دانلود رایگان مقاله انگلیسی تعیین کننده زیرساخت و تامین مالی آن - Sage 2017

Abstract

Adequate infrastructure is a critical input for growth and development in all countries, and especially in emerging and developing countries. This article1 examines the factors that have underpinned the stock of infrastructure across countries, including in Latin America and the Caribbean. We find that public finance and private sector participation both contribute to improving the stock of infrastructure. The impact of public finance depends on how capital investment is financed to meet the government’s budget constraint. Total domestic finance of infrastructure depends, in turn, on domestic financial depth and links to the rest of the world through trade and foreign investment.

Conclusions

Progress in improving infrastructure is necessary to spur economic growth and development by reducing costs of production and transport and facilitating communications and trade. For emerging and developing countries, such as those in LAC, infrastructure shortfalls will need to be overcome to avoid hampering the countries’ growth potential. Fiscal policy plays a critical role in improving the infrastructure network. The extent of fiscal space to sustainably support infrastructure investment, and the level and composition of public financing instruments matter significantly for infrastructure stock accumulations. However, public money is not the only mechanism for enhancing infrastructure; private sector participation in providing infrastructure is a useful complement. Both of these options require a suitable macroeconomic and regulatory environment. In addition, financial depth and strong links to the rest of the world through trade and foreign investment are associated with raising domestic finance for infrastructure investment.