Public finance indicators and the value of investment project development: a comparative study of GCC countries
Abstract
This study aims to identify public financial indicators involved in the investment projects of GCC countries. The data was collected from the IMF and the MEED from 2011-2017. The study measured the impact of public finance based on eight variables and two proxies (national and trade accounts) on the investment project development proxy, which is measured by the total value of projects planned or currently underway and the value of the ten largest projects currently underway. The results showed that Saudi Arabia and the UAE rank high in both proxies of investment project development. The simple regression results also illustrated that real GDP, the real non-oil GDP variables of national account proxy, and the value of the exported goods and services variable of the trade accounts proxy have a significant impact on the total value of projects planned or currently underway. Meanwhile, only three factors of national accounts, gross national savings, CPI inflation, and current account balance, have a significant impact on the value of the ten largest projects currently underway. The overall conclusion of the study is that GCC countries have established high-value development projects in different cities that require a proper public policy to efficiently manage capital expenditure within the public sector.
Keyword : Public finance indicators, Value of investments, Projects development, Government expenditure, Inclusive growth, Public policy, GCC countries
How to Cite
Alshubiri, F. N. (2019). Public finance indicators and the value of investment project development: a comparative study of GCC countries. Journal of Business Economics and Management, 20(6), 1143-1167. https://doi.org/10.3846/jbem.2019.10783
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Davidaviciene, V., Raudeliuniene, J., Vengriene, E., & Jakubavicius, A. (2018). Consolidation of the activities of regulatory institutions while implementing e-government solutions. Journal of Business Economics and Management, 19(2), 307-322. https://doi.org/10.3846/jbem.2018.5534
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Alam, A., Uddin, M., & Yazdifar, H. (2019). Institutional determinants of R&D investment: Evidence from emerging markets. Technological Forecasting and Social Change, 138, 34-44. https://doi.org/10.1016/j.techfore.2018.08.007
Aktas, A., & Tiftik, M. E. (2013). Measuring fiscal sustainability for practical use in short-term policy making: Evidence from Turkey. Leicester University. Research Paper Series.
Ammons, D. (1995). Overcoming the inadequacies of performance measurement in local government: the case of libraries and leisure services. Public Administration Review, 55(1), 37-49. https://doi.org/10.2307/976826
Alogoskoufis, G. (2012). Greek’s sovereign debt crisis: retrospect and prospect. GreeSee paper, 54, Hellenic Observatory Papers on Greece and South-East Europe. London School of Economics and Political Science.
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Arnold, J., Brys, B., Heady, C., Johansson, A., Schwellnus, C., & Vartia, L. (2011). Tax policy for economic recovery and growth. Economic Journal, 121(550), 59-80. https://doi.org/10.1111/j.1468-0297.2010.02415.x
Asam, J., Fosu, A., & Ndung’u, N. S. (2002). Explaining slow growth in Africa. African Development Review, 14(2), 177-220. https://doi.org/10.1111/1467-8268.00051
Badinger, H. (2009). Fiscal rules, discretionary fiscal policy, and macroeconomic stability: An empirical assessment for OECD countries. Applied Economics, 41(7), 829-847. https://doi.org/10.1080/00036840701367556
Biesenthal, C., & Wilden, R. (2014). Multi-level project governance: trends and opportunities. International Journal of Project Management, 32(8), 1291-1308. https://doi.org/10.1016/j.ijproman.2014.06.005
Bloch, D., & Fall, F. (2015). Government debt indicators: understanding the data. OECD Economics Department Working Papers, 1228. OECD Publishing, Paris. https://doi.org/10.1787/5jrxv0ftbff2-en
Boyne, G. (1988). The extent and impact of local fiscal stress. Public Policy and Administration, 3, 15-26. https://doi.org/10.1177/095207678800300110
