Project finance as a driver of economic growth in low‐income countries

Kleimeier, Stefanie; Versteeg, Roald J.

doi:10.1016/j.rfe.2010.01.002

Cited by 44 publications

(29 citation statements)

References 84 publications

(90 reference statements)

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“…According to the Dealogic Projectware Database, global project volume more than tripled from 2003 to 2011, from US$113.4 billion to US$408.3 billion, with Asia being the fastest growing regional market. And project finance has become almost equally widespread in less developed countries as a facilitator of economic growth (Kleimeier and Versteeg, ).…”

Section: Introductionmentioning

confidence: 99%

Sustainable Project Finance, the Adoption of the Equator Principles and Shareholder Value Effects

et al. 2013

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Recent trends in the project finance industry include an increasing volume and a growing awareness of sustainable development. This has raised the question of whether and a how voluntary code of conduct such as the Equator Principles (EP) could enhance its impact on the project finance industry. We apply an event study methodology, and also consider the market model and conditional variance. We find positive abnormal returns for financial institutions adopting the EP, which supports the reputational risk hypothesis. Furthermore, we document that adopters outperform the global project finance market, especially in terms of market share. However, we do not find evidence that non‐adopters are excluded from lending syndicates. Results include practical recommendations for environmental policy. Copyright © 2013 John Wiley & Sons, Ltd and ERP Environment

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Section: Introductionmentioning

confidence: 99%

Sustainable Project Finance, the Adoption of the Equator Principles and Shareholder Value Effects

et al. 2013

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“…Despite justified criticism of ex-post development effects and the distribution of wealth (Arndt et al 2012;Lenz et al 2017), PF has allowed developing economies to construct infrastructure projects, which would not have been possible through public funding (Brealey et al 1996;Kleimeier and Versteeg 2010;La Cour and Müller 2014). The critical views on PF also underline the pressing need for further research on PF.…”

Section: History and Market For Project Financementioning

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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“…Kleimeier and Versteeg (2010) argued that the contractual structure unique to project finance engenders better investment management. Their empirical results showed that project finance compensates for lack of domestic financial development, particularly in less-developed economies where governance mechanisms are weak.…”

Section: Project Financementioning

confidence: 99%

Asian Development Outlook 2017 Update Highlights

2017

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The views expressed in this publication are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent.ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. The mention of specific companies or products of manufacturers does not imply that they are endorsed or recommended by ADB in preference to others of a similar nature that are not mentioned.By making any designation of or reference to a particular territory or geographic area, or by using the term "country" in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area. This work is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) https://creativecommons.org/licenses/by/3.0/igo/. By using the content of this publication, you agree to be bound by the terms of this license. For attribution, translations, adaptations, and permissions, please read the provisions and terms of use at https://www.adb.org/terms-use#openaccess This CC license does not apply to non-ADB copyright materials in this publication. If the material is attributed to another source, please contact the copyright owner or publisher of that source for permission to reproduce it. ADB cannot be held liable for any claims that arise as a result of your use of the material.Please contact pubsmarketing@adb.org if you have questions or comments with respect to content, or if you wish to obtain copyright permission for your intended use that does not fall within these terms, or for permission to use the ADB logo. Notes:In this publication, "$" refers to US dollars. Corrigenda to ADB publications may be found at http://www.adb.org/publications/corrigenda The outlook for developing Asia supports optimism. Rather than the slight growth moderation forecast in Asian Development Outlook 2017 in April, this Update envisages a slight uptick this year. Growth in the region is set to pick up from 5.8% in 2016 to 5.9% this year and 5.8% in 2018. Excluding the high-income newly industrialized economies, the region is expected to expand by 6.4% in 2017 and 6.3% in 2018. An upturn in global trade is backed by strengthening recovery in the United States, the euro area, and Japan. Robust investments in developing Asia and higher growth in the People's Republic of China contribute to the healthy outlook. Risks to developing Asia's outlook have become more balanced since April. The US Federal Reserve announced its plan to begin winding down the assets it purchased in the wake of the global financial crisis of [2008][2009]. Analysis in the Update notes that clear communication from the Fed has avoided market overaction to the policy change, but authorities in developing Asia nevertheless need to prepare for tighter global liquidity. In an analysis of the business cycle, this Update notes that many economies are still in the accelerating phase...

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Project finance as a driver of economic growth in low‐income countries

Cited by 44 publications

References 84 publications

Sustainable Project Finance, the Adoption of the Equator Principles and Shareholder Value Effects

Sustainable Project Finance, the Adoption of the Equator Principles and Shareholder Value Effects

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

Asian Development Outlook 2017 Update Highlights

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