New Structural Economics And Resource Financed Infrastructure
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New Structural Economics And Resource Financed Infrastructure
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Author : Yan Wang
language : en
Publisher:
Release Date : 2018
New Structural Economics And Resource Financed Infrastructure written by Yan Wang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Two new development banks have been established: the New Development Bank and the Asian Infrastructural Investment Bank (AIIB). However, what conceptual framework will they formulate? This paper addresses infrastructural financing issues from the angle of structural transformation as a strategy for global development. Based on the new structural economics (Lin, 2010, 2012a) we stress the 'real' side of transforming natural resources to productive assets using the resource financed infrastructure. As one of the innovative instruments, this approach could, first, combine two otherwise isolated supply chains, resource extraction and infrastructure building, and, thereby, bring developmental results many years ahead of what other conventional approaches could. Second, this could serve as one of the 'least-cost' options for developing countries, and benefit borrowers disproportionately due to its feature of 'non-recourse' loans. Finally, in a low-yield environment, the rate of return from investing in bottleneck-releasing infrastructure could be attractive to many investors. Future prospects of development financing, including the 'one belt one road' initiative are discussed.
New Structural Economics
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Author : Justin Yifu Lin
language : en
Publisher: World Bank Publications
Release Date : 2012-01-06
New Structural Economics written by Justin Yifu Lin and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-06 with Business & Economics categories.
Economic development is a process of continuous technological innovation and structural transformation. Development thinking is inherently tied to the quest for sustainable growth strategies. This book provides a neoclassical approach for studying the determinants of economic structure and its transformation and draws new insights for development policy. The market is the basic mechanism for effective resource allocation at each level of development. However, economic development as a dynamic process entails structural changes, including industrial upgrading and diversification and corresponding improvements in hard and soft infrastructure. Such upgrading and improvements require coordination and go hand in hand with large externalities to firms' transaction costs and returns to capital investment. Thus, in addition to an effective market mechanism, the government should play an active role in facilitating structural changes. The book provides empirical evidence in support of this framework as well as concrete advice to development practitioners.
New Structural Economics
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Author : Justin Yifu Lin
language : en
Publisher:
Release Date : 2010
New Structural Economics written by Justin Yifu Lin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
New Structural Economics
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Author : Justin Y. Lin
language : en
Publisher:
Release Date : 2017
New Structural Economics written by Justin Y. Lin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
As strategies for achieving sustainable growth in developing countries are re-examined in light of the financial crisis, it is critical to take into account structural change and its corollary, industrial upgrading. Economic literature has devoted a great deal of attention to the analysis of technological innovation, but not enough to these equally important issues. The new structural economics outlined in this paper suggests a framework to complement previous approaches in the search for sustainable growth strategies. It takes the following into consideration: First, an economy's structure of factor endowments evolves from one stage of development to another. Therefore, the optimal industrial structure of a given economy will be different at different stages of development. Each industrial structure requires corresponding infrastructure (both "hard" and "soft" ) to facilitate its operations and transactions. Second, each stage of economic development is a point along the continuum from a low-income agrarian economy to a high-income industrialized economy, not a dichotomy of two economic development stages ( "poor" versus "rich" or "developing" versus "industrialized" ). Industrial upgrading and infrastructure improvement targets in developing countries should not necessarily draw from those that exist in high-income countries. Third, at each given stage of development, the market is the basic mechanism for effective resource allocation. However, economic development as a dynamic process requires industrial upgrading and corresponding improvements in "hard" and "soft" infrastructure at each stage. Such upgrading entails large externalities to firms' transaction costs and returns to capital investment. Thus, in addition to an effective market mechanism, the government should play an active role in facilitating industrial upgrading and infrastructure improvements.
Resource Financed Infrastructure
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Author : Håvard Halland
language : en
Publisher: World Bank Publications
Release Date : 2014-06-18
Resource Financed Infrastructure written by Håvard Halland and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-06-18 with Business & Economics categories.
In recent decades, resource-rich developing countries have been using their natural resources as collateral to access sources of finance for investment, countervailing the barriers they face when accessing conventional bank lending and capital markets. One of the financing models that have emerged as a result is the Resource Financed Infrastructure (RFI) model, a derivation of previous oil-backed lending models pioneered by several Western banks in Africa. Under a Resource Financed Infrastructure (RFI) arrangement, a loan for current infrastructure construction is securitized against the net present value of a future revenue stream from oil or mineral extraction. The model has been applied in several African countries, for a cumulative contract value of approximately $30 billion, according to publically available sources. This report, consisting of a study prepared by global project finance specialists Hunton & Williams LLP and comments from six internationally reputed economists and policy makers, provides an analytical discussion of resource-financed infrastructure (RFI) contracting from a project finance perspective. The report is meant as a forum for in-depth discussion and as a basis for further research into RFI’s role, risks, and potential, without any intention to present a World Bank–supported view on RFI contracting. It is motivated by the conviction that if countries are to continue to either seek RFI or receive unsolicited RFI proposals, there is an onus on public officials to discern bad deals from good, to judge unavoidable trade-offs, and to act accordingly. The report aims to provide a basis for developing insights on how RFI deals can be made subject to the same degree of public policy scrutiny as any other instrument through which a government of a low- or lower-middle-income country might seek to mobilize development finance.