Borensztein, D. E., Gregorio, J. B. De., & Lee, J-W. (1998). How does foreign direct investment affect economic growth? Journal of International Economics, 45, 115-135. https://doi.org/10.1016/S0022-1996(97)00033-0
Brys, B., Perret, S., Thomas, A., & Reilly, P. (2016). Tax design for inclusive economic growth, 2016. OECD Taxation Working Papers, 26. OECD Publishing, Paris. https://doi.org/10.1787/5jlv74ggk0g7-en
Buch, C., Doepke, J., & Pierdzioch, C. (2005). Financial openness and business cycle volatility. Journal of International Money and Finance, 24(5), 744-765. https://doi.org/10.1016/j.jimonfin.2005.04.002
Calabrese, T., & Grizzle, G. (2012). Debt, donors and the decision to give. Journal of Public Budgeting, Accounting & Financial Management, 24(2), 221-251. https://doi.org/10.1108/JPBAFM-24-02-2012-B003
Carmeli, A. (2008). The fiscal distress of local governments in Israel: sources and coping strategies. Administration & Society, 39(8), 984-1007. https://doi.org/10.1177/0095399707309358
Chen, H. (2009). A Literature review on the relationship between foreign trade and economic growth. International Journal of Economics and Finance, 1(1), 127-131. https://doi.org/10.5539/ijef.v1n1p127
Chinn, M., & Ito, H. (2007). Current account balances, financial development and institutions: Assaying the World Savings Glut. Journal of International Money and Finance, 26(4), 546-569. https://doi.org/10.1016/j.jimonfin.2007.03.006
Chinn, M., & Ito, H. (2008). Global current account imbalances: American fiscal policy versus East Asian savings. Review of International Economics, 16(3), 479-498. https://doi.org/10.1111/j.1467-9396.2008.00741.x
Chinn, M. D., & Prasad, E. S. (2003). Medium-term determinants of current accounts in industrial and developing countries: An empirical exploration. Journal of International Economics, 59. https://doi.org/10.1016/S0022-1996(02)00089-2
Cheang, N., & Choy, I. (2011). The composition of aggregate financial stability index for an early warning system. Macao Monetary Research Bulletin, 21, 5-27.
Cordoba, G. F., & Kehoe, T. J. (2000). Capital flows and real exchange rate fluctuations following Spain’s Entry into the European Community. Journal of International Economics, 51(1), 49-78. https://doi.org/10.1016/S0022-1996(99)00037-9
Cournède, B., Goujard, A., & Pina, A. (2013). How to achieve growth- and equity-friendly fiscal consolidation? A proposed methodology for instrument choice with an illustrative application to OECD countries. OECD Economics Department Working Papers, 1088. OECD Publishing, Paris. https://doi.org/10.1787/5k407lwvzkkh-en
Comaniciu, C., & Bunescu, L. (2012). Coordinates of total quality management in fiscal administration. Review of General Management, 12(2), 139-148.
Davidaviciene, V., Raudeliuniene, J., Vengriene, E., & Jakubavicius, A. (2018). Consolidation of the activities of regulatory institutions while implementing e-government solutions. Journal of Business Economics and Management, 19(2), 307-322. https://doi.org/10.3846/jbem.2018.5534
De Bruijin, H. (2002). Performance measurement in the public sector: strategies to cope with the risks of performance measurement. International Journal of Public Sector Management, 15(7), 578-5944. https://doi.org/10.1108/09513550210448607
Di Berardino, C., D’Ingiullo, C., & Sarra, A. (2017). Distributive trade and regional productivity growth. The Service Industries Journal, 37(13-14), 833-857. https://doi.org/10.1080/02642069.2017.1359261
Dincer, O. (2019). Does corruption slow down innovation? Evidence from a cointegrated panel of U.S. states. European Journal of Political Economy, 56, 1-10. https://doi.org/10.1016/j.ejpoleco.2018.06.001
Economist Intelligence Unit (EIU). (2018). EIU long-term forecasts. Retrieved from https://gfs.eiu.com/
Fatas, A., & Mihov, I. (2001). Government size and automatic stabilizers: international and international evidence. Journal of International Economics, 55(1), 3-28. https://doi.org/10.1016/S0022-1996(01)00093-9
Geraldi, J. (2009). Reconciling order and chaos in multi-project firms. International Journal of Managing Projects in Business, 2(1), 149-158. https://doi.org/10.1108/17538370910930572
Hildreth, W. B. (1996). Financial management: a balancing act for local government chief financial officers. Public Administration Quarterly, 3(3), 321-342.
Hindriks, J., & Myles, G. (2004). Intermediate public economics. Cambridge: The MIT Press.
