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Delays in public investment projects

Author

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  • Espinoza, Raphael
  • Presbitero, Andrea F.

Abstract

The returns from public investment, especially during periods of scaling up, are often lower than expected. To understand the mechanisms behind this regularity we exploit original information on investment projects obtained from World Bank project reports to document the extent and the drivers of time delays in project implementation. We find that almost 60 percent of investment projects are delayed by at least one year. Time overruns are common across sectors and countries. A sound planning and preparation matter for the timing of project execution. Country characteristics also play a role, as projects undertaken in countries with weaker institutions and in periods of public investment scaling up are completed with longer delays.

Suggested Citation

  • Espinoza, Raphael & Presbitero, Andrea F., 2022. "Delays in public investment projects," International Economics, Elsevier, vol. 172(C), pages 297-310.
    • Handle: RePEc:eee:inteco:v:172:y:2022:i:c:p:297-310
    DOI: 10.1016/j.inteco.2021.10.002
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    Keywords

    Public investment; Time delays; Investment projects; World bank; Investment scaling up;
    All these keywords.

    JEL classification:

    • H43 - Public Economics - - Publicly Provided Goods - - - Project Evaluation; Social Discount Rate
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
    • O22 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Project Analysis

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