Regulation and Private Sector Investment in Infrastructure : Evidence from Latin America
The author assesses the importance of the regulatory framework as a determinant of private sector investment in infrastructure. She uses recently compiled data on private and public sector investment in the water, power, telecommunications, railroa...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2003/04/2329630/regulation-private-sector-investment-infrastructure-evidence-latin-america http://hdl.handle.net/10986/18269 |
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okr-10986-182692021-04-23T14:03:41Z Regulation and Private Sector Investment in Infrastructure : Evidence from Latin America Pargal, Sheoli ACCELERATOR AUTHORITY CAPITAL FLOWS CAPITAL MARKETS CAPITAL STOCK CIVIL LAW COMPETITIVE ENVIRONMENT CORRUPTION COSTS DATA SOURCES DECISION MAKING DECISION-MAKING DEREGULATION ECONOMIC RESEARCH ECONOMIC THEORIES FREE ENTRY GDP DEFLATOR GDP PER CAPITA GROSS DOMESTIC PRODUCT INCOME INTEREST GROUPS INTEREST RATE INVESTMENT CLIMATE INVESTMENT FLOWS INVESTMENT GOODS INVESTMENT INCENTIVES INVESTMENT LEVELS INVESTMENT SPENDING INVESTMENT VOLUMES INVESTOR INTEREST INVESTOR PROTECTIONS IRREVERSIBILITY JUDICIAL REVIEW LEGISLATION LOCAL CURRENCY MARGINAL PRODUCTIVITY MONETARY ECONOMICS MONOPOLIES NATURAL MONOPOLY OPPORTUNITY COST POLITICAL ECONOMY PRIVATE INVESTMENT PRIVATE INVESTORS PRIVATE PROPERTY PRIVATE SECTOR PRIVATIZATION PROPERTY RIGHTS PUBLIC EXPENDITURE PUBLIC SECTOR REAL GDP REAL INTEREST RATE REAL RATE OF INTEREST REGULATORY AGENCY REGULATORY AUTHORITIES REGULATORY BODIES REGULATORY FRAMEWORK REGULATORY FRAMEWORKS REGULATORY MECHANISMS REGULATORY REGIMES RISK PREMIUM SCALE ECONOMIES SUNK SUNK COSTS TARIFF INCREASES TELECOMMUNICATIONS TELECOMMUNICATIONS REFORM TELECOMMUNICATIONS SECTOR TELECOMS WILLINGNESS TO PAY REGULATORY FRAMEWORK PRIVATE SECTOR INVESTMENTS PRIVATE INFRASTRUCTURE PUBLIC SECTOR INVESTMENTS WATER SUPPLY SYSTEMS POWER DISTRIBUTION TELECOMMUNICATIONS RAILWAYS ROADS & HIGHWAYS INSTITUTIONAL FRAMEWORK LIBERALIZATION LEGAL REFORM PRIVATE SECTOR PARTICIPATION REGULATORY CONTROL WILLINGNESS TO PAY The author assesses the importance of the regulatory framework as a determinant of private sector investment in infrastructure. She uses recently compiled data on private and public sector investment in the water, power, telecommunications, railroads, and roads sectors between 1980 and 1998 in nine countries in Latin America. The author finds that the most significant institutional determinant of private investment volumes is the passage of legislation liberalizing the investment regime. This is important because it indicates that the legal basis for reform is probably more critical in determining the quality of the investment climate than specific aspects of the institutional framework governing private sector participation. In accordance with intuition, the author's results indicate that government action to increase regulatory certainty and minimize the perceived risk of expropriation through the establishment of independent regulatory bodies is a critical determinant of the volume of private investment flows. She also finds that the general relationship of private to public investment is one of substitutability. 2014-05-12T20:21:38Z 2014-05-12T20:21:38Z 2003-04 http://documents.worldbank.org/curated/en/2003/04/2329630/regulation-private-sector-investment-infrastructure-evidence-latin-america http://hdl.handle.net/10986/18269 English en_US Policy Research Working Paper;No. 3037 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research Latin America & Caribbean Latin America |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCELERATOR AUTHORITY CAPITAL FLOWS CAPITAL MARKETS CAPITAL STOCK CIVIL LAW COMPETITIVE ENVIRONMENT CORRUPTION COSTS DATA SOURCES DECISION MAKING DECISION-MAKING DEREGULATION ECONOMIC RESEARCH ECONOMIC THEORIES FREE ENTRY GDP DEFLATOR GDP PER CAPITA GROSS DOMESTIC PRODUCT INCOME INTEREST GROUPS INTEREST RATE INVESTMENT CLIMATE INVESTMENT FLOWS INVESTMENT GOODS INVESTMENT INCENTIVES INVESTMENT LEVELS INVESTMENT SPENDING INVESTMENT VOLUMES INVESTOR INTEREST INVESTOR PROTECTIONS IRREVERSIBILITY JUDICIAL REVIEW LEGISLATION LOCAL CURRENCY MARGINAL PRODUCTIVITY MONETARY ECONOMICS MONOPOLIES NATURAL MONOPOLY OPPORTUNITY COST POLITICAL ECONOMY PRIVATE INVESTMENT PRIVATE INVESTORS PRIVATE PROPERTY PRIVATE SECTOR PRIVATIZATION PROPERTY RIGHTS PUBLIC EXPENDITURE PUBLIC SECTOR REAL GDP REAL INTEREST RATE REAL RATE OF INTEREST REGULATORY AGENCY REGULATORY AUTHORITIES REGULATORY BODIES REGULATORY FRAMEWORK REGULATORY FRAMEWORKS REGULATORY MECHANISMS REGULATORY REGIMES RISK PREMIUM SCALE ECONOMIES SUNK SUNK COSTS TARIFF INCREASES TELECOMMUNICATIONS TELECOMMUNICATIONS REFORM TELECOMMUNICATIONS SECTOR TELECOMS WILLINGNESS TO PAY REGULATORY FRAMEWORK PRIVATE SECTOR INVESTMENTS PRIVATE INFRASTRUCTURE PUBLIC SECTOR INVESTMENTS WATER SUPPLY SYSTEMS POWER DISTRIBUTION TELECOMMUNICATIONS RAILWAYS ROADS & HIGHWAYS INSTITUTIONAL FRAMEWORK LIBERALIZATION LEGAL REFORM PRIVATE SECTOR PARTICIPATION REGULATORY CONTROL WILLINGNESS TO PAY |
