Infrastructure project finance and capital flows: A new perspective

Dailami, Mansoor; Leipziger, Danny

doi:10.1016/s0305-750x(98)00054-0

Cited by 80 publications

(58 citation statements)

References 19 publications

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“…Empirical work that has, to date, primarily adopted a case study approach provides strong support for this hypothesis (Grandy, 1989;Daniels and Trebilcock, 1994;Crain and Oakley, 1995;Levy and Spiller, 1996 ;Ramamurti, 1996;Savedoff and Spiller, 1997;Dailami and Leipziger, 1998) including two examples delving into economic history by examining the construction of the Spanish (Keefer, 1996) and New Jersey (Grandy, 1989) railways. Two recent efforts to extend this logic to panel datasets in telecommunications and electricity have also found strong support for the hypothesis that political institutions that fail to constrain arbitrary behavior by political actors dampen the incentive for infrastructure providers to deploy capital and, ceteris paribus, yield lower levels of per capita infrastructure investment.…”

Section: Political Institutions and Investmentmentioning

confidence: 99%

The institutional environment for infrastructure investment

Henisz

2002

Industrial and Corporate Change

700

399

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The empirical evidence that links political institutions to economic outcomes has grown dramatically in recent years. However, virtually all of this analysis is undertaken using data from the past three decades. This paper extends this empirical framework by performing a two-century long historical analysis of the determinants of infrastructure investment in a panel of over 100 countries. The results demonstrate that political environments that limit the feasibility of policy change are an important determinant of investment in infrastructure. Abstract:The empirical evidence that links the structure of a nation's political institutions and the distribution of the preferences of the actors that inhabit them to economic outcomes such as an improved policy environment, investment behavior and economic growth has grown dramatically in recent years. However, due to data limitations, virtually all of this analysis is undertaken using data from the past three decades. This paper extends this empirical framework backwards in time and performs a two century long historical analysis of the determinants of infrastructure investment in a panel of over one hundred countries. The results demonstrate that political environments that limit the feasibility of policy change are an important determinant of investment in vital economic infrastructure not only in recent years but also at the inception of these technologies in the nineteenth century.

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Section: Political Institutions and Investmentmentioning

confidence: 99%

The institutional environment for infrastructure investment

Henisz

2002

Industrial and Corporate Change

700

399

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“…mitigation of political risk), and therein deviated somewhat from the strong finance perspective observed in previous research. Shortly after, Dailami and Leipziger (1997) provided the first major empirical attempt to test formal models in a quantitative study of credit spreads. Using infrastructure projects, they found that host-country environmental factors strongly affect credit risk and pricing.…”

Section: Financial Researchmentioning

confidence: 99%

“…Its structure is tailored to the socio-economic environment in which the investment is made. Related research has shown that the pricing of loans (Dailami and Leipziger 1997) and the composition of lending syndicates differ as a function of the institutional environment (Esty and Megginson 2003). Furthermore, it has found that the choice of PF as a particular governance structure is directly related to the legal protection of investors (Subramanian and Tung 2016).…”

Section: Interdisciplinary Perspectivesmentioning

confidence: 99%

International project finance: review and implications for international finance and international business

Müllner

2017

Manag Rev Q

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This literature review analyzes the global phenomenon of international project finance (PF) as both a management and finance instrument, allowing practitioners to realize large scale infrastructure projects in high risk contexts. After describing the characteristics of PF, its historical origins and its unique benefits for empirical inquiry, I summarize the findings of academic research from an interdisciplinary perspective. Based on this integration of Finance, Management and International Business research, I discuss the theoretical implications for each field that emanate from PF. Finally, I identify possibilities for future research and propose a more balanced, interdisciplinary academic treatment of PF.Keywords Project finance · Megaprojects · Capital structure · Foreign direct investment · Risk management · Literature review JEL Classsification F210 · F230 · G320 · M160 · G390

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“…For instance, the fixed phone network in USA, the current UK railroad infrastructures, and the nineteenth century Dutch railroad network was financed, built, owned, and operated by the private sector. The reasons range from low performance of state-owned utilities [38], budgetary vulnerability [36], the low efficacy of public finance [13], and the proven private sector efficiency [35]. In general, governments tend more and more to contract infrastructure development activities to the private sector, reducing uncertainty and risks of long pay-back periods that are inherent to infrastructure investments.…”

Section: Infrastructure Development: a Comparison With Classical Infrmentioning

confidence: 99%

A funding and governing model for achieving sustainable growth of computing e-infrastructures

Mohammed

Altmann

2010

Ann. Telecommun.

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The current access policies and funding schemes of computing e-infrastructures represent a huge challenge for the sustainable growth of computing e-infrastructures and a serious jeopardy for investments made into these e-infrastructures. In order to be able to address these issues, the economics of computing e-infrastructures has to be understood thoroughly. As a first step in this direction, this paper conducts a set of computing e-infrastructure case studies and discusses the economic issues of different global computing e-infrastructure efforts. The analyses results show that the major shortcomings that need to be resolved are the insufficient involvement of the private sector in the development of computing einfrastructures, the restricted user access to e-infrastructure resources, and the lack of sustainable funding. As a solution to these shortcomings, we propose a new funding and governing model for computing e-infrastructures. It follows a token-based market mechanism that allows a business-oriented operation of the computing e-infrastructure. We argue that this new model fosters the transition towards a sustainable computing einfrastructure, being another requirement for successfully implementing the cloud computing vision. Our arguments are supported by an analytical analysis.

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Infrastructure project finance and capital flows: A new perspective

Cited by 80 publications

References 19 publications

The institutional environment for infrastructure investment

The institutional environment for infrastructure investment

International project finance: review and implications for international finance and international business

A funding and governing model for achieving sustainable growth of computing e-infrastructures

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