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An International Comparison of the Financial and Economic Rate of Return of Development Projects

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  • Massimo Florio

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Abstract

In this paper we analyse data on the rates of return of investment projects sponsored by three international institutions: the European Union, the European Bank for Reconstruction and Development, the World Bank. The focus of the paper is on the variability of ex-ante economic rates of return (ERR), of financial rates of return (FRR, available for EU and EBRD) and ex-post or re-estimated economic rates of return (RERR, available for WB only). We propose a framework of analysis of FRR and ERR variations across projects, sectors, financing institutions, of the wedge between ERR and FRR, and of the gap between ERR and RERR. In principle the same framework couldbe used for comparing rates of return variability of development projects across countries, time of approval or completion, or any other rele vant sampling criterion.

Suggested Citation

  • 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.
  • Handle: RePEc:mil:wpdepa:1999-06
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    File URL: http://wp.demm.unimi.it/files/wp/1999/DEMM-1999_006wp.pdf
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    Cited by:

    1. Massimo FLORIO & Silvia VIGNETTI, 2003. "Cost-benefit analysis of infrastructure projects in an enlarged European Union: an incentive-oriented approach," Departmental Working Papers 2003-13, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    2. Eva Palinko & Agnes Svoob & Marta Szabo, 2013. "Enhancing the Financial Absorption Capacity of EU Member States Through the Reconsideration of Current Allocation Rules," Transition Studies Review, Springer;Central Eastern European University Network (CEEUN), vol. 20(3), pages 351-366, November.
    3. Massimo Florio & Silvia Vignetti, 2005. "Cost-benefit Analysis of Infrastructure Projects in an Enlarged European Union: Returns and Incentives," Economic Change and Restructuring, Springer, vol. 38(3), pages 179-210, December.

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