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  • 1995-1999  (3)
  • Estache, Antonio
  • Klingebiel, Daniela
  • Washington, D.C : The World Bank  (3)
  • Hoboken : Taylor and Francis
  • Finance and Financial Sector Development  (3)
  • 1
    Online Resource
    Online Resource
    Universal Service Obligations in Utility Concession Contracts and the Needs of the Poor in Argentina's Privatizations (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Estache, Antonio Universal Service Obligations in Utility Concession Contracts and the Needs of the Poor in Argentina's Privatizations
    Keywords: Bank ; Communities & Human Settlements ; Consumer ; Consumers ; Customers ; Debt Markets ; Demand ; Disabilities ; E-Business ; Economic Theory and Research ; Emerging Markets ; Energy ; Energy Production and Transportation ; Expenses ; Finance and Financial Sector Development ; Financial Literacy ; Housing and Human Habitats ; Income ; Income Level ; Industry ; Investment ; Lack Of Interest ; Macroeconomics and Economic Growth ; Markets and Market Access ; Pensioners ; Population ; Private Sector Development ; Profits ; Public Sector Economics and Finance ; Savings ; Subsidies ; Supply ; Technology Industry ; Valuable ; Valuation ; Worth ; Bank ; Communities & Human Settlements ; Consumer ; Consumers ; Customers ; Debt Markets ; Demand ; Disabilities ; E-Business ; Economic Theory and Research ; Emerging Markets ; Energy ; Energy Production and Transportation ; Expenses ; Finance and Financial Sector Development ; Financial Literacy ; Housing and Human Habitats ; Income ; Income Level ; Industry ; Investment ; Lack Of Interest ; Macroeconomics and Economic Growth ; Markets and Market Access ; Pensioners ; Population ; Private Sector Development ; Profits ; Public Sector Economics and Finance ; Savings ; Subsidies ; Supply ; Technology Industry ; Valuable ; Valuation ; Worth
    Abstract: The structural changes that come with privatization may induce a reconsideration of the regulations defined during the early stages of privatization. - Chisari and Estache summarize the main lessons emerging from Argentina's experience, including universal service obligations in concession contracts. They discuss free-riding risks, moral hazard problems, and other issues that arise when social concerns are delegated to private operators. After reporting on Argentina's experience, Chisari and Estache suggest some guidelines: · Anticipate interjurisdictional externalities. Users' mobility makes targeting service obligations difficult. · Minimize the risks imposed by elusive demand. In providing new services, a gradual policy may work better than a shock. · Realize that unemployment leads to delinquency and lower expected tariffs. Elasticity of fixed and usage charges is important. · Deal with the fact that the poor have limited access to credit. Ultimately, plans that included credit for the payment of infrastructure charges were not that successful. · Coordinate regulatory, employment, and social policy. One successful plan to provide universal service involved employing workers from poor families in infrastructure extension works. · Beware of the latent opportunism of users who benefit from special programs. Special treatment of a sector may encourage free-riding (for example, pensioners overused the telephone until a limit was placed on the number of subsidized phone calls they could make). · Fixed allocations for payment of services do not ensure that universal service obligations will be met. How do you deal with the problem that many pensioners do not pay their bills? · Anticipate that operators will have more information than regulators do. If companies exaggerate supply costs in remote areas, direct interaction with poor users there may lead to the selection of more cost-effective technologies. · Tailored programs are often much more effective than standardized programs. They are clearly more expensive but, when demand-driven, are also more effective. This paper - a product of Governance, Regulation, and Finance, World Bank Institute - is part of a larger effort in the institute to increase understanding of infrastructure regulation. The authors may be contacted at ochisariuade.edu or aestache@worldbank.org
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
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    MPI Ethno. Forsch.