Huemann, M., Keegan, A., & Turner, J. R. (2007). Human resource management in the project-oriented company: a review. International Journal of Project Management, 25(3), 315-323. https://doi.org/10.1016/j.ijproman.2008.05.005
Hwang, K. M., Park, D., & Shin, K. (2013). Capital market openness and output volatility. Pacific Economic Review, 18(3), 403-430. https://doi.org/10.1111/1468-0106.12031
International Monetary Fund. (2018). World Economic Outlook Database from 2011–2017. Retrieved from https://www.imf.org/external/pubs/ft/weo/2018/01/weodata/index.aspx
Insel, A., & Kayikçi, F. (2013). Determinants of the current account balance in Turkey: An ARDL approach. Economic Research – Ekonomska Istraživanja, 26(1), 1-16. https://doi.org/10.1080/1331677X.2013.11517587
Ivanová, E. (2017). Barriers to the development of SMEs in the Slovak Republic. Oeconomia Copernicana, 8(2), 255-272. https://doi.org/10.24136/oc.v8i2.16
Johansson, Å. (2016). Public finance, economic growth and inequality: A survey of the evidence. OECD Economics Department Working Papers, No. 1346. OECD Publishing, Paris.
Khan, M., He, Y., Kaleem, A., Akram, U., & Hussain, Z. (2018). Remedial role of financial development in corporate investment amid financing constraints and agency costs. Journal of Business Economics and Management, 19(1), 176-191. https://doi.org/10.3846/16111699.2017.1422797
Kostalova, J., Tetrevova, L., & Patak, M. (2015). The System of support for projects co-financed by EU Funds in the Czech Republic. Transylvanian Review of Administrative Sciences, 45E, 97-115.
Kouretas, G., & Vlamis, P. (2010). The Greek financial crisis: causes and implication. Panoeconomicies, 4, 391-404. https://doi.org/10.2298/PAN1004391K
Lovre, I., Ivanović, O., & Mitić, P. (2017). Analysis of public sector efficiency in developed. Economic Analysis, 50(1-2), 38-49.
Loayza, N. V., Ranciere, R., Serven, L., & Ventura, J. (2007). Macroeconomic volatility and welfare in developing countries: An Introduction. The World Bank Economic Review, 21(3), 343-357. https://doi.org/10.1093/wber/lhm017
Mackowiak, B. (2007). External shocks, US monetary policy and macroeconomic fluctuations in Emerging Markets. Journal of Monetary Economics, 54(8), 2512-2520. https://doi.org/10.1016/j.jmoneco.2007.06.021
Masengo, P. C. (2011). Domestic debt sustainability: The case of Zambia (A published M.A. (Economics) Dissertation). University of Zambia, Lusaka.
Mentel, G., Brożyna, J., & Szetela, B. (2017). Evaluation of the effectiveness of investment fund deposits in Poland in a time of crisis. Journal of International Studies, 10(2), 46-60. https://doi.org/10.14254/2071-8330.2017/10-2/3
Middle East Economic Digest (MEED) projects. (2018a). GCC Projects, Break bulk Middle East, 2018. Retrieved from https://middleeast.breakbulk.com/home
Middle East Economic Digest (MEED) projects. (2018b). 2011–2017. Retrieved from https://www.meed.com/
Mishra, P. K. (2012). The Dynamics of the relationship between imports and economic growth in India. South Asian Journal of Macroeconomics and Public Finance, 1(1), 57-79. https://doi.org/10.1177/227797871200100105
Moraru, C. (2013). Foreign direct investment and economic growth in Romania. Theoretical and Applied Economics, 20(5), 125-134.
Mupunga, N., & Le Roux, P. (2014). Analyzing the theoretical and empirical foundations of public debt dynamics in Zimbabwe. Economic Research South Africa (Ersa), Working Paper Series 409, 1-20.
Ozak, O. (2018). Distance to the pre-industrial technological frontier and economic development. Journal of Economic Growth, 23(2), 175-221. https://doi.org/10.1007/s10887-018-9154-6
Patricia, C., & Izuchukwu, C. (2013). Impact of government expenditure on economic growth in Nigeria. International Journal of Business and Management Review, 1(4), 64-71.
Raddatz, C. (2007). Are external shocks responsible for the instability of output in low-income countries? Journal of Development Economics, 84(1), 155-187. https://doi.org/10.1016/j.jdeveco.2006.11.001
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