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This paper studies the optimal public investment decisions in countries experiencing a resource windfall. To do so, we use an augmented version of the Permanent Income framework with public investment faced with adjustment costs capturing the associated administrative capacity as well as government direct transfers. A key assumption is that those adjustment costs rise with the size of the resource windfall. The main results from the analytical model are threefold. First, a larger resource windfall commands a lower level of public capital but a higher level of redistribution through transfers. Second, weaker administrative capacity lowers the increase in optimal public capital following a resource windfall. Third, higher total factor productivity in the non-resource sector reduces the degree of des-investment in public capital commanded by weaker administrative capacity. We further extend our basic model to allow for "investing in investing" - that is public investment in administrative capacity - by endogenizing the adjustment cost in public investment. Results from the numerical simulations suggest, among other things, that a higher initial stock of public administrative "know how" leads to a higher level of optimal public investment following a resource windfall. Implications for policy are discussed.

We consider economic development of sub-Saharan Africa from the perspective of slow convergence of productivity, both across sectors and firms within sectors. Why have 'productivity enclaves', islands of high productivity in a sea of smaller low-productivity firms, not diffused more rapidly? We summarize and analyse three sets of factors: First, the poor business climate, which constraints the allocation of production factors between sectors and firms. Second, the complex political economy of business-government relations in Africa's small economies, and third, the distribution of firm capabilities. The roots for these factors lie in sub-Saharan Africa's geography and its distinctive history, including the legacy of its colonial period on state formation and market structure.

Cover -- Half Title -- Series Page -- Title Page -- Copyright Page -- Contents -- List of Abbreviations -- Preface and Acknowledgments -- An Introduction to the Case-Study Project -- Part I. Case Studies of Czech and Slovak Firms -- 1. Engineering/Forklift Trucks: Desta -- 2. Engineering: PSP -- 3. Heavy Chemicals: Spolana -- 4. Textiles/Garments: CS-15 -- 5. Textiles/Cloth: Veba Broumov -- 6. Electronics: CS-03 -- 7. Food Processing/Chocolate and Sweets: CS-07 -- 8. Footwear: Tipa -- 9. Plastics: CS-13 -- 10. Pharmaceuticals: CS-12 -- 11. Auto Parts: Motorpal -- Part II. Case Studies of Hungarian Firms -- 1. Engineering: DKG -- 2. Defense: Theta Works -- 3. Heavy Chemicals: TVK -- 4. Textiles/Garments: Elegant Charm -- 5. Textiles/Cloth: Hungartextile Holding -- 6. Electronics: Radion Radio and Electrical Works -- 7. Glass: Salgglas -- 8. Food Processing/Chocolate and Sweets: Intercsokoládé Kft. -- 9. Food Processing/Brewing: Kanizsa Brewery Ltd. -- 10. Pharmaceuticals: EGIS Pharmaceutical Works Ltd. -- 11. Auto Parts: Bakony Metal and Electrical Appliance Works -- Part III. Case Studies of Polish Firms -- 1. Engineering/Railway Rolling Stock: Pafawag Enterprise -- 2. Engineering/Machine Tools: PO/5 -- 3. Textiles/Garments: Wolczanka S.A. -- 4. Textiles/Cloth: Textilpol -- 5. Electronics: Miflex Radio Components Firm S.A. -- 6. Glass: Huta Szkla Hortensja -- 7. Food Processing/Chocolate and Sweets: Drops -- 8. Wood Products: Lodzkie Fabryki Mebli -- 9. Iron/Steel: Czestochowa Steelworks -- 10. White Goods-Refrigerators, Washers, and Dryers: Polar Enterprise -- 11. Footwear: Mokasyn -- 12. Plastics: Boryszew-Erg -- 13. Pharmaceuticals: Polfa Enterprise -- 14. Auto Parts: Polmo Enterprise -- Index.

Der Beitrag untersucht zuerst die Rahmenbedingungen im früheren sozialistischen Wirtschaftssystem und beschreibt die Maßnahmen die beim Übergang zu einer Marktwirtschaft unternommen werden müssen. Vor diesem Hintergrund werden wichtige Probleme und gemachte Erfahrungen während des bisherigen Transformationsprozesses analysiert. In detaillierten Anhängen wird auf einzelne Sektoren eingegangen, wie Handel, Privatisierung, Landwirtschaft, den Finanzsektor, die Finanzpolitik sowie Bereiche des Sozialsystems. In einem weiteren Anhang geht die Weltbank auf ihre Aktivitäten in Osteuropa ein, allerdings weniger aus ihrer eigenen Sicht als der der betroffenen Länder.