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"INFRASTRUCTURE INVESTMENTS"
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Wealth creation : a new framework for rural economic and community development
\"A new approach to rural development is emerging. Instead of being about attracting companies that might create jobs over which communities have no control, the emerging paradigm is about connecting the unique underutilized assets of place with market opportunity to grow assets that are owned and controlled by and for the benefit of low-wealth people and places. But asset development is about more than bricks and mortar or narrowly defined financial assets. There are many kinds of assets that communities require to thrive - such as social capital, natural capital, political capital, and intellectual capital. The emerging new approach to rural development is, then about broadening the definition of \"wealth,\" engaging underutilized assets, and a key third element: harnessing the power of the market - rather than relying solely on philanthropy and government. Wealth Creation provides a conceptual guide with practical examples for policymakers, practitioners of economic and community development, community organizers, environmentalists, funders, investors, and corporations seeking a values-based framework for identifying self-interests across sectors that can lead to opportunities to transform existing systems for the collective good\"-- Provided by publisher.
Book
Infrastructure in Latin America and the Caribbean : recent developments and key challenges
This book reviews Latin America's experience with infrastructure reform over the last fifteen years. It argues that the region's infrastructure has suffered from public retrenchment and unrealistic expectations about private involvement. Poor infrastructure now hampers productivity, growth, and poverty reduction. Addressing this requires more and better spending, and acceptance that governments remain central to infrastructure provision and supervision, although the private sector still has an important role to play.
eBook
The impact of private sector participation in infrastructure : lights, shadows, and the road ahead
Infrastructure plays a key role in fostering growth and productivity and has been linked to improved earnings, health, and education levels for the poor. Yet Latin America and the Caribbean are currently faced with a dangerous combination of relatively low public and private infrastructure investment. Those investment levels must increase, and it can be done. If Latin American and Caribbean governments are to increase infrastructure investment in politically feasible ways, it is critical that they learn from experience and have an accurate idea of future impacts. This book contributes to this aim by producing what is arguably the most comprehensive privatization impact analysis in the region to date, drawing on an extremely comprehensive dataset.
eBook
Bringing Multilateral Environmental Agreements into Development Finance: An Analysis of the Asian Infrastructure Investment Bank's Environmental and Social Framework
Multilateral development banks (MDBs) are crucial in promoting economic growth through their project finance activities. Meanwhile, to address negative effects arising from their development projects, MDBs increasingly have focused their attention on the environmental and social impacts of their supported projects in recent decades. This article analyzes the relationship between the Environmental and Social Framework (ESF) adopted by the Asian Infrastructure Investment Bank (AIIB) and multilateral environmental agreements (MEAs). It argues that better compliance with MEAs by the AIIB and its borrowers in implementing AIIB-supported development projects will be achieved only if its independent accountability mechanism (IAM) can actively examine project compliance with the ESF in the light of MEAs. The AIIB has an opportunity to provide leadership in promoting the fulfilment of MEA obligations in development finance. However, this is contingent on ensuring effective oversight by its newly established IAM moving forward.
Journal Article
History Matters: The Long-Term Impact of Colonial Public Investments in French West Africa
To what extent do colonial public investments continue to influence current regional inequalities in French-speaking West Africa? Using a new database and the spatial discontinuities of colonial investment policy, this paper gives evidence that early colonial investments had large and persistent effects on current outcomes. The nature of investments also matters. Current educational outcomes have been more specifically determined by colonial investments in education rather than health and infrastructures, and vice versa. I show that a major channel for this historical dependency is a strong persistence of investments; regions that got more at the early colonial times continued to get more.
Journal Article
European Electricity Grid Infrastructure Expansion in a 2050 Context
This paper analyzes the development of the European electricity transmission network for different policy scenarios at the horizon 2050. We apply a bottom-up techno-economic electricity sector model to determine transformation scenarios of the European electricity sector. It has a very detailed spatial disaggregation that allows for a fine representation of domestic and international electricity flows and transmission expansion. The cost-minimizing mixed-integer model calculates investments for time steps of ten years. The model results indicate that network requirements are lower than generally assumed. The largest share are domestic upgrades, rather than country interconnectors. Most investments (20bn EUR) occur in the near future, by 2030 the latest. Only the high-mitigation scenarios require large additional network investments. The timing and location of investments differ, depending on generation scenarios and cost assumptions for interconnectors. The results indicate that carbon emission reduction targets alone provide insufficient information for long-term network planning.
Journal Article
Survival of the unfittest: why the worst infrastructure gets built—and what we can do about it
The article first describes characteristics of major infrastructure projects. Second, it documents a much neglected topic in economics: that ex ante estimates of costs and benefits are often very different from actual ex post costs and benefits. For large infrastructure projects the consequences are cost overruns, benefit shortfalls, and the systematic underestimation of risks. Third, implications for cost–benefit analysis are described, including that such analysis is not to be trusted for major infrastructure projects. Fourth, the article uncovers the causes of this state of affairs in terms of perverse incentives that encourage promoters to underestimate costs and overestimate benefits in the business cases for their projects. But the projects that are made to look best on paper are the projects that amass the highest cost overruns and benefit shortfalls in reality. The article depicts this situation as ‘survival of the unfittest’. Fifth, the article sets out to explain how the problem may be solved, with a view to arriving at more efficient and more democratic projects, and avoiding the scandals that often accompany major infrastructure investments. Finally, the article identifies current trends in major infrastructure development. It is argued that a rapid increase in stimulus spending, combined with more investments in emerging economies, combined with more spending on information technology is catapulting infrastructure investment from the frying pan into the fire.
Journal Article
Public-Private Partnerships in Developing Countries
Advocates of public-private partnerships (PPPs) for infrastructure services in developing countries have long battled criticism of these arrangements by civil society groups. The view among PPP advocates generally has been that these criticisms are mostly ideological polemics that mix opinion with selected but often misinterpreted facts. But over the last two decades, as the experience with PPPs has increased in both developed and developing countries, a different kind of critique has emerged, one that is based on non-ideological empirical research, and is sometimes expressed by PPP advocates. These studies often focus on individual aspects of PPPs, and usually do not claim to be “PPP evaluations” or express opinions on the overall value of PPPs. Taken together, a powerful, evidence-based critique of PPPs is emerging, but one that is more measured than much of the criticism of the last two decades. This new critique recognizes many cases in which PPPs have not been successful, but also some situations in which PPPs can generate value for money. Because of its critical tone, some of this research is now regularly cited by the civil society critics of PPPs, giving their arguments more weight than was the case a decade ago. This paper attempts to summarize some of the most compelling examples of this kind of emerging critique, and uses the summary to assess the practicality of the G20’s recent advocacy of large, “transformational” PPPs as tools for dealing effectively with infrastructure challenges in low-income countries.
Journal Article