PRIVATE INVESTMENT IN INFRASTRUCTURE IN ASIA: THE IMPACT OF REGULATION

2005 ◽  
Vol 50 (spec01) ◽  
pp. 369-391
Author(s):  
COLIN KIRKPATRICK ◽  
DAVID PARKER ◽  
YIN-FANG ZHANG
Keyword(s):  
Developing Countries ◽  
Private Sector ◽  
Capacity Building ◽  
Empirical Analysis ◽  
Foreign Investment ◽  
Policy Implication ◽  
Private Investment ◽  
Economic Regulation ◽  
Institutional Strengthening ◽  
The Impact

This paper provides an empirical analysis of the impact of economic regulation on the inflow of private foreign investment in the infrastructure sector in Asian economies over the period 1988 to 2002. The results confirm that foreign investment in infrastructure has responded positively to the establishment of an effective regulatory framework which provides regulatory credibility to the private sector. The main policy implication of the findings is the need to support capacity building and institutional strengthening for robust and independent regulation in the developing countries of Asia.

Institutional Aspects of a Global Navigation Satellite System

2000 ◽  
Vol 53 (2) ◽  
pp. 261-271 ◽  
Author(s):  
D. Brocklebank ◽  
J. Spiller ◽  
T. Tapsell
Keyword(s):  
European Space Agency ◽  
Private Investment ◽  
Global Navigation Satellite Systems ◽  
European Symposium ◽  
Economic Regulation ◽  
Navigation Satellite ◽  
The European Union ◽  
Global Navigation ◽  
Global Navigation Satellite ◽  
The Impact

This, and the following three papers, where first presented at GNSS 99, the Second European Symposium on Global Navigation Satellite Systems held in Genoa, Italy from 5th to 8th October 1999.Galileo is being developed as the European contribution to the next generation of navigation satellites to replace GNSS1. Sponsored by the European Union, Galileo will be a civil, internationally controlled and operated system that will secure the long-term availability of satellite-based navigation services for multi-modal purposes throughout the European region and beyond. Galileo will be designed to support a wide variety of applications. These include professional navigation, position reference, safety, emergency, tracking, sport/leisure and governmental. Such services may be open to all, for safety-of-life applications, or for commercial users. In the case of safety and commercial applications in particular, it is imperative that the appropriate institutional control and regulatory framework is in place for purposes of safety and economic regulation. To ensure that the various parties understand their obligations and liabilities, clear legal instruments must be put in place to support the organisational framework. It is planned to attract private investment to fund elements of system development and operation through Private/Public Partnership arrangements. At present there is no institutional, regulatory or legal framework that will enable the early impetus to Galileo development to be maintained. This presents a challenge that Europe must address without delay. It has been the subject of several European Commission studies in the past twelve months. In a complementary activity under contract to the European Space Agency (ESA), a European industry consortium comprising Alcatel, Alenia, DASA and Matra Marconi Space was tasked to complete the preliminary design of the space and ground segments by the Autumn of 1999. One task of this study, led by Matra Marconi Space, relates to a study of the impact of institutional, regulatory and legal issues on the organisation and development of Galileo. This paper describes the studies undertaken into these issues within the overall Galileo development programme.

scholarly journals Public Sector Finances as Determinants of Private Investment in PPP Projects – Experiences from Select Countries

2019 ◽  
pp. 1-17
Author(s):  
Satinder Bhatia
Keyword(s):  
Developing Countries ◽  
Public Sector ◽  
Private Sector ◽  
Private Investment ◽  
Developed Countries ◽  
Financial Health ◽  
Indian States ◽  
Checks And Balances ◽  
Private Partnership ◽  
The Public

Public-Private Partnership (PPP) projects have been gaining in popularity in many developing countries along with developed countries. While there has been sufficient research on private sector capacity to make the partnership successful, not much research exists on the importance of the financial health of the public sector in PPP projects. The premise of the current research is that strong public sector finances instil confidence in the private sector of governments’ ability to honour PPP commitments and that, in turn, increases the attractiveness of PPP projects. Through a number of case studies relating to government finances of Indian states and other countries, it is seen that governments which have checks and balances to issuance of guarantees and other forms of indirect support for PPP projects are actually able to attract higher levels of PPP investment.

