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- W1819895627 abstract "1To say that high levels of investment and efficient investment allocation require a good investment climate is a tautology. The policy question is to identify the precise conditions that make up a good investment climate. The current policy consensus is that a good investment climate is characterized by standard good governance requirements together with the adequate supply of certain types of infrastructure, such as electricity and telephone lines. Good governance in turn is measured by the stability of property rights and, according to some, the depth of democracy and public accountability. The theory is that stable property rights (measured by a number of factors, including a low risk of expropriation and a low level of corruption) induce high investment rates and ensure efficiency in investment allocation, while democracy signals that governments will not engage in ex post expropriation. These conditions, it is argued, are essential for ensuring rapid growth and sustained poverty reduction. These key policy goals, identified in the new consensus on investment climate, are best attained by policies that promote a service delivery state (Khan 2002). This is a state that protects property rights, is subject to the rule of law, does not intervene in markets, and provides key services, such as electricity and telephone lines. The desirability of many of these institutional goals, particularly anticorruption and democracy, can hardly be questioned as ends in themselves. Nevertheless, several questions need to be addressed. First, does the evidence validate the claims that these are necessary, let alone sufficient, preconditions for growth? Second, has the theory behind the policy agenda been rigorous in identifying the critical preconditions of growth that need to be implemented in developing countries to accelerate their growth rates? And third—and most important—are there more important and vital institutional preconditions for high and sustained investment regimes in developing countries? If there are, we may be missing them by focusing on reforms that sound plausible and are clearly" @default.
- W1819895627 created "2016-06-24" @default.
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- W1819895627 date "2004-01-01" @default.
- W1819895627 modified "2023-09-26" @default.
- W1819895627 title "What Is a Good Investment Climate?" @default.
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