| spellingShingle |
ACCELERATOR AUTHORITY CAPITAL FLOWS CAPITAL MARKETS CAPITAL STOCK CIVIL LAW COMPETITIVE ENVIRONMENT CORRUPTION COSTS DATA SOURCES DECISION MAKING DECISION-MAKING DEREGULATION ECONOMIC RESEARCH ECONOMIC THEORIES FREE ENTRY GDP DEFLATOR GDP PER CAPITA GROSS DOMESTIC PRODUCT INCOME INTEREST GROUPS INTEREST RATE INVESTMENT CLIMATE INVESTMENT FLOWS INVESTMENT GOODS INVESTMENT INCENTIVES INVESTMENT LEVELS INVESTMENT SPENDING INVESTMENT VOLUMES INVESTOR INTEREST INVESTOR PROTECTIONS IRREVERSIBILITY JUDICIAL REVIEW LEGISLATION LOCAL CURRENCY MARGINAL PRODUCTIVITY MONETARY ECONOMICS MONOPOLIES NATURAL MONOPOLY OPPORTUNITY COST POLITICAL ECONOMY PRIVATE INVESTMENT PRIVATE INVESTORS PRIVATE PROPERTY PRIVATE SECTOR PRIVATIZATION PROPERTY RIGHTS PUBLIC EXPENDITURE PUBLIC SECTOR REAL GDP REAL INTEREST RATE REAL RATE OF INTEREST REGULATORY AGENCY REGULATORY AUTHORITIES REGULATORY BODIES REGULATORY FRAMEWORK REGULATORY FRAMEWORKS REGULATORY MECHANISMS REGULATORY REGIMES RISK PREMIUM SCALE ECONOMIES SUNK SUNK COSTS TARIFF INCREASES TELECOMMUNICATIONS TELECOMMUNICATIONS REFORM TELECOMMUNICATIONS SECTOR TELECOMS WILLINGNESS TO PAY REGULATORY FRAMEWORK PRIVATE SECTOR INVESTMENTS PRIVATE INFRASTRUCTURE PUBLIC SECTOR INVESTMENTS WATER SUPPLY SYSTEMS POWER DISTRIBUTION TELECOMMUNICATIONS RAILWAYS ROADS & HIGHWAYS INSTITUTIONAL FRAMEWORK LIBERALIZATION LEGAL REFORM PRIVATE SECTOR PARTICIPATION REGULATORY CONTROL WILLINGNESS TO PAY Pargal, Sheoli Regulation and Private Sector Investment in Infrastructure : Evidence from Latin America |
| geographic_facet |
Latin America & Caribbean Latin America |
| relation |
Policy Research Working Paper;No. 3037 |
| description |
The author assesses the importance of
the regulatory framework as a determinant of private sector
investment in infrastructure. She uses recently compiled
data on private and public sector investment in the water,
power, telecommunications, railroads, and roads sectors
between 1980 and 1998 in nine countries in Latin America.
The author finds that the most significant institutional
determinant of private investment volumes is the passage of
legislation liberalizing the investment regime. This is
important because it indicates that the legal basis for
reform is probably more critical in determining the quality
of the investment climate than specific aspects of the
institutional framework governing private sector
participation. In accordance with intuition, the
author's results indicate that government action to
increase regulatory certainty and minimize the perceived
risk of expropriation through the establishment of
independent regulatory bodies is a critical determinant of
the volume of private investment flows. She also finds that
the general relationship of private to public investment is
one of substitutability. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Pargal, Sheoli |
| author_facet |
Pargal, Sheoli |
| author_sort |
Pargal, Sheoli |
| title |
Regulation and Private Sector Investment in Infrastructure : Evidence from Latin America |
| title_short |
Regulation and Private Sector Investment in Infrastructure : Evidence from Latin America |
| title_full |
Regulation and Private Sector Investment in Infrastructure : Evidence from Latin America |
| title_fullStr |
Regulation and Private Sector Investment in Infrastructure : Evidence from Latin America |
| title_full_unstemmed |
Regulation and Private Sector Investment in Infrastructure : Evidence from Latin America |
| title_sort |
regulation and private sector investment in infrastructure : evidence from latin america |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2003/04/2329630/regulation-private-sector-investment-infrastructure-evidence-latin-america http://hdl.handle.net/10986/18269 |
| _version_ |
1764439179795628032 |