scholarly journals EFFECT OF PUBLIC DEBTS ON PRIVATE-SECTOR INVESTMENT IN NIGERIA

2021 ◽  
Vol 4 (1) ◽  
pp. 96-111
Author(s):  
Osuoha Chionyeka ◽  
◽  
Theresa Udenwa ◽  
Nneka Nwala ◽  
◽  
...  
Keyword(s):  
Private Sector ◽  
Error Correction ◽  
Public Debt ◽  
Private Investment ◽  
Ordinary Least Squares ◽  
Debt Service ◽  
Private Sector Investment ◽  
Domestic Debt ◽  
Private Investors ◽  
The Impact

This study empirically analyzed the effect of Public Debt and Private-Sector Investment in Nigeria (1986-2017). This study employed secondary data in the analysis. The study used the ordinary least square method (OLS) and Error Correction Model (ECM) tools of analysis in the investigation of the impact and relationship among the economic variables. The Ordinary Least Squares (OLS) and the Error Correction Models show that there is a strong relationship between Private Investment (PIVN)in Nigeria and Public Debt in Nigeria. Public Debt in Nigeria has a negative effect on the economy both in the short run and long run especially the Public Domestic Debt in Nigeria and Public External Debts in Nigeria. This is because the more government borrows from both the domestic and the external the more it crowds out investment especially the domestic debt crowds out private investment through lack of access to funds. The ECM result revealed that Public Debt Service in Nigeria has a positive effect on Private Investment (PIVN)in Nigeria, this is because when the government pays back loans or debts, it increases access to funds by the private investors thereby increasing the level of private investment in the country. Therefore, the study recommends that government should design a mechanism for effective and efficient Public Debt Service Management in Nigeria to increase access to funds by private investors and thereby increasing and enhancing Private Investment (PIVN) in Nigeria.

scholarly journals Formality and investments: Evidence of Vietnamese SMEs

2021 ◽  
Vol 8 (3) ◽  
pp. 63-70
Author(s):  
Hong Mai Phan ◽  
◽  
Phan Thi Thu Hien ◽  
Keyword(s):  
Developing Countries ◽  
Private Sector ◽  
Random Effects ◽  
Crucial Role ◽  
Two Stage ◽  
Doing Business ◽  
Ease Of Doing Business ◽  
Key Driver ◽  
The Impact

Business formality is considered a key driver in the development of the private sector in developing countries, which can contribute to enhancing the capacity and competitiveness of firms. The purpose of this paper is to investigate the impact of formality on investments of small and medium-sized enterprises (SMEs) in Vietnam. Different from previous work, we apply a two-stage method with random-effects Probit and Tobit regressions to control for endogeneity surrounding formality and investments. Results show that formality measured by having a tax code fosters all types of investments. However, formality proxied by having a full set of business registration documents decreases total and fixed investments but increases non-fixed investments. Our findings suggest that relaxing complex procedures, enhancing the knowledge of the owner, and improving the ease of doing business play a crucial role in the formalization of Vietnamese SMEs.

scholarly journals Is the Private Sector more Productive than the Public Sector?

1991 ◽  
Vol 30 (4II) ◽  
pp. 721-729
Author(s):  
Khwaja Sarmad
Keyword(s):  
Developing Countries ◽  
Public Sector ◽  
Private Sector ◽  
Public Investment ◽  
Empirical Work ◽  
Empirical Support ◽  
Private Investment ◽  
Total Production ◽  
The Public ◽  
The Government