  • 2
    Online Resource
    Online Resource
    The Rise, the Fall, and . . . the Emerging Recovery of Project Finance in Transport (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Estache, Antonio The Rise, the Fall, and . . . the Emerging Recovery of Project Finance in Transport
    Keywords: Bank Debt ; Banks and Banking Reform ; Bond ; Capital Structures ; Debt Markets ; Debt Servicing ; Emerging Bond Markets ; Emerging Markets ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Intermediation ; Financial Literacy ; Financial Performance ; Good ; Infrastructure Finance ; Interest ; Interest Rate ; Interest Rate Risk ; Investing ; Market ; Pension ; Pension Assets ; Private Sector Development ; Public Sector Economics and Finance ; Revenues ; Short-Term Debt ; Transport ; Transport Economics, Policy and Planning ; Bank Debt ; Banks and Banking Reform ; Bond ; Capital Structures ; Debt Markets ; Debt Servicing ; Emerging Bond Markets ; Emerging Markets ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Finance ; Finance and Financial Sector Development ; Financial Crises ; Financial Intermediation ; Financial Literacy ; Financial Performance ; Good ; Infrastructure Finance ; Interest ; Interest Rate ; Interest Rate Risk ; Investing ; Market ; Pension ; Pension Assets ; Private Sector Development ; Public Sector Economics and Finance ; Revenues ; Short-Term Debt ; Transport ; Transport Economics, Policy and Planning
    Abstract: July 2000 - Many transport projects undertaken during the boom period of the 1990s came to a crashing halt in 1997, and conditions in emerging markets worsened in 1998 and 1999. Many projects failed, victim of everything from overoptimistic forecasts to excessive debt to an inability to refinance bridge loans. As available financing dried up, many projects went bankrupt, had to be renegotiated, or were taken over by the government. What have we learned from all this? Recent developments in emerging financial markets have dramatically changed the appetite for (and terms of) transport infrastructure projects. As a result of defaults in Asia and Russia and devaluations in Asia, Brazil, and Russia, political and currency and exchange risk premia have increased dramatically. Given large needs for sovereign debt financing, infrastructure project finance will be seeking guarantees at the same time as governments are issuing primary securities. Large portfolio outflows in emerging market funds mean that the sources of both equity and debt capital that became available in the mid-1990s are drying up for all but the most creditworthy projects. Moreover, real economic effects from financial events have consequences in the transport sector, since transport is a derived demand. Any decline in real economic activity is felt quickly in traffic levels and revenues. Currency devaluations that help spur exports may generate higher volumes for seaports and air cargo activity. These effects vary by sector, especially over the medium to longer term. Declines in real economic activity make matters especially difficult for toll roads, as drivers shift to free alternatives and reduce the number of trips taken. What does all this mean for project finance in transport? Risks have increased. Debt finance costs more. The available tenor of debt instruments has shortened and more equity is required for projects. The sources and availability of equity finance have changed. Project finance efforts have shifted from new projects to the privatization, rehabilitation, and expansion of existing facilities. And a superclass of sponsors, bankers, and investors has emerged. Failures and mistakes in project finance deals in the 1990s were sharp and persistent. But much has been learned about sound project economics, conservative financial structures, comprehensive sensitivity analysis, the effects of macroeconomic factors, and the need for proper incentives and sound institutional and regulatory arrangements. This paper-a product of Governance, Regulation, and Finance, World Bank Institute-is part of a larger effort in the institute to increase understanding of infrastructure regulation. The authors may be contacted at aestacheworldbank.org or jstrong@worldbank.org
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    MPI Ethno. Forsch.
  • 3
    Online Resource
    Online Resource
    Why Infrastructure Financing Facilities Often Fall Short of Their Objectives (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (46 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Klingebiel, Daniela Why Infrastructure Financing Facilities Often Fall Short of Their Objectives
    Keywords: Banks and Banking Reform ; Capital Flows ; Debt Markets ; Emerging Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Government Support ; Guarantees ; Infrastructure Development ; Infrastructure Financing ; Instruments ; Investor ; Investors ; Loans ; Political Risks ; Portfolio ; Portfolio Diversification ; Private Capital ; Private Investment ; Private Sector Development ; Soft Loans ; Stock ; Transaction ; Transaction Costs ; Transparency ; Banks and Banking Reform ; Capital Flows ; Debt Markets ; Emerging Markets ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Government Support ; Guarantees ; Infrastructure Development ; Infrastructure Financing ; Instruments ; Investor ; Investors ; Loans ; Political Risks ; Portfolio ; Portfolio Diversification ; Private Capital ; Private Investment ; Private Sector Development ; Soft Loans ; Stock ; Transaction ; Transaction Costs ; Transparency
    Abstract: June 2000 - To encourage the private funding and provision of infrastructure services, governments have used specialized financing facilities to offer financial support to investors. A study of five cases shows that these facilities have often fallen short of their objectives, for two main sets of reasons. First, the environment was not conducive to private participation in infrastructure. And second, the facility was faulty in design. To encourage the private funding and provision of infrastructure services, governments have used specialized financing facilities to offer financial support to investors, often in the form of grants, soft loans, or guarantees. Klingebiel and Ruster present case studies of infrastructure financing facilities in various stages of development in Colombia, India, and Pakistan. They also present case studies of government-sponsored financing facilities (not of infrastructure) in Argentina and Moldova. They find that these facilities have often fallen short of their objectives for two main sets of reasons. First, the environment was not conducive to private participation in infrastructure because of poor sector policies, an unstable macroeconomic environment, and inadequate financial sector policies, among other reasons. Second, the facility was faulty in design - in terms of sectors targeted, pricing of instruments, and consistency of objectives and instruments. This paper - a product of Private Participation in Infrastructure, Private Sector Development Department - is part of a larger effort in the department to examine government policies in infrastructure. Daniela Klingebiel may be contacted at dklingebielworldbank.org
    URL: Volltext  (Deutschlandweit zugänglich)
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    Online Resource
    MPI Ethno. Forsch.
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