e mercados; o terceiro maior grupo de carne bovina, o Minerva, sem participação de órgãos públicos, focando suas estratégias de crescimento apenas no mercado de pecuária de corte e expandindo suas atividades, através de aquisições, no mercado sul-americano; última empresa de capital aberto e com suporte de órgãos públicos, a BRF, focando na expansão dos mercados de carne suína e de frango e arrendando suas duas únicas unidades de carne bovina em troca de ações do frigorífico Minerva. Com relação ao grupo de frigoríficos de capital fechado e sem aporte do governo, observou-se que este adotar a estratégia de diferenciar suas atividades, sejam elas de produto ou mercados. Com relação ao desempenho, foi possível verificar que as empresas líderes no mercado de carne bovina, JBS e Marfrig, têm alto grau de relação de capital de terceiros em suas contas, sinalizando a grande dependência de empréstimos e financiamentos, principalmente do BNDES. / Representing 0.84% of the Brazilian GDP, the big meat companies bring an idiosyncrasy with respect to the dynamics of growth, when compared to other industries in the sector. On the one hand, the expansion occurs from the shareholding of publicly traded groups with the composition of various actors, including the Government, through the BNDES and investment funds linked to the government and on the other hand, with the absence of groups foreign groups working in the slaughter market (only as private shareholders). A second group of firms, not covered government loans, requires other strategic solutions to survive in a fierce competitive environment. This study had two objectives. First, check what is the role of public participation capital in the growth strategies of companies in the sector and, second, the influence of this capital on business performance. It sought to analyze the data and information of the companies making up the beef industry in Brazil. As a research methodology, we opted for the financial information study of publicly traded companies, which have data available to the society, in order to discuss the performance of the same. In the case of private equity firms, interviews were conducted with a sample of 17.4% of all firms with SIF. The results allowed us to analyze the strategy of the companies in this important scenario of sector restructuring. With regarding government participation, it was observed that: 1) despite the participation in the ownership and on the board of some companies , it was verified from the analyses of board meetings that public bodies are the main direction of decision-makers ,not the families, through holding companies; 2) investments made by companies with publicly traded and/or state support are distinct: companies such as JBS and Marfrig, with greater support from the BNDES, grew 640% and 610.4% between 2007-2012 with acquisitions and diversification of products and markets; the third largest group of beef, Minerva Foods, without any participation of public agencies, focusing their growth strategies only in the beef cattle market and expanding its activities through acquisitions, in the South American market; the last public company and public agency support, BRF, focusing on the expansion of pork and poultry meat markets and leasing its activities its only two beef units in exchange for Minerva Foods share. For slaughterhouses private held and without any government support was observed that adopt strategy of differentiate their activities, whether they be product or markets. Regarding the performance, it was found that leading companies in beef market, JBS and Marfrig , have a high degree of capital injections in their accounts, signaling the heavy reliance on loans and financing, mainly from BNDES.

The dissertation thesis provides a comparison of approaches to the audit - compliance audit, performance audit and financial audit, on example of PPP project. The fact that the border between both parties of PPP project can not be generally defined provides space for the comparison of audit in the public and private sector. The topicality of the theme is given the fiscal problems not only in European countries, where most countries are looking for a way of extending the budget constraint to private sector engagement in the form of PPP projects. Therefore, PPP projects in the world are increasingly popular form of financing. Each includes every new minister of finance includes PPP projects as a possible source of budget. PPP projects, however, represent a huge, long-term investment, that large amounts of money are invested over long time periods. Large fiscal risk would occur in the corrupt environment, with a real threat of government failure, where the supplier has better information through a quasi-monopoly position and large fiscal risks. This risk persists many years and is associated with the provision of large state guarantees in an uncertain economic and societal benefit, taking place to constrain the budget for future generations. PPP project can be agreed only if resources are used efficiently in accordance with societal consensus and the pace of economic growth and public revenue consistently exceeds the real interest rate on public debt. Therefore, PPP projects in the world are increasingly popular form of financing.The fact that this form of financing should be transparent among other things, regularly audited.