This paper studies the welfare impact of reducing delays in the implementation of public investment projects, using Turkish data pertaining to a revealed policy action in the early 2000s. I find that the reduction in the completion duration of the public capital from 11 to 4 years corresponds to a welfare gain of 1.9% in terms of compensating variations in consumption and an output gain of 2.7%. When most public investment management reforms are akin to a permanent positive marginal efficiency shock, I show that the elimination of implementation delays are similar to a cut in public capital “tax.” Lastly, I find that the potential gains from a similar reform are considerable for some other emerging market economies.

本文使用与2000年代初已公开的政策行动有关的土耳其数据，研究了减少公共投资项目实施中的延误对福利的影响。我发现，将公共资本的完成期限从11年减少到4年，相当于补偿了消费方面的差异，而福利收益为1.9％，而产出收益则为2.7％。当大多数公共投资管理改革类似于永久性的积极边际效率冲击时，我表明消除实施延迟的做法类似于削减公共资本“税”。最后，我发现类似改革的潜在收益对于其他一些新兴市场经济体而言是可观的。