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Author: Javier Campos Publisher: ISBN: Category : Languages : en Pages :
Book Description
The authors provide empirical evidence on the impact that private participation in infrastructure has had on key macroeconomic variables in a sample of 21 Latin American countries from 1985-98. Specifically, they look at the effects on GDP per capita, current public expenditures, public investment, and private investment, controlling for country effects and institutional factors. The authors also investigate the relevance of the specific contractual form of private participation contracts on these variables and show differentiated effects according to contract types. The results suggest that: 1) Private sector involvement in utilities and transport have some, but not impressive, positive effects on GDP per capita. 2) There is some degree of crowding-out of private investment resulting from greenfield projects in utilities, and delayed crowding-in from concessions in transport. 3) There is crowding-in of public investment by private participation in utilities, while there is crowding-out by increased private investment in transport. 4) Private participation in utilities decreases recurrent expenditures, while in transport it results in an increase. The net effect on the public sector account is uncertain, but this uncertainty is a major risk. The revelation of this risk may be the main contribution of this paper since it is inconsistent with the fiscal gains expected by many policymakers as they engage in infrastructure privatization programs.
Author: Javier Campos Publisher: ISBN: Category : Languages : en Pages :
Book Description
The authors provide empirical evidence on the impact that private participation in infrastructure has had on key macroeconomic variables in a sample of 21 Latin American countries from 1985-98. Specifically, they look at the effects on GDP per capita, current public expenditures, public investment, and private investment, controlling for country effects and institutional factors. The authors also investigate the relevance of the specific contractual form of private participation contracts on these variables and show differentiated effects according to contract types. The results suggest that: 1) Private sector involvement in utilities and transport have some, but not impressive, positive effects on GDP per capita. 2) There is some degree of crowding-out of private investment resulting from greenfield projects in utilities, and delayed crowding-in from concessions in transport. 3) There is crowding-in of public investment by private participation in utilities, while there is crowding-out by increased private investment in transport. 4) Private participation in utilities decreases recurrent expenditures, while in transport it results in an increase. The net effect on the public sector account is uncertain, but this uncertainty is a major risk. The revelation of this risk may be the main contribution of this paper since it is inconsistent with the fiscal gains expected by many policymakers as they engage in infrastructure privatization programs.
Author: Lourdes Trujillo Publisher: World Bank Publications ISBN: Category : Languages : en Pages : 32
Book Description
Abstract: Trujillo, Martín, Estache, and Campos provide empirical evidence on the impact that private participation in infrastructure has had on key macroeconomic variables in a sample of 21 Latin American countries from 1985-98. Specifically, they look at the effects on GDP per capita, current public expenditures, public investment, and private investment, controlling for country effects and institutional factors. The authors also investigate the relevance of the specific contractual form of private participation contracts on these variables and show differentiated effects according to contract types. The results suggest that: Private sector involvement in utilities and transport have some, but not impressive, positive effects on GDP per capita; There is some degree of crowding-out of private investment resulting from greenfield projects in utilities, and delayed crowding-in from concessions in transport. There is crowding-in of public investment by private participation in utilities, while there is crowding-out by increased private investment in transport; Private participation in utilities decreases recurrent expenditures, while in transport it results in an increase. The net effect on the public sector account is uncertain, but this uncertainty is a major risk. The revelation of this risk may be the main contribution of this paper since it is inconsistent with the fiscal gains expected by many policymakers as they engage in infrastructure privatization programs. This paper"a product of the Governance, Regulation, and Finance Division, World Bank Institute, and Finance, Private Sector, and Infrastructure Unit, Latin America and the Caribbean Region"is part of a larger effort in the Bank to increase understanding of infrastructure regulation.
Author: Luis A. Andres Publisher: World Bank Publications ISBN: 0821374109 Category : Business & Economics Languages : en Pages : 382
Book Description
Infrastructure plays a key role in fostering growth and productivity and has been linked to improved earnings, health, and education levels for the poor. Yet Latin America and the Caribbean are currently faced with a dangerous combination of relatively low public and private infrastructure investment. Those investment levels must increase, and it can be done. If Latin American and Caribbean governments are to increase infrastructure investment in politically feasible ways, it is critical that they learn from experience and have an accurate idea of future impacts. This book contributes to this aim by producing what is arguably the most comprehensive privatization impact analysis in the region to date, drawing on an extremely comprehensive dataset.
