Download Governance Impact on Private Investment: Evidence from the by Nina B. Bubnova PDF

By Nina B. Bubnova

Over the last decade, infrastructure finance and provision graduated from conventional ability to extra leading edge ones, essentially initiated by means of inner most businesses and supported via their fairness and debt. Capital markets more and more grew to become the most investment resource for infrastructure initiatives around the globe, together with investments in constructing and transition nations the place infrastructure penetration nonetheless falls significantly wanting wishes. Infrastructure bonds served because the most well-liked approach to oil, fuel, electrical energy, telecommunications, and shipping venture financing in those nations all through 1990-99, thereby substituting govt funding.

Using an cutting edge methodological method, 'Governance impression on inner most funding' offers an intensive exam of the impression that governance frameworks, either political and regulatory, have on traders' possibility perceptions and on linked expenses for infrastructure financing. It identifies these political and regulatory dangers that the majority hindrance traders. It bargains a special comparative research of constructed and rising infrastructure bond markets. The research demonstrates how the criteria that force infrastructure finance within the nation teams vary, which is helping to spot the coverage implications of those elements.

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Extra info for Governance Impact on Private Investment: Evidence from the International Patterns of Infrastructure Bond Risk Pricing (World Bank Technical Paper)

Sample text

In contrast, regulation of the oil and gas and telecom sectors varies greatly from country to country, and hence is difficult to categorize for modeling purposes. The analysis of this section is based on a set of exogenous industry characteristics, chosen as independent variables, which are likely to explain the bond credit risk. These variables include the extent of privatization, industry structure type (vertical vs. unbundled), and the ability (discretion) of a regulator to set or change prices independently of other political actors.

Similar models have been used by Edwards (1986), Angbazo and others (1996), and Eichengreen and Mody (1997) to study different aspects of the formation processes of bond and loan spreads. S. Treasury) of bonds issued to finance infrastructure projects in country i in year t. Xit is the vector of independent variables, which will be used to measure how the credit risk premium is related to a set of explanatory variables. Log of spread is a traditional measure of the risk premium that bond issuers have to pay investors to undertake the risk of a principal and interest loss.

The coefficients on independent variables are significant and have the expected signs for volume of stocks traded and public sector dummy. 3 basis points. The determinants for oil and gas and telecommunications bonds are explored in a similar fashion in columns 10 and 11. 693, respectively. The models for these subgroups of infrastructure bonds provided results similar to those of the power sector, with real GDP per capita additionally proving significant in the telecom sector and the principal bond amount significant in oil and gas.

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