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Cover -- Contents -- I. BACKGROUND -- II. PUBLIC INVESTMENT IN BOLIVIA -- III. THE MODEL -- A. Different Public Investment Path Assumptions & -- Hydrocarbon Revenue Projections -- B. Assumptions and Model Calibration -- IV. SIMULATION RESULTS AND DISCUSSION -- A. Baseline Scenario -- B. More Favorable Scenario -- V. SENSITIVITY ANALYSES -- A. Endogenously Adjusting Indirect Taxes -- B. Natural Gas Discoveries Tied to Public Investment -- VI. CONCLUSION AND POLICY IMPLICATIONS -- Figures -- 1. Investment and Capital Stock -- 2. Public Investment and Capital Stock -- 3. Proven Natural Gas Reserves -- 4. Baseline Scenario -- 5. Favorable Scenario -- 6. Fiscal Gaps Covered by Indirect Tax Adjustment -- 7. Natural Gas Discovery is Tied to Public Investment -- Annexes -- I. The Efficiency of Public Investment in Bolivia -- II. Key Features of the DIG Model -- III. Model Calibration -- IV. Additional Sensitivity Analyses.