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.
Discover insider secrets of how America’s transportation system is designed, funded, and built – and how to make it work for your community In Confessions of a Recovering Engineer: Transportation for a Strong Town, renowned speaker and author of Strong Towns Charles L. Marohn Jr. delivers an accessible and engaging exploration of America’s transportation system, laying bare the reasons why it no longer works as it once did, and how to modernize transportation to better serve local communities. You’ll discover real-world examples of poor design choices and how those choices have dramatic and tragic effects on the lives of the people who use them. You’ll also find case studies and examples of design improvements that have revitalized communities and improved safety. This important book shows you: The values of the transportation professions, how they are applied in the design process, and how those priorities differ from those of the public. How the standard approach to transportation ensures the maximum amount of traffic congestion possible is created each day, and how to fight that congestion on a budget. Bottom-up techniques for spending less and getting higher returns on transportation projects, all while improving quality of life for residents. Perfect for anyone interested in why transportation systems work – and fail to work – the way they do, Confessions of a Recovering Engineer is a fascinating insider’s peek behind the scenes of America’s transportation systems.
The book considers when governments should give guarantees to private investors. After describing the history of guarantees, and the challenges the politics and psychology create for good decisions, the book sets out a principles for allocating risk (and therefore guarantees), techniques for valuing guarantees, and rules to encourage good decisions.
Infrastructure is essential for development. This report presents a snapshot of the current condition of developing Asia's infrastructure---defined here as transport, power, telecommunications, and water supply and sanitation. It examines how much the region has been investing in infrastructure and what will likely be needed through 2030. Finally, it analyzes the financial and institutional challenges that will shape future infrastructure investment and development.
World Development Report 1994 examines the link between infrastructure and development and explores ways in which developing countries can improve both the provision and the quality of infrastructure services. In recent decades, developing countries have made substantial investments in infrastructure, achieving dramatic gains for households and producers by expanding their access to services such as safe water, sanitation, electric power, telecommunications, and transport. Even more infrastructure investment and expansion are needed in order to extend the reach of services - especially to people living in rural areas and to the poor. But as this report shows, the quantity of investment cannot be the exclusive focus of policy. Improving the quality of infrastructure service also is vital. Both quantity and quality improvements are essential to modernize and diversify production, help countries compete internationally, and accommodate rapid urbanization. The report identifies the basic cause of poor past performance as inadequate institutional incentives for improving the provision of infrastructure. To promote more efficient and responsive service delivery, incentives need to be changed through commercial management, competition, and user involvement. Several trends are helping to improve the performance of infrastructure. First, innovation in technology and in the regulatory management of markets makes more diversity possible in the supply of services. Second, an evaluation of the role of government is leading to a shift from direct government provision of services to increasing private sector provision and recent experience in many countries with public-private partnerships is highlighting new ways to increase efficiency and expand services. Third, increased concern about social and environmental sustainability has heightened public interest in infrastructure design and performance.
Sustainable infrastructure development is vital for Africa s prosperity. And now is the time to begin the transformation. This volume is the culmination of an unprecedented effort to document, analyze, and interpret the full extent of the challenge in developing Sub-Saharan Africa s infrastructure sectors. As a result, it represents the most comprehensive reference currently available on infrastructure in the region. The book covers the five main economic infrastructure sectors information and communication technology, irrigation, power, transport, and water and sanitation. 'Africa s Infrastructure: A Time for Transformation' reflects the collaboration of a wide array of African regional institutions and development partners under the auspices of the Infrastructure Consortium for Africa. It presents the findings of the Africa Infrastructure Country Diagnostic (AICD), a project launched following a commitment in 2005 by the international community (after the G8 summit at Gleneagles, Scotland) to scale up financial support for infrastructure development in Africa. The lack of reliable information in this area made it difficult to evaluate the success of past interventions, prioritize current allocations, and provide benchmarks for measuring future progress, hence the need for the AICD. Africa s infrastructure sectors lag well behind those of the rest of the world, and the gap is widening. Some of the main policy-relevant findings highlighted in the book include the following: infrastructure in the region is exceptionally expensive, with tariffs being many times higher than those found elsewhere. Inadequate and expensive infrastructure is retarding growth by 2 percentage points each year. Solving the problem will cost over US$90 billion per year, which is more than twice what is being spent in Africa today. However, money alone is not the answer. Prudent policies, wise management, and sound maintenance can improve efficiency, thereby stretching the infrastructure dollar. There is the potential to recover an additional US$17 billion a year from within the existing infrastructure resource envelope simply by improving efficiency. For example, improved revenue collection and utility management could generate US$3.3 billion per year. Regional power trade could reduce annual costs by US$2 billion. And deregulating the trucking industry could reduce freight costs by one-half. So, raising more funds without also tackling inefficiencies would be like pouring water into a leaking bucket. Finally, the power sector and fragile states represent particular challenges. Even if every efficiency in every infrastructure sector could be captured, a substantial funding gap of $31 billion a year would remain. Nevertheless, the African people and economies cannot wait any longer. Now is the time to begin the transformation to sustainable development.
Hamilton versus Wall Street delves into the life and mind of Alexander Hamilton, focusing on his impact on the economic history of the United States. The author challenges the conventional portrayal of Hamilton as merely a financier, unveiling him as a statesman whose economic policy laid the foundation for the nation's prosperity and resilience against global imperialism. The book portrays Hamilton not as a follower of the British System but as the architect of the "American System of Economics," a doctrine adopted by influential presidents like Lincoln and Roosevelt to drive the nation toward prosperity. It answers questions such as, “What were Alexander Hamilton’s beliefs on economic growth?” and, “What was Hamilton’s economic plan?” This book about Alexander Hamilton allows readers to appreciate the power of political economy in shaping the nation's history. Hamilton's revolutionary economic principles, ensuring America's true independence, are presented as vital elements of the American Revolution, inviting readers to reassess their understanding of economic theories. Praised as a “thoughtful, well-written argument for Alexander Hamilton’s financial system as a guard against tyranny.” --- Kirkus Reviews Richard Sylla, author of Alexander Hamilton: The Illustrated Biography, “In our time of crumbling infrastructure, anemic economic growth, and dysfunctional government, Spannaus points to a better path, the American System of economic policy initiated by Alexander Hamilton more than two centuries ago. ... His policies made America great, and a return to them can make America great again.” “An excellent book that for me brought clarity to several threads that made up the fabric of Hamilton’s vision of a political economy for the post-war United States, a national country and not a collection of states....” --Douglas S. Hamilton, fifth great-grandson of Alexander Hamilton “Spannaus meticulously traces the origins and describes Hamilton's system (in contrast to the Jeffersonian/British system) and shows how it resulted in the economic growth that defines American enterprise. ... This book is a definite must-read.” --David J. Kent, author of Lincoln: The Fire of Genius; President, Lincoln Group of D.C. Inspired by Hamilton's genius and humanity, the author illuminates Hamilton's revolutionary economic ideas, compellingly exploring how Hamilton's ideas have shaped the nation and continue to resonate in today's economic landscape.
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.
