Journal Article

Financing infrastructure in developing countries

Antonio Estache, Tomas Serebrisky and Liam Wren-Lewis

in Oxford Review of Economic Policy

Published on behalf of The Oxford Review of Economic Policy Ltd

Volume 31, issue 3-4, pages 279-304
Published in print January 2015 | ISSN: 0266-903X
Published online December 2015 | e-ISSN: 1460-2121 | DOI: https://dx.doi.org/10.1093/oxrep/grv037
Financing infrastructure in developing countries

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This article develops a theoretical framework to analyse options for financing infrastructure in developing countries. We build a basic model that gives motivations for using a combination of public finance, private debt, and private equity. The model is then extended in a number of ways to examine factors that are important for developing countries. We focus in particular on key institutional weaknesses that are often important for infrastructure investment. Overall, we show that such weaknesses can be key in determining financing choices, but that they do not all push in the same direction. Financing schemes must therefore be adapted to consider the institutional limitations that are most pertinent in any given context.

Keywords: finance; development; infrastructure; G32; G38; H54; O16

Journal Article.  13414 words.  Illustrated.

Subjects: National Government Expenditures and Related Policies ; Corporate Regulation ; Economic Development ; Corporate Governance

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