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Author: Ingo Walter Publisher: Open Book Publishers ISBN: 1783742968 Category : Business & Economics Languages : en Pages : 130
Book Description
Infrastructure and its effects on economic growth, social welfare, and sustainability receive a great deal of attention today. There is widespread agreement that infrastructure is a key dimension of global development and that its impact reaches deep into the broader economy with important and multifaceted implications for social progress. At the same time, infrastructure finance is among the most complex and challenging areas in the global financial architecture. Ingo Walter, Professor Emeritus of Finance, Corporate Governance and Ethics at the Stern School of Business, New York University, and his team of experts tackle the issue by focussing on key findings backed by serious theoretical and empirical research. The result is a set of viable guideposts for researchers, policy-makers, students and anybody interested in the varied challenges of the contemporary economy.
Author: Ingo Walter Publisher: Open Book Publishers ISBN: 1783742968 Category : Business & Economics Languages : en Pages : 130
Book Description
Infrastructure and its effects on economic growth, social welfare, and sustainability receive a great deal of attention today. There is widespread agreement that infrastructure is a key dimension of global development and that its impact reaches deep into the broader economy with important and multifaceted implications for social progress. At the same time, infrastructure finance is among the most complex and challenging areas in the global financial architecture. Ingo Walter, Professor Emeritus of Finance, Corporate Governance and Ethics at the Stern School of Business, New York University, and his team of experts tackle the issue by focussing on key findings backed by serious theoretical and empirical research. The result is a set of viable guideposts for researchers, policy-makers, students and anybody interested in the varied challenges of the contemporary economy.
Author: D. Charles Jacobson Publisher: ISBN: Category : Languages : en Pages :
Book Description
June 1995 History provides many examples of movements both toward and away from private ownership and operation of infrastructure. In France, Great Britain, and the United States, shifts between local, intermediate, and national levels of government in ownership and regulation of some forms of infrastructure have also been common. And spending cycles in all three countries have been marked by bursts of spending followed by periods of retrenchment and stability. Jacobson and Tarr summarize the rich and varied experiences of private and public provision of urban services in France, Great Britain, and the United States over the past 100 years. Their main focus is on experiences in the United States and on shifts back and forth between the public and private sectors. A few of their observations: * The values of politically important actors as well as the working of government, political, and legal institutions have shaped decisions about infrastructure development, the sorts of public goods demanded, and the roles played by private firms. * The range of choices that has historically been made with respect to the ownership, financing, and operation of different infrastructures has been far too varied to be encompassed by simple distinctions between public and private. * Throughout the world, many infrastructures owned and operated by governments have been built by private firms. * In the United States, private firms and property-owners associations of various sorts have owned outright both toll roads and residential streets. Private firms have also collected solid wastes and provided urban transport under a range of franchise, contracting, and regulatory arrangements. The situation with mass transit has been similar in Great Britain. Although water works facilities in France are predominantly government-owned, private firms operate and manage most systems under an array of contracting and leasing arrangements. * Even when facilities have been owned by private firms, direct competition has been of limited importance in the provision of many kinds of infrastructure. But market discipline can arise from other sources. * Privatization can get government bureaucracies out of the business of performing entrepreneurial activities for which they may be poorly suited. When market forces are weak, however, and important public interests are at stake, strengthening government institutions may be a prerequisite for successful privatization. * In the electric utility industry, private firms played a far greater role in U.S. electric utilities than in Great Britain, in part because of different views about appropriate roles for government in providing essential services. For similar reasons, the state played a much larger role in furnishing telecommunications services in France than in the United States. * Beliefs about the publicness of different goods and services have helped shape the character of regulatory, franchise, and contracting arrangements. When a good is seen as mainly private, it is easier for private service providers to be compensated mainly by user fees and for most decisions about price, output, and quality of service to be left to them. But for goods viewed as public and subsidized by taxes, government agencies make many decisions about price, output, and quality, no matter what the role played by private firms in actually providing services. * Goods defined as public have often been provided free to users, even though it would have been easy to exclude nonpayers. Examples in the United States include interstate highway systems, public parks, public libraries, and police and fire protection. Free services have been provided because it is believed that in these domains market relationships should not apply -- and that denying nonpayers the public service would be a denial of rights. * In Great Britain and the United States, the contracting out of public services has been both supported and opposed because of its potential to break the power of public sector unions and to cut workers' pay. In the United States, privatization has also come under attack on the grounds that opportunities for minority employment may be reduced. This paper -- a product of the Office of the Vice President, Development Economics -- is a background paper for World Development Report 1994 on infrastructure.
