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The effectiveness of public investment in infrastructure and the risks to the budgetary system


  • Morozkina, Alexandra

    () (Russian Presidential Academy of National Economy and Public Administration (RANEPA); Economic Expert Group)


The problem of the effectiveness of public investment in infrastructure in Russia: causes, risks to the budget, the experience of other countries and possible ways to address this issue. First compare the cost of investment and infrastructure with the qualitative characteristics of the result, based on which concludes that low efficiency of investments in Russia in comparison with other countries. Then analyzes the reasons for this, operating at two levels: operational (high costs projects) and strategic (adoption of ineffective decisions). The third part is devoted to the influence of inefficient state investment policy on the risks to the budgetary system. In particular, the decision of the Russian government about investing the National Welfare Fund in infrastructure projects in Russia and existing experience in the implementation of major infrastructure projects. The fourth part proposes possible ways to improve the efficiency of investment and reduce the risks involved.

Suggested Citation

  • Morozkina, Alexandra, 2015. "The effectiveness of public investment in infrastructure and the risks to the budgetary system," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 4, pages 47-59.
  • Handle: RePEc:rnp:ecopol:ep1548

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    References listed on IDEAS

    1. Era Dabla-Norris & Jim Brumby & Annette Kyobe & Zac Mills & Chris Papageorgiou, 2012. "Investing in public investment: an index of public investment efficiency," Journal of Economic Growth, Springer, vol. 17(3), pages 235-266, September.
    2. Gómez-Lobo, Andrés, 2012. "Institutional Safeguards for Cost Benefit Analysis: Lessons from the Chilean National Investment System," Journal of Benefit-Cost Analysis, Cambridge University Press, vol. 3(01), pages 1-30, January.
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    More about this item


    public investment; infrastructure projects; fiscal risks;

    JEL classification:

    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • H4 - Public Economics - - Publicly Provided Goods
    • L9 - Industrial Organization - - Industry Studies: Transportation and Utilities


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