Economic Analysis And Infrastructure Investment
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Author : Edward L. Glaeser
language : en
Publisher: University of Chicago Press
Release Date : 2021-11-11
Economic Analysis And Infrastructure Investment written by Edward L. Glaeser and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-11-11 with Business & Economics categories.
"Policy-makers often call for expanding public spending on infrastructure, which includes a broad range of investments from roads and bridges to digital networks that will expand access to high-speed broadband. Some point to near-term macro-economic benefits and job creation, others focus on long-term effects on productivity and economic growth. This volume explores the links between infrastructure spending and economic outcomes, as well as key economic issues in the funding and management of infrastructure projects. It draws together research studies that describe the short-run stimulus effects of infrastructure spending, develop new estimates of the stock of U.S. infrastructure capital, and explore the incentive aspects of public-private partnerships (PPPs). A salient issue is the treatment of risk in evaluating publicly-funded infrastructure projects and in connection with PPPs. The goal of the volume is to provide a reference for researchers seeking to expand research on infrastructure issues, and for policy-makers tasked with determining the appropriate level of infrastructure spending"--
Going Beyond Aid
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Author : Justin Yifu Lin
language : en
Publisher: Cambridge University Press
Release Date : 2017-01-20
Going Beyond Aid written by Justin Yifu Lin and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-01-20 with Business & Economics categories.
Developing countries have for decades been trying to catch up with the industrialized high-income countries, but only a few have succeeded. Historically, structural transformation has been a powerful engine of growth and job creation. Traditional development aid is inadequate to address the bottlenecks for structural transformation, and is hence ineffective. In this book, Justin Yifu Lin and Yan Wang use the theoretical foundations of New Structural Economics to examine South-South development aid and cooperation from the angle of structural transformation. By studying the successful economic transformation of countries such as China and South Korea through 'multiple win' solutions based on comparative advantages and economy of scale, and by presenting new ideas and different perspectives from emerging market economies such as Brazil, India and other BRICS countries, they bring a new narrative to broaden the ongoing discussions of post-2015 development aid and cooperation as well as the definitions of aid and cooperation.
From Global Savings Glut To Financing Infrastructure
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Author : Mr.Rabah Arezki
language : en
Publisher: International Monetary Fund
Release Date : 2016-02-09
From Global Savings Glut To Financing Infrastructure written by Mr.Rabah Arezki and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-02-09 with Business & Economics categories.
This paper investigates the emerging global landscape for public-private co-investments in infrastructure. The creation of the Asian Infrastructure Investment Bank and other so-called “infrastructure investment platforms” are an attempt to tap into the pool of both public and private long-term savings in order to channel the latter into much needed infrastructure projects. This paper puts these new initiatives into perspective by critically reviewing the literature and experience with public private partnerships in infrastructure. It concludes by identifying the main challenges policy makers and other actors will need to confront going forward and to turn infrastructure into an asset class of its own.
Resource Financed Infrastructure
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Author : Håvard Halland
language : en
Publisher:
Release Date : 2014-06-09
Resource Financed Infrastructure written by Håvard Halland and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-06-09 with Electronic books categories.
In recent decades, resource-rich developing countries have been using their natural resources as collateral to access sources of finance for investment, countervailing the barriers they face when accessing conventional bank lending and capital markets. One of the financing models that have emerged as a result is the Resource Financed Infrastructure (RFI) model, a derivation of previous oil-backed lending models pioneered by several Western banks in Africa. Under a Resource Financed Infrastructure (RFI) arrangement, a loan for current infrastructure construction is securitized against the net present value of a future revenue stream from oil or mineral extraction. The model has been applied in several African countries, for a cumulative contract value of approximately $30 billion, according to publically available sources. This report, consisting of a study prepared by global project finance specialists Hunton & Williams LLP and comments from six internationally reputed economists and policy makers, provides an analytical discussion of resource-financed infrastructure (RFI) contracting from a project finance perspective. The report is meant as a forum for in-depth discussion and as a basis for further research into RFIs role, risks, and potential, without any intention to present a World Banksupported view on RFI contracting. It is motivated by the conviction that if countries are to continue to either seek RFI or receive unsolicited RFI proposals, there is an onus on public officials to discern bad deals from good, to judge unavoidable trade-offs, and to act accordingly. The report aims to provide a basis for developing insights on how RFI deals can be made subject to the same degree of public policy scrutiny as any other instrument through which a government of a low- or lower-middle-income country might seek to mobilize development finance.
The Infrastructure Finance Challenge
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Author : Ingo Walter
language : en
Publisher: Open Book Publishers
Release Date : 2016-11-21
The Infrastructure Finance Challenge written by Ingo Walter and has been published by Open Book Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-11-21 with Business & Economics categories.
Infrastructure and its effects on economic growth, social welfare, and sustainability receive a great deal of attention today. There is widespread agreement that infrastructure is a key dimension of global development and that its impact reaches deep into the broader economy with important and multifaceted implications for social progress. At the same time, infrastructure finance is among the most complex and challenging areas in the global financial architecture. Ingo Walter, Professor Emeritus of Finance, Corporate Governance and Ethics at the Stern School of Business, New York University, and his team of experts tackle the issue by focussing on key findings backed by serious theoretical and empirical research. The result is a set of viable guideposts for researchers, policy-makers, students and anybody interested in the varied challenges of the contemporary economy.