UID:
edoccha_9958069191302883
Format:
1 online resource (60 p.)
ISBN:
1-4639-0192-5
,
1-4639-0047-3
,
1-283-56277-4
,
9786613875228
,
1-4639-0048-1
Series Statement:
IMF Working Papers
Content:
Driving infrastructure development, notably mobilizing financial resources for infrastructure projects, has been challenging in many countries. This study includes two parts: an empirical analysis of macroeconomic risks associated with infrastructure booms, and a case study of four emerging economies about their practice of funding infrastructure development. The study shows that (i) there is no empirical evidence that rapid infrastructure growth would undermine contemporary macroeconomic performance, implying that room is created to accommodate infrastructure booms without compromising fiscal and external sustainability; (ii) banks may play an important role in financing infrastructure, but caution is needed to avoid directed lending and regulatory forbearance that the authorities may use to promote financing; (iii) capital market development is important to accommodate the usually high financing needs, and encouraging private investors to move into infrastructure would require regulatory and institutional improvements; and (iv) public support, including credit guarantees, may help bolster investors' confidence, but the authorities should carefully monitor and manage fiscal risks.
Note:
Description based upon print version of record.
,
Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Infrastructure Investment and the Macroeconomy; A. Data and methodology; B. Growth; C. Savings; D. Fiscal; E. Financial; F. Main Findings of the Macroeconomic Analysis; 1. Output Summary-Contemporary Periods-In Comparison with Pre-boom Periods; III. Brazil; A. BNDES; 1. Brazil: Interest Rates; B. Electricity; C. Highways; IV. Chile; 2. Chile: Assets of Insurance Companies and AFPs; A. Electricity; 2. Chilean Electrical Companies: Ownership; 3. Outstanding Infrastructure Loans of China's Banking System
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4. Financial Indicators of Selected Highway SPVs Listed in China's Stock Exchange-2009B. Highways; 3. Chile: Holdings of Infrastructure Bonds; 4. China: Fixed Asset and Infrastructure Investment; 5. China: Infrastructure Funding; 6. China: Electricity Production; 7. China: Length of Highway; 8. China: Source of Funding for Road Construction, 2007; V. China; A. Electricity; B. Highways; VI. Korea; 9. Korea: Financial Development Indicators; 10. Korea: Fiscal and Current Account Balance; 5. Korea: Infrastructure Investment; 6. Outstanding Electric Power Bonds as of end-2009
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7. Korea: Outstanding Korea Highway Bonds as of end-200911. Macquarie Korea Infrastructure Fund; A. Electricity; 12. Korea: Shareholder Structure; B. Highways; 13. Korea: Composition of Length of Expressway; VII. Conclusion; Footnotes
,
English
Additional Edition:
ISBN 1-4623-1029-X
Language:
English
