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Does Regulation and Institutional Design Matter for Infrastructure Sector Performance?

In: Corruption, Development and Institutional Design

Author

Listed:
  • Luis A. Andrés
  • José Luis Guasch
  • Stephane Straub

Abstract

During the 1990s, as part of structural reform in infrastructure industries more than US$750 billion was invested in 2,500 private infrastructure projects in developing economies. Nearly half went to the Latin American region, mainly through the divestiture of public assets in telecommunications and electricity sectors and transport concessions. Six countries — Argentina, Brazil, Chile, Colombia, Mexico and Peru — absorbed more than 90 per cent of private investment. Overall, the region was the most important beneficiary of the huge flow of private investments for infrastructure worldwide with private investment finance peaking at around US$130 billion in 1997. Since then, investors’ appetites have waned, public support for privatization has decreased, and the role of public investment in the provision of infrastructure services has gained momentum again.1 While the increase of public investment is welcomed, given the magnitude of infrastructure needs in the region — roughly 4 to 6 per cent of gross domestic product (GDP) per year to catch up or keep up with countries that once trailed it, such as China and Korea — and the fiscal limitations of the public sector, private sector financing for infrastructure will always be important in Latin America.

Suggested Citation

  • Luis A. Andrés & José Luis Guasch & Stephane Straub, 2009. "Does Regulation and Institutional Design Matter for Infrastructure Sector Performance?," International Economic Association Series, in: János Kornai & László Mátyás & Gérard Roland (ed.), Corruption, Development and Institutional Design, chapter 11, pages 203-234, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-0-230-24217-3_11
    DOI: 10.1057/9780230242173_11
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    Cited by:

    1. Eric Manes, 2009. "Pakistan's Investment Climate : Laying the Foundation for Growth, Volume 2. Annexes," World Bank Publications - Reports 12411, The World Bank Group.
    2. Kenny, Charles, 2009. "Is there an anticorruption agenda in utilities?," Utilities Policy, Elsevier, vol. 17(2), pages 156-165, June.
    3. Antonio Estache & L. Wren-Lewis, 2008. "Towards a Theory of Regulation for Developing Countries: Following Laffont's Lead," Working Papers ECARES 2008_018, ULB -- Universite Libre de Bruxelles.
    4. Antonio Estache & Liam Wren-Lewis, 2009. "Toward a Theory of Regulation for Developing Countries: Following Jean-Jacques Laffont's Lead," Journal of Economic Literature, American Economic Association, vol. 47(3), pages 729-770, September.
    5. Lars Dorren & Wouter Dooren, 2021. "Chameleonic knowledge: a study of ex ante analysis in large infrastructure policy processes," Policy Sciences, Springer;Society of Policy Sciences, vol. 54(2), pages 289-312, June.
    6. Guasch, J. Luis & Straub, Stphane, 2009. "Corruption and concession renegotiations.: Evidence from the water and transport sectors in Latin America," Utilities Policy, Elsevier, vol. 17(2), pages 185-190, June.
    7. Straub, Stéphane, 2009. "Governance in Water Supply," IDEI Working Papers 544, Institut d'Économie Industrielle (IDEI), Toulouse.
    8. Bertoméu-Sánchez, Salvador & Camos, Daniel & Estache, Antonio, 2018. "Do economic regulatory agencies matter to private-sector involvement in water utilities in developing countries?," Utilities Policy, Elsevier, vol. 50(C), pages 153-163.

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