Author: Tony Merna Publisher: Thomas Telford ISBN: 9780727730404 Category : Business & Economics Languages : en Pages : 306
Book Description
- Project finance as a tool for financing infrastructure projects - Public finance for infrastructure projects - Financial instruments - Financial engineering - Restructuring projects - Financial markets - The concession or build-own-operate-transfer (BOOT) procurement strategy - The private finance initiative - Challenges and opportunities for infrastructure development in developing countries - Financial institutions - Privatisation as a method of financing infrastructure projects - Typical risks in the procurement of infrastructure projects - Mechanism for risk management and its application to risks in private finance initiative projects - Insurance and bonding - Case study of a toll bridge project - Case study on managing project financial risks utilising financial engineering techniques
Author: Board on Infrastructure and the Constructed Environment Publisher: National Academies Press ISBN: 030958941X Category : Political Science Languages : en Pages : 114
Book Description
With the current emphasis on a balanced federal budget and correspondingly decreased federal participation in financing local infrastructure systems, infrastructure providers are faced with the challenge of developing new sources of capital to fund their projects. This book discusses critical infrastructure issues and brings together recognized experts in domestic and international infrastructure and finance. It provides perspectives on the issues and discusses less conventional financing techniques used in recently completed projects. This volume also discusses likely conventional financing mechanisms of the future.
Author: Mr.Rabah Arezki Publisher: International Monetary Fund ISBN: 1475591837 Category : Business & Economics Languages : en Pages : 47
Book Description
This paper investigates the emerging global landscape for public-private co-investments in infrastructure. The creation of the Asian Infrastructure Investment Bank and other so-called “infrastructure investment platforms” are an attempt to tap into the pool of both public and private long-term savings in order to channel the latter into much needed infrastructure projects. This paper puts these new initiatives into perspective by critically reviewing the literature and experience with public private partnerships in infrastructure. It concludes by identifying the main challenges policy makers and other actors will need to confront going forward and to turn infrastructure into an asset class of its own.
Author: Riham Shendy Publisher: World Bank Publications ISBN: 0821387812 Category : Business & Economics Languages : en Pages : 81
Book Description
Examining innovative ways to address Africa’s infrastructure deficit is at the heart of this analysis. Africa’s infrastructure stock and quality is among the least developed in the world, a challenge that significantly hinders economic development. It is estimated that the finance required to raise infrastructure in Sub Saharan Africa (SSA) to a reasonable level within the next decade is at US$93 billion per year, with two-thirds of this amount needed for capital expenditures. With the existing spending on infrastructure being estimated at US$45 billion per annum and after accounting for potential efficiency gains that could amount to US$17 billion, Africa’s infrastructure funding gap remains around US$31 billion a year. One approach to address this challenge is by facilitating the increase of private provision of public infrastructure services through public-private partnerships (PPPs). This approach, which is a relatively new arrangement in SSA is multifaceted and requires strong consensus and collaboration across both public and private sectors. There are several defined models of PPPs. Each type differs in terms of government participation levels, risk allocations, investment responsibilities, operational requirements, and incentives for operators. Our definition of PPPs assumes transactions where the private sector retains a considerable portion of commercial and financial risks associated with a project. In more descriptive terms, among the elements defining the notion of PPPs discussed in this study are: a long-term contract between a public and private sector party; the design, construction, financing, and operation of public infrastructure by the private sector; payment over the life of the PPP contract to the private sector party for the services delivered from the asset; and the facility remaining in public ownership or reverting to public sector ownership at the end of the PPP contract. The observations and policy recommendations that follow draw on ongoing World Bank Group PPP engagements in these countries, including extensive consultations with key public and private sector stakeholders involved in designing, financing, and implementing PPPs. The study is structured around the most inhibiting constraints to developing PPPs, as shared by all six countries.
Author: Munawwar Alam Publisher: Commonwealth Secretariat ISBN: 9781849290036 Category : Business & Economics Languages : en Pages : 164
Book Description
Presents an overview of the municipal finances and the extent of private sector involvement in the delivery of municipal services in selected Commonwealth developing countries. This title examines four cities: Dar es Salaam in Tanzania, Kampala in Uganda, Dhaka in Bangladesh, and Karachi in Pakistan.
Author: Ingo Walter
Author: Ingo Walter
Author: Charles Jacobson
Author: Charles David Jacobson
Author: D. Charles Jacobson
Author: Charles D. Jacobson
Author: Tony Merna
Author: Board on Infrastructure and the Constructed Environment
Author: Mr.Rabah Arezki
Author: Riham Shendy
Author: Munawwar Alam