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• Massimo Florio

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Paper provided by Centro Studi Luca d\'Agliano, University of Milano in its series Development Working Papers with number 182.

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Date of creation: 01 Dec 2003
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Handle: RePEc:csl:devewp:182

Note: In this paper we analyse data on the rates of return of investment projects sponsored by three international institutions: the European Union, the European Bank for Reconstruction and Development, the World Bank. The focus of the paper is on the evaluation of the variability of ex-ante economic rates of return, of financial rates of return and ex-post or re-estimated economic rates of return. We propose a framework of analysis of rates of return variations across projects, sectors, financing institutions, of the wedge between economic and financial, and of the gap between ex-ante and ex-post returns. In principle the same framework could be used for comparing rates of return variability of development projects across countries, time of approval or exit, or other relevant sampling criterion. We discover a pattern of variations across sectors. And we find that cost-benefit analysis generates larger variability of rates of return than financial analysis.
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Keywords: Investment projects; International Institutions; Rates of return; Cost-benefit;

Find related papers by JEL classification:
D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
O22 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Project Analysis

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1. Gramlich, Edward M, 1994. "Infrastructure Investment: A Review Essay," Journal of Economic Literature, American Economic Association, vol. 32(3), pages 1176-96, September. [Downloadable!] (restricted)

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