Macroeconomic Effects of Private Sector Participation in Latin America's Infrastructure:
Trujillo, Martín, Estache, and Campos provide empirical evidence on the impact that private participation in infrastructure has had on key macroeconomic variables in a sample of 21 Latin American countries from 1985-98. Specifically, they look at the effects on GDP per capita, current public expendi...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
2002
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| Schlagworte: | |
| Online-Zugang: | BSB01 EUV01 HTW01 FHI01 IOS01 Volltext |
| Zusammenfassung: | Trujillo, Martín, Estache, and Campos provide empirical evidence on the impact that private participation in infrastructure has had on key macroeconomic variables in a sample of 21 Latin American countries from 1985-98. Specifically, they look at the effects on GDP per capita, current public expenditures, public investment, and private investment, controlling for country effects and institutional factors. The authors also investigate the relevance of the specific contractual form of private participation contracts on these variables and show differentiated effects according to contract types. The results suggest that: • Private sector involvement in utilities and transport have some, but not impressive, positive effects on GDP per capita. • There is some degree of crowding-out of private investment resulting from greenfield projects in utilities, and delayed crowding-in from concessions in transport. There is crowding-in of public investment by private participation in utilities, while there is crowding-out by increased private investment in transport. • Private participation in utilities decreases recurrent expenditures, while in transport it results in an increase. The net effect on the public sector account is uncertain, but this uncertainty is a major risk. The revelation of this risk may be the main contribution of this paper since it is inconsistent with the fiscal gains expected by many policymakers as they engage in infrastructure privatization programs. This paper-a product of the Governance, Regulation, and Finance Division, World Bank Institute, and Finance, Private Sector, and Infrastructure Unit, Latin America and the Caribbean Region-is part of a larger effort in the Bank to increase understanding of infrastructure regulation |
| Beschreibung: | 1 Online-Ressource (32 Seiten)) |
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| 520 | 3 | |a Trujillo, Martín, Estache, and Campos provide empirical evidence on the impact that private participation in infrastructure has had on key macroeconomic variables in a sample of 21 Latin American countries from 1985-98. Specifically, they look at the effects on GDP per capita, current public expenditures, public investment, and private investment, controlling for country effects and institutional factors. The authors also investigate the relevance of the specific contractual form of private participation contracts on these variables and show differentiated effects according to contract types. The results suggest that: • Private sector involvement in utilities and transport have some, but not impressive, positive effects on GDP per capita. • There is some degree of crowding-out of private investment resulting from greenfield projects in utilities, and delayed crowding-in from concessions in transport. There is crowding-in of public investment by private participation in utilities, while there is crowding-out by increased private investment in transport. • Private participation in utilities decreases recurrent expenditures, while in transport it results in an increase. The net effect on the public sector account is uncertain, but this uncertainty is a major risk. The revelation of this risk may be the main contribution of this paper since it is inconsistent with the fiscal gains expected by many policymakers as they engage in infrastructure privatization programs. This paper-a product of the Governance, Regulation, and Finance Division, World Bank Institute, and Finance, Private Sector, and Infrastructure Unit, Latin America and the Caribbean Region-is part of a larger effort in the Bank to increase understanding of infrastructure regulation | |
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| spelling | Trujillo, Lourdes Verfasser aut Macroeconomic Effects of Private Sector Participation in Latin America's Infrastructure Trujillo, Lourdes Washington, D.C The World Bank 2002 1 Online-Ressource (32 Seiten)) txt rdacontent c rdamedia cr rdacarrier Trujillo, Martín, Estache, and Campos provide empirical evidence on the impact that private participation in infrastructure has had on key macroeconomic variables in a sample of 21 Latin American countries from 1985-98. Specifically, they look at the effects on GDP per capita, current public expenditures, public investment, and private investment, controlling for country effects and institutional factors. The authors also investigate the relevance of the specific contractual form of private participation contracts on these variables and show differentiated effects according to contract types. The results suggest that: • Private sector involvement in utilities and transport have some, but not impressive, positive effects on GDP per capita. • There is some degree of crowding-out of private investment resulting from greenfield projects in utilities, and delayed crowding-in from concessions in transport. There is crowding-in of public investment by private participation in utilities, while there is crowding-out by increased private investment in transport. • Private participation in utilities decreases recurrent expenditures, while in transport it results in an increase. The net effect on the public sector account is uncertain, but this uncertainty is a major risk. The revelation of this risk may be the main contribution of this paper since it is inconsistent with the fiscal gains expected by many policymakers as they engage in infrastructure privatization programs. This paper-a product of the Governance, Regulation, and Finance Division, World Bank Institute, and Finance, Private Sector, and Infrastructure Unit, Latin America and the Caribbean Region-is part of a larger effort in the Bank to increase understanding of infrastructure regulation Online-Ausg Airports Costs Good Transport Infrastructure Infrastructure Privatization Infrastructure Projects Infrastructure Reform Infrastructures Investments Policies Railways Transport Transport Economics, Policy and Planning Estache, Antonio Sonstige oth Campos, Javier Sonstige oth Trujillo, Lourdes Sonstige oth Martin, Noelia Sonstige oth Trujillo, Lourdes Macroeconomic Effects of Private Sector Participation in Latin America's Infrastructure http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2906 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Trujillo, Lourdes Macroeconomic Effects of Private Sector Participation in Latin America's Infrastructure Airports Costs Good Transport Infrastructure Infrastructure Privatization Infrastructure Projects Infrastructure Reform Infrastructures Investments Policies Railways Transport Transport Economics, Policy and Planning |
| title | Macroeconomic Effects of Private Sector Participation in Latin America's Infrastructure |
| title_auth | Macroeconomic Effects of Private Sector Participation in Latin America's Infrastructure |
| title_exact_search | Macroeconomic Effects of Private Sector Participation in Latin America's Infrastructure |
| title_exact_search_txtP | Macroeconomic Effects of Private Sector Participation in Latin America's Infrastructure |
| title_full | Macroeconomic Effects of Private Sector Participation in Latin America's Infrastructure Trujillo, Lourdes |
| title_fullStr | Macroeconomic Effects of Private Sector Participation in Latin America's Infrastructure Trujillo, Lourdes |
| title_full_unstemmed | Macroeconomic Effects of Private Sector Participation in Latin America's Infrastructure Trujillo, Lourdes |
| title_short | Macroeconomic Effects of Private Sector Participation in Latin America's Infrastructure |
| title_sort | macroeconomic effects of private sector participation in latin america s infrastructure |
| topic | Airports Costs Good Transport Infrastructure Infrastructure Privatization Infrastructure Projects Infrastructure Reform Infrastructures Investments Policies Railways Transport Transport Economics, Policy and Planning |
| topic_facet | Airports Costs Good Transport Infrastructure Infrastructure Privatization Infrastructure Projects Infrastructure Reform Infrastructures Investments Policies Railways Transport Transport Economics, Policy and Planning |
| url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2906 |
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