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http://ssrn.com/abstract=1116646
 
 

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Macroeconomic Policies and Project Performance in the Social Sectors: A Model of Human Capital Production and Evidence from LDCS


Daniel Kaufmann


The Brookings Institution

Yan Wang


The World Bank


World Development, Vol. 23, No. 5, pp. 751-765, May 1995

Abstract:     
This paper investigates the relationship between economy-wide policies and the performance of investment projects in education and health sectors. The model highlights the fact that the production of human capital requires an interaction of the demand for and supply of social services, both are related to labor market conditions and macroeconomic policies. A Probit analysis shows that the probability of project failure is positively and significantly associated with indicators of macroeconomic instability and distortion; and negatively associated with the overall dynamism of the economy. Economy-wide policies therefore are crucial for the success of social projects, which underscores the need of linking the lending in the social sectors to the overall policies and reforms.

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Date posted: April 7, 2008  

Suggested Citation

Kaufmann, Daniel and Wang, Yan, Macroeconomic Policies and Project Performance in the Social Sectors: A Model of Human Capital Production and Evidence from LDCS. Available at SSRN: http://ssrn.com/abstract=1116646

Contact Information

Daniel Kaufmann (Contact Author)
The Brookings Institution ( email )
1775 Massachusetts Avenue, NW
Washington, DC 20036
United States
202-797-6257 (Phone)
HOME PAGE: http://www.thekaufmannpost.net
Yan Wang
The World Bank ( email )
1818 H Street, N.W.
Room J3-061
Washington, DC 20433
United States
202-473-3219 (Phone)
202-676-9874 (Fax)
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