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

  • Massimo Florio

    (University of Milan, Italy)

  • Silvia Vignetti

    (CSIL - Centro Studi Industria Leggera)

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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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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  1. Jacques Le Cacheux & Jacky Fayolle, 1998. "Élargissement, PAC, politiques structurelles et « juste retour » : la quadrature du cercle budgétaire européen," Revue de l'OFCE, Programme National Persée, vol. 66(1), pages 37-60.
  2. 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.
  3. Esteban, J., 2000. "Regional convergence in Europe and the industry mix: a shift-share analysis," Regional Science and Urban Economics, Elsevier, vol. 30(3), pages 353-364, May.
  4. Massimo Florio, 1999. "An International Comparison of the Financial and Economic Rate of Return of Development Projects," Departmental Working Papers 1999-06, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
  5. 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, vol. 39(3), pages 537-552, 09.
  6. Alberto Bucci, 2003. "R&D, imperfect competition and growth with human capital accumulation," Departmental Working Papers 2003-11, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
  7. Roger Vickerman & Klaus Spiekermann & Michael Wegener, 1999. "Accessibility and Economic Development in Europe," Regional Studies, Taylor & Francis Journals, vol. 33(1), pages 1-15.
  8. Pereira, Alfredo M, 1997. "Development Policies in the EU: An International Comparison," Review of Development Economics, Wiley Blackwell, vol. 1(2), pages 219-35, June.
  9. Boldrin, Michele & Canova, Fabio, 2003. "Regional Policies and EU Enlargement," CEPR Discussion Papers 3744, C.E.P.R. Discussion Papers.
  10. 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, vol. 19(1), pages 135-155, February.
  11. repec:cup:cbooks:9780521597630 is not listed on IDEAS
  12. Harvey W. Armstrong, 1996. "European Union Regional Policy: Sleepwalking to a Crisis," International Regional Science Review, , vol. 19(3), pages 193-209, July.
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