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From Global Savings Glut to Financing Infrastructure; The Advent of Investment Platforms

Author

Listed:
  • Rabah Arezki
  • Patrick Bolton
  • Sanjay Peters
  • Frederic Samama
  • Joseph Stiglitz

Abstract

This paper investigates the emerging global landscape for public-private co-investments in infrastructure. The creation of the Asian Infrastructure Investment Bank and other so-called “infrastructure investment platforms” are an attempt to tap into the pool of both public and private long-term savings in order to channel the latter into much needed infrastructure projects. This paper puts these new initiatives into perspective by critically reviewing the literature and experience with public private partnerships in infrastructure. It concludes by identifying the main challenges policy makers and other actors will need to confront going forward and to turn infrastructure into an asset class of its own.

Suggested Citation

  • Rabah Arezki & Patrick Bolton & Sanjay Peters & Frederic Samama & Joseph Stiglitz, 2016. "From Global Savings Glut to Financing Infrastructure; The Advent of Investment Platforms," IMF Working Papers 16/18, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:16/18
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    References listed on IDEAS

    as
    1. Eduardo Engel & Ronald Fischer & Alexander Galetovic, 2013. "The Basic Public Finance Of Public–Private Partnerships," Journal of the European Economic Association, European Economic Association, vol. 11(1), pages 83-111, February.
    2. Dewatripont, Mathias & Legros, Patrick, 2005. "Public-private partnerships: contract design and risk transfer," EIB Papers 5/2005, European Investment Bank, Economics Department.
    3. David Martimort & Flavio Menezes & Myrna Wooders & ELISABETTA IOSSA & DAVID MARTIMORT, 2015. "The Simple Microeconomics of Public-Private Partnerships," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 17(1), pages 4-48, February.
    4. John Bennett & Elisabetta Iossa, 2006. "Delegation of Contracting in the Private Provision of Public Services," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 29(1), pages 75-92, September.
    5. Bengt Holmstrom & Jean Tirole, 1998. "Private and Public Supply of Liquidity," Journal of Political Economy, University of Chicago Press, vol. 106(1), pages 1-40, February.
    6. Martimort, David & Pouyet, Jerome, 2008. "To build or not to build: Normative and positive theories of public-private partnerships," International Journal of Industrial Organization, Elsevier, vol. 26(2), pages 393-411, March.
    7. repec:wbk:wbpubs:27762 is not listed on IDEAS
    8. Elisabetta Iossa & David Martimort, 2012. "Risk allocation and the costs and benefits of public--private partnerships," RAND Journal of Economics, RAND Corporation, vol. 43(3), pages 442-474, September.
    9. John Vickers & George Yarrow, 1991. "Economic Perspectives on Privatization," Journal of Economic Perspectives, American Economic Association, vol. 5(2), pages 111-132, Spring.
    10. Bengt Holmstrom, 1979. "Moral Hazard and Observability," Bell Journal of Economics, The RAND Corporation, vol. 10(1), pages 74-91, Spring.
    11. Antonio Estache & Marianne Fay, 2009. "Current Debates on Infrastructure Policy," World Bank Publications, The World Bank, number 27762.
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    Citations

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    Cited by:

    1. Rabah Arezki & Amadou Sy, 2016. "Financing Africa's Infrastructure Deficit: From Development Banking to Long-term Investing," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 25(suppl_2), pages 59-73.
    2. repec:eee:riibaf:v:42:y:2017:i:c:p:468-479 is not listed on IDEAS
    3. E. Hooper & S. Peters & P. Pintus, 2017. "To What Extent Can Long-Term Investment in Infrastructure Reduce Inequality?," Working papers 624, Banque de France.
    4. Michael Flaherty & Arkady Gevorkyan & Siavash Radpour & Willi Semmler, 2016. "Financing Climate Policies Through Climate Bonds," SCEPA working paper series. SCEPA's main areas of research are macroeconomic policy, inequality and poverty, and globalization. 2016-03, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.

    More about this item

    Keywords

    Infrastructure; Savings; H49; H54; G30; G38; projects; bank; risk; equity; General; Government Policy and Regulation; Other; Infrastructures; All Countries; Public Private Partnership; Long-term Investors; and Investment Policy.;

    JEL classification:

    • H49 - Public Economics - - Publicly Provided Goods - - - Other
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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