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Cost-benefit analysis of Infrastructure Projects in an Enlarged European Union: an Incentive-Oriented Approach

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Author Info

  • Massimo Florio

    (University of Milan, Italy)

  • Silvia Vignetti

    (CSIL - Centro Studi Industria Leggera)

Abstract

The purpose of the paper is to analyse some results of cost-benefit analysis in a sample of ISPA (Structural Instrument for pre-accession countries) projects. The focus is particularly on the variability of financial and economic rates of return and how to integrate this information in the EU co- financing mechanism. We investigate, through the analysis of variance of co-financing rate, to which extent variability of rates is due to structural characteristics (sectors, countries) or to the existence of a residual variance due both to specificity of the project and discretional element of the appraisal method, which may constitute an information noise. We find that the variance of co-financing rate across countries is poorly explained by different composition of sectors of investment. This suggests the need to reinforce a more consistent approach to evaluation and co-financing. We suggest some possible solutions.

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Bibliographic Info

Paper provided by Centro Studi Luca d\'Agliano, University of Milano in its series Development Working Papers with number 181.

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Date of creation: 01 Dec 2003
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Handle: RePEc:csl:devewp:181

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Keywords: Cost-benefit analysis; Project Evaluation; Structural Funds; European Regional Policy;

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  1. Esteban, J., 2000. "Regional convergence in Europe and the industry mix: a shift-share analysis," Regional Science and Urban Economics, Elsevier, Elsevier, vol. 30(3), pages 353-364, May.
  2. Roger Vickerman & Klaus Spiekermann & Michael Wegener, 1999. "Accessibility and Economic Development in Europe," Regional Studies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 33(1), pages 1-15.
  3. Alberto Bucci, 2003. "R&D, Imperfect Competition and Growth with Human Capital Accumulation," Scottish Journal of Political Economy, Scottish Economic Society, vol. 50(4), pages 417-439, 09.
  4. Frank Barry & John Bradley & Aoife Hannan, 2001. "The Single Market, the Structural Funds and Ireland's Recent Economic Growth," Journal of Common Market Studies, Wiley Blackwell, Wiley Blackwell, vol. 39(3), pages 537-552, 09.
  5. Paul Lawless, 2001. "Community economic development in urban and regional regeneration: unfolding potential or justifiable scepticism?," Environment and Planning C: Government and Policy, Pion Ltd, London, Pion Ltd, London, vol. 19(1), pages 135-155, February.
  6. Gillian Bristow & Nigel Blewitt, 2001. "The Structural Funds and additionality in Wales: devolution and multilevel governance," Environment and Planning A, Pion Ltd, London, vol. 33(6), pages 1083-1099, June.
  7. Massimo Florio, 1999. "An International Comparison of the Financial and Economic Rate of Return of Development Projects," Departmental Working Papers, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano 1999-06, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
  8. Boldrin, Michele & Canova, Fabio, 2003. "Regional Policies and EU Enlargement," CEPR Discussion Papers, C.E.P.R. Discussion Papers 3744, C.E.P.R. Discussion Papers.
  9. Pereira, Alfredo M, 1997. "Development Policies in the EU: An International Comparison," Review of Development Economics, Wiley Blackwell, Wiley Blackwell, vol. 1(2), pages 219-35, June.
  10. Arnott,Richard & Atkinson,Anthony B. & Arrow,Kenneth & Drèze,Jacques H. (ed.), 1997. "Public Economics Real Author-Name:Vickrey,William," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521597630.
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Cited by:
  1. Eva Palinko & Agnes Svoob & Marta Szabo, 2013. "Enhancing the Financial Absorption Capacity of EU Member States Through the Reconsideration of Current Allocation Rules," Transition Studies Review, Springer, Springer, vol. 20(3), pages 351-366, November.
  2. Massimo Florio & Silvia Vignetti, 2013. "The use of ex post Cost-Benefit Analysis to assess the long-term effects of Major Infrastructure Projects," Working Papers, Centre for Industrial Studies (CSIL) 201302, Centre for Industrial Studies (CSIL).
  3. Andrea MAIRATE & Francesco ANGELINI, 2006. "Cost-benefit analysis and EU cohesion policy," Departmental Working Papers, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano 2006-34, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.

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