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Financing Asia’s Infrastructure : Modes of Development and Integration of Asian Financial Markets

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  • Biswa Nath Bhattacharyay

    (Asian Development Bank Institute)

Abstract

Asia faces very large infrastructure funding demands, estimated at around US$750 billion per year for energy, transport, telecommunications, water, and sanitation during 20102020 (ADB/ADBI 2009). Asia has large savings, significant international reserves, and rapid accumulations of funds that could be utilized for meeting these infrastructure investment needs, but Asian markets have failed to use available resources to channel funding into highly needed infrastructure projects. This paper explores issues and challenges in financing infrastructure for seamless Asian infrastructure connectivity and for other high priority development financing needs, and seeks methods and instruments to help direct Asian and international resources to cost-effectively and efficiently support infrastructure and other development needs. The paper discusses three important topics : First, what are the lessons for Asia from the European Unions experience of developing and integrating financial markets and using development banking institutions to support infrastructure investment? Second, how can Asian public and private resources, such as pension funds, social security funds, sovereign wealth funds, and private portfolio funds contribute to infrastructure development across Asia? Third, can Islamic financial markets provide funds for Asian infrastructure development? Finally, the paper makes recommendations regarding financing options and how Asian financial markets and infrastructure companies could be further developed and integrated to mobilize Asian and other regions savings for financing priority infrastructure projects in the region.

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Bibliographic Info

Paper provided by East Asian Bureau of Economic Research in its series Finance Working Papers with number 21883.

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Date of creation: Jan 2010
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Handle: RePEc:eab:financ:21883

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Postal: JG Crawford Building #13, Asia Pacific School of Economics and Government, Australian National University, ACT 0200
Web page: http://www.eaber.org
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Related research

Keywords: savings; International Reserves; infrastructure investment; pension funds; Islamic finance;

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  1. Ehrmann, Michael & Fratzscher, Marcel & Gürkaynak, Refet S. & Swanson, Eric T, 2007. "Convergence and Anchoring of Yield Curves in the Euro Area," CEPR Discussion Papers 6456, C.E.P.R. Discussion Papers.
  2. Ken Miyajima, 2006. "How to Evaluate Gdp-Linked Warrants," IMF Working Papers 06/85, International Monetary Fund.
  3. Lieven Baele & Annalisa Ferrando & Peter Hördahl & Elizaveta Krylova & Cyril Monnet, 2004. "Measuring financial integration in the euro area," Occasional Paper Series 14, European Central Bank.
  4. Philipp Hartmann & Florian Heider & Elias Papaioannou & Marco Lo Duca, 2007. "The role of financial markets and innovation in productivity and growth in Europe," Occasional Paper Series 72, European Central Bank.
  5. C. Randall Henning, 2002. "East Asian Financial Cooperation," Peterson Institute Press: Policy Analyses in International Economics, Peterson Institute for International Economics, number pa68, November.
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