Author: Lourdes Trujillo Publisher: World Bank Publications ISBN: Category : Infrastructure (Economics) Languages : en Pages : 36
Book Description
Abstract: Trujillo, Martín, Estache, and Campos provide empirical evidence on the impact that private participation in infrastructure has had on key macroeconomic variables in a sample of 21 Latin American countries from 1985-98. Specifically, they look at the effects on GDP per capita, current public expenditures, public investment, and private investment, controlling for country effects and institutional factors. The authors also investigate the relevance of the specific contractual form of private participation contracts on these variables and show differentiated effects according to contract types. The results suggest that: Private sector involvement in utilities and transport have some, but not impressive, positive effects on GDP per capita; There is some degree of crowding-out of private investment resulting from greenfield projects in utilities, and delayed crowding-in from concessions in transport. There is crowding-in of public investment by private participation in utilities, while there is crowding-out by increased private investment in transport; Private participation in utilities decreases recurrent expenditures, while in transport it results in an increase. The net effect on the public sector account is uncertain, but this uncertainty is a major risk. The revelation of this risk may be the main contribution of this paper since it is inconsistent with the fiscal gains expected by many policymakers as they engage in infrastructure privatization programs. This paper"a product of the Governance, Regulation, and Finance Division, World Bank Institute, and Finance, Private Sector, and Infrastructure Unit, Latin America and the Caribbean Region"is part of a larger effort in the Bank to increase understanding of infrastructure regulation.
Author: William Easterly Publisher: Stanford University Press ISBN: 9780804749725 Category : Business & Economics Languages : en Pages : 236
Book Description
Over the 1980s and 1990s most Latin American countries witnessed a retrenchment of the public sector from infrastructure provision and an opening up of infrastruture activities to the private sector. This book analyses the consequences of these policy changes.
Author: Ms.Valerie Cerra Publisher: International Monetary Fund ISBN: 1475536747 Category : Business & Economics Languages : en Pages : 41
Book Description
Inadequate infrastructure has been widely viewed as a principal barrier to growth and development in Latin America and the Caribbean. This paper provides a comprehensive overview of infrastructure in the region and highlights key areas in which infrastructure networks can be enhanced. The public and private sectors play complementary roles in improving the infrastructure network. Therefore, it is critical to strengthen public investment management processes as well as the regulatory framework, including to ensure an appropriate mix of financing and funding for projects and to address environmental concerns.
Author: Antonio Estache Publisher: World Bank Publications ISBN: 9780821350393 Category : Political Science Languages : en Pages : 136
Book Description
Annotation This book provides practical guidelines and options for infrastructure reform that result in access and affordability for the poor. It includes a new model for reform that consists of three main components - policies, regulation, and provision which when properly balanced minimize the risks associated with reform.
Author: Mr.Sergi Lanau Publisher: International Monetary Fund ISBN: 1475584385 Category : Business & Economics Languages : en Pages : 20
Book Description
This paper examines the effects of improvements in infrastrucutre on sectoral growth and firm-level investment, focusing on six Latin American countries. Exploiting the heterogeneity in the quality of infrastructure across countries and the intrinsic variation in the dependence of sectors on infrastructure, I find that better infrastructure raises growth and investment. Improved infrastructure could yield large economic benefits. For example, if the quality of infrastructure in Colombia increased to the sample median (Czech Republic), GDP growth would increase by about 0.1 percentage points.
Author: Sheoli Pargal Publisher: World Bank Publications ISBN: Category : Infrastructure (Economics) Languages : en Pages : 52
Book Description
The author assesses the importance of the regulatory framework as a determinant of private sector investment in infrastructure. She uses recently compiled data on private and public sector investment in the water, power, telecommunications, railroads, and roads sectors between 1980 and 1998 in nine countries in Latin America. The author finds that the most significant institutional determinant of private investment volumes is the passage of legislation liberalizing the investment regime. This is important because it indicates that the legal basis for reform is probably more critical in determining the quality of the investment climate than specific aspects of the institutional framework governing private sector participation. In accordance with intuition, the author's results indicate that government action to increase regulatory certainty and minimize the perceived risk of expropriation through the establishment of independent regulatory bodies is a critical determinant of the volume of private investment flows. She also finds that the general relationship of private to public investment is one of substitutability.
Author: Javier Campos
Author: 
Author: Javier Campos
Author: Lourdes Trujillo
Author: Luis A. Andres
Author: Lourdes Trujillo
Author: William Easterly
Author: Ms.Valerie Cerra
Author: Antonio Estache
Author: Mr.Sergi Lanau
Author: Sheoli Pargal