Public infrastructure and private investment in the Middle East and North Africa:
"The authors examine the impact of public infrastructure on private capital formation in three countries of the Middle East and North Africa-Egypt, Jordan, and Tunisia. They highlight various channels through which public infrastructure may affect private investment. Then they describe their em...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C]
World Bank
[2005]
|
| Schriftenreihe: | Policy research working paper
3661 |
| Schlagworte: | |
| Online-Zugang: | BSB01 EUV01 HTW01 FHI01 IOS01 Volltext |
| Zusammenfassung: | "The authors examine the impact of public infrastructure on private capital formation in three countries of the Middle East and North Africa-Egypt, Jordan, and Tunisia. They highlight various channels through which public infrastructure may affect private investment. Then they describe their empirical framework, which is based on a vector autoregression (VAR) model that accounts for flows and (quality-adjusted) stocks of public infrastructure, private investment, as well as changes in output, private sector credit, and the real exchange rate. The authors propose two aggregate measures of the quality of public infrastructure and use principal components to derive a composite indicator. Their analysis suggests that public infrastructure has both "flow" and "stock" effects on private investment in Egypt, but only a "stock" effect in Jordan and Tunisia. But these effects are small and short-lived, reflecting the unfavorable environment for private investment in their sample of countries. Reducing unproductive public capital expenditure and improving quality must be accompanied by policy reforms aimed at limiting investment to infrastructure capital that crowds in the private sector and corrects for fundamental market failures. This will entail privatization and greater involvement of the private sector in infrastructure investment. While infrastructure (in the form of the provision of critical telecommunications, transport, and energy services) is important, other improvements in the environment in which domestic investment is conducted are crucial. These include the need to provide financing on adequate terms and guarantee a secure and efficient justice system. "--World Bank web site |
| Beschreibung: | Includes bibliographical references Title from PDF file as viewed on 8/18/2005 |
| Beschreibung: | 1 Online-Ressource |
Internformat
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| 520 | 3 | |a "The authors examine the impact of public infrastructure on private capital formation in three countries of the Middle East and North Africa-Egypt, Jordan, and Tunisia. They highlight various channels through which public infrastructure may affect private investment. Then they describe their empirical framework, which is based on a vector autoregression (VAR) model that accounts for flows and (quality-adjusted) stocks of public infrastructure, private investment, as well as changes in output, private sector credit, and the real exchange rate. The authors propose two aggregate measures of the quality of public infrastructure and use principal components to derive a composite indicator. Their analysis suggests that public infrastructure has both "flow" and "stock" effects on private investment in Egypt, but only a "stock" effect in Jordan and Tunisia. But these effects are small and short-lived, reflecting the unfavorable environment for private investment in their sample of countries. Reducing unproductive public capital expenditure and improving quality must be accompanied by policy reforms aimed at limiting investment to infrastructure capital that crowds in the private sector and corrects for fundamental market failures. This will entail privatization and greater involvement of the private sector in infrastructure investment. While infrastructure (in the form of the provision of critical telecommunications, transport, and energy services) is important, other improvements in the environment in which domestic investment is conducted are crucial. These include the need to provide financing on adequate terms and guarantee a secure and efficient justice system. "--World Bank web site | |
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Datensatz im Suchindex
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| index_date | 2024-07-03T22:27:47Z |
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| language | English |
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| spelling | Agénor, Pierre-Richard Verfasser aut Public infrastructure and private investment in the Middle East and North Africa Pierre-Richard Agenor, Mustapha K. Nabli, Tarik M. Yousef [Washington, D.C] World Bank [2005] 1 Online-Ressource txt rdacontent c rdamedia cr rdacarrier Policy research working paper 3661 Includes bibliographical references Title from PDF file as viewed on 8/18/2005 "The authors examine the impact of public infrastructure on private capital formation in three countries of the Middle East and North Africa-Egypt, Jordan, and Tunisia. They highlight various channels through which public infrastructure may affect private investment. Then they describe their empirical framework, which is based on a vector autoregression (VAR) model that accounts for flows and (quality-adjusted) stocks of public infrastructure, private investment, as well as changes in output, private sector credit, and the real exchange rate. The authors propose two aggregate measures of the quality of public infrastructure and use principal components to derive a composite indicator. Their analysis suggests that public infrastructure has both "flow" and "stock" effects on private investment in Egypt, but only a "stock" effect in Jordan and Tunisia. But these effects are small and short-lived, reflecting the unfavorable environment for private investment in their sample of countries. Reducing unproductive public capital expenditure and improving quality must be accompanied by policy reforms aimed at limiting investment to infrastructure capital that crowds in the private sector and corrects for fundamental market failures. This will entail privatization and greater involvement of the private sector in infrastructure investment. While infrastructure (in the form of the provision of critical telecommunications, transport, and energy services) is important, other improvements in the environment in which domestic investment is conducted are crucial. These include the need to provide financing on adequate terms and guarantee a secure and efficient justice system. "--World Bank web site Online-Ausg Also available in print Infrastructure (Economics) Egypt Infrastructure (Economics) Jordan Infrastructure (Economics) Tunisia Investments Egypt Investments Jordan Investments Tunisia Nabli, Mustapha K. Sonstige oth World Bank Sonstige oth Agénor, Pierre-Richard Public infrastructure and private investment in the Middle East and North Africa http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3661 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Agénor, Pierre-Richard Public infrastructure and private investment in the Middle East and North Africa Infrastructure (Economics) Egypt Infrastructure (Economics) Jordan Infrastructure (Economics) Tunisia Investments Egypt Investments Jordan Investments Tunisia |
| title | Public infrastructure and private investment in the Middle East and North Africa |
| title_auth | Public infrastructure and private investment in the Middle East and North Africa |
| title_exact_search | Public infrastructure and private investment in the Middle East and North Africa |
| title_exact_search_txtP | Public infrastructure and private investment in the Middle East and North Africa |
| title_full | Public infrastructure and private investment in the Middle East and North Africa Pierre-Richard Agenor, Mustapha K. Nabli, Tarik M. Yousef |
| title_fullStr | Public infrastructure and private investment in the Middle East and North Africa Pierre-Richard Agenor, Mustapha K. Nabli, Tarik M. Yousef |
| title_full_unstemmed | Public infrastructure and private investment in the Middle East and North Africa Pierre-Richard Agenor, Mustapha K. Nabli, Tarik M. Yousef |
| title_short | Public infrastructure and private investment in the Middle East and North Africa |
| title_sort | public infrastructure and private investment in the middle east and north africa |
| topic | Infrastructure (Economics) Egypt Infrastructure (Economics) Jordan Infrastructure (Economics) Tunisia Investments Egypt Investments Jordan Investments Tunisia |
| topic_facet | Infrastructure (Economics) Egypt Infrastructure (Economics) Jordan Infrastructure (Economics) Tunisia Investments Egypt Investments Jordan Investments Tunisia |
| url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3661 |
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