世界银行：公共投资质量及其对主权风险和债务可持续性的影响（英文版）

This paper introduces a novel index to measure public investment quality, utilizing the World Bank’s investment project performance data from 120 countries over 2000– 21. After detailing the construction of the index, the paper examines how public investment quality influences the relationship between the level of public investment and sovereign risk. The findings show that high levels of public investment are linked to lower sovereign risk in countries with high investment quality and, conve