In developing countries the rapid growth of the public sector during the past few decades was viewed as an important means for accelerating the pace of economic growth. In most developing countries the public sector now accounts for a prominent share of total production and investment. But the contribution of the public sector to growth has been much below expectations. In many cases public enterprises require large subsidies from the government and impose a significant fiscal burden on the economy, which leads to the notion that the private sector is much more productive than the public sector. However, little empirical work has been done in this field so that the proposals that emphasize the private sector vis-a-vis the public sector rest largely on theoretical considerations. Recent work by Khan and Reinhart (1990) is an important exception. Using cross-section data for the seventies of 24 developing countries they show that the arguments favouring the private sector in adjustment programmes have empirical support. Khan and Reinhart estimate a growth model in which the effect of private and public investment on growth is separated. A comparison of the marginal productivities of the two types of investment allows them to conclude that "all in all, there does seem to be some merit in the key role assigned to private investment in the development process by supporters of market -based strategies". [Khan and Reinhart (1990), p. 25.]

scholarly journals Macroeconomic Policy and Private Investment in Pakistan

1988 ◽  
Vol 27 (3) ◽  
pp. 278-291 ◽  
Author(s):  
Ashfaque H. Khan
Keyword(s):  
Developing Countries ◽  
Developing Country ◽  
Private Investment ◽  
Macroeconomic Policy ◽  
Monetary Policies ◽  
Investment Function ◽  
The Impact

This paper demonstrates that a theoretically consistent investment function for a developing country like Pakistan can be specified and estimated. A variant of the flexible accelerator model was modified to Incorporate the special features of developing countries. Within the framework of the model thus derived, the impact of fiscal and monetary policies on private investment has been examined.

Non-governmental Organisations and Democracy: An Empirical Analysis

2015 ◽  
Vol 21 (4) ◽  
pp. 489-496 ◽  
Author(s):  
Tania Masi
Keyword(s):  
Developing Countries ◽  
Propensity Score ◽  
United Nations ◽  
Propensity Score Matching ◽  
Empirical Analysis ◽  
Treatment Effect ◽  
Average Treatment Effect ◽  
Government Accountability ◽  
The United Nations ◽  
The Impact

AbstractThe United Nations established in 2005 the United Nations Democracy Fund (UNDEF), whose objective is to support projects submitted by national NGOs aimed at increasing government accountability. The purpose of this paper is to investigate the impact of NGOs activity on democracy exploiting the UNDEF database. An empirical analysis based on a propensity score matching (PSM) method is implemented on a sample of 102 developing countries. The findings indicate that the average treatment effect on the treated (ATT) is positive and significant only when countries receive UNDEF-funded NGOs projects for three rounds or more. In this case the Polity IV indicator improves by an average of 1.08 points with respect to the level of 2005.

Investigation for Finance–Growth Nexus: A Dynamic Common Correlated Estimator Approach

2021 ◽  
pp. 097215092110162
Author(s):  
Saqib Mehmood ◽  
Ahmad Raza Bilal
Keyword(s):  
Developing Countries ◽  
Private Sector ◽  
Least Squares ◽  
Financial Development ◽  
Well Being ◽  
Ordinary Least Squares ◽  
Consumption Expenditures ◽  
Long Run ◽  
Domestic Credit ◽  
The Impact

The study investigated the impact of financial development in bringing the economic well-being, using the data of 10 selected developing countries, as a sample for the period from 1991 to 2017. However, the study utilizes the regression of group mean dynamic common correlated estimator (DCCE) by Chudik and Pesaran (2015) to analyse the said circumstance. For estimation, the present study is considering the major tycoons of financial development and their relevant areas that are significantly effecting the economic growth. However, the broad money (GAM1), domestic credit to private sector to GDP (GAM2), domestic credit to private sector by banks (GAM3), government’s final consumption expenditures (GAFCE) and foreign direct investment GAFC are major contributors in attaining the GDP per capita (GADA). However, the estimation of the concerned circumstance was also evaluated in terms of shorter and longer run estimations. The results of the short– and long–run estimations also authenticate the results of DCCE estimations. The robustness of the results is verified with the help of Pedroni (2004) test, fully modified ordinary least squares (FMOLS) test by Pedroni (2001) and dynamic ordinary least squares (DOLS) by Stock and Watson (1993) . The robustness tests also verify the factors that are considered as the major players of financial development for uplifting the concerned economies. Selected developing countries have the potential for utilizing their financial development options to manage their growth at the economic level. For practical implications and for policymaking, the ingredients of this particular study can be endorsed to get the desired results.

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