Funding and financing infrastructure : the joint-use of public and private finance / Marianne Fay, David Martimort, Stéphane Straub
Mitwirkende(r): Resource type: Ressourcentyp: Buch (Online)Buch (Online)Sprache: Englisch Reihen: World Bank E-Library Archive | Policy research working paper ; 8496Verlag: Washington, D.C. : World Bank Group, Climate Change Global Theme, June 2018Beschreibung: 1 Online-Ressource (circa 41 Seiten) : IllustrationenSchlagwörter: Genre/Form: Andere physische Formen: Erscheint auch als: Funding and Financing Infrastructure: The Joint-Use of Public and Private Finance. Druck-Ausgabe Washington, D.C : The World Bank, 2018DOI: DOI: 10.1596/1813-9450-8496Online-Ressourcen: Zusammenfassung: The paper addresses the issue of the feasible level of private finance in a contracting model of infrastructure finding and financing. It characterizes the structure of financial contracts, deriving the conditions under which both public and private finance coexist. A key feature is that access to outside finance and the regulatory decision on pricing and the amount of public subsidy, hence the extent of price recovery, are jointly determined. Mobilizing private finance requires a combination of price for the service and subsidy to the service provider that is large enough, exacerbating the fundamental tensions between financial viability through cost recovery and social inclusion. The paper then shows that the feasibility trade-off responds in non-trivial ways to changes in the economic and institutional environment likely to occur along the development path. While improvements along some of these dimensions, notably in the efficiency of bankruptcy procedures, appear to ease access to private finance, others, such as the cost of public funds, actually makes public finance more efficient. Using project data from the PPI database including information on the financial structure, the authors uncover an inverse U-shaped pattern in the share of private finance, peaking for countries in the upper-middle income range, which echoes their theoretical findingsPPN: PPN: 1031645020Package identifier: Produktsigel: ZDB-1-WBA | ZDB-110-WBODieser Titel hat keine Exemplare
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