Financing Utilities: How the Role of the European Investment Bank shifted from regional development to making markets
In the face of continuing financial and economic crises, the European Investment Bank (EIB) has been criticized for being overly-conservative in its loans to Europe. Critics in particular have called on the EIB to vastly increase its investment in utilities as a counter-cyclical measure. To take stock and, in order to evaluate the role of the EIB in financing utilities over time, we compile and analyze an original database of all EIB utilities project loans from 1958 to 2004. We find the EIB started out by functioning as a regional development bank, prioritizing utilities finance in its members’ poorer zones; however, energy crises in the 1970s marked a shift whereby the logic of EIB finance to utilities became more politically-oriented. By the 1980s, utilities projects supported by the EIB were intimately related to those required for the Single Market. The origins of the EIB’s current conservative approach to utilities loans was born in the 1970s and fully consolidated by the 1990s.
|Date of creation:||2013|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
Web page: https://mpra.ub.uni-muenchen.de
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Harrigan, Jane & Wang, Chengang & El-Said, Hamed, 2006.
"The economic and political determinants of IMF and world bank lending in the Middle East and North Africa,"
Elsevier, vol. 34(2), pages 247-270, February.
- J Harrigan & C Wang & H El-Said, 2004. "The Economic and Politics Determinants of IMF and World Bank Lending in the Middle East and North Africa," The School of Economics Discussion Paper Series 0411, Economics, The University of Manchester.
- Alacevich, Michele, 2011. "The World Bank and the politics of productivity: the debate on economic growth, poverty, and living standards in the 1950s," Journal of Global History, Cambridge University Press, vol. 6(01), pages 53-74, March.
- Griffith-Jones, Stephany & Tyson, Judith, 2013. "The European Investment Bank : Lessons for Developing Countries," Working Paper Series UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
- Justin Yifu Lin & Xifang Sun & Ye Jiang, 2013. "Endowment, industrial structure, and appropriate financial structure: a new structural economics perspective," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 16(2), pages 109-122, June.
- Graham Bird & Dane Rowlands, 2001. "IMF lending: how is it affected by economic, political and institutional factors?," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 4(3), pages 243-270.
- Griffith-Jones, Stephany & Tyson, Judith & Calice, Pietro, 2011. "The European Investment Bank and SMEs: key lessons for Latin America and the Caribbean," Financiamiento para el Desarrollo 236, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
- Inge Kaul, 2012. "Global Public Goods: Explaining their Underprovision," Journal of International Economic Law, Oxford University Press, vol. 15(3), pages 729-750, September.
- D. A. Pinder, 1986. "Small Firms, Regional Development and The European Investment Bank," Journal of Common Market Studies, Wiley Blackwell, vol. 24(3), pages 171-186, 03.
- Dani Rodrik, 1995.
"Why is there Multilateral Lending?,"
NBER Working Papers
5160, National Bureau of Economic Research, Inc.
- Dani Rodrik, 2006.
"Goodbye Washington Consensus, Hello Washington Confusion? A Review of the World Bank's Economic Growth in the 1990s: Learning from a Decade of Reform,"
Journal of Economic Literature,
American Economic Association, vol. 44(4), pages 973-987, December.
- Dani Rodrik, 2008. "Goodbye Washington Consensus, Hello Washington Confusion? A Review of the World Banks Economic Growth in the 1990s: Learning from a Decade of Reform," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 55(2), pages 135-156, June.
- Stephany Griffith-Jones & Matthias Kollatz-Ahnen & Lars Andersen & Signe Hansen, 2012. "Shifting Europe from Austerity to Growth: A Proposed Investment Programme for 2012-2015," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(65-66), pages 107-127, September.
- Massarutto, Antonio & Ermano, Paolo, 2013. "Drowned in an inch of water," Utilities Policy, Elsevier, vol. 24(C), pages 20-31.
- Estache, Antonio, 2010. "Infrastructure finance in developing countries: An overview," EIB Papers 8/2010, European Investment Bank, Economics Department.
- William J. Hausman & Mira Wilkins & John L. Neufeld, 2007. "Global Electrification. Multinational Enterprise and International Finance in the History of Light and Power, 1880s-1914," Revue économique, Presses de Sciences-Po, vol. 58(1), pages 173-190.
- Knieps, Gunter, 1993. "Competition, coordination and cooperation : A disaggregated approach to transportation regulation," Utilities Policy, Elsevier, vol. 3(3), pages 201-207, July.
- José M. Alonso & Judith Clifton & Daniel Díaz-Fuentes & Marcos Fernández-Gutiérrez & Julio Revuelta, 2013. "The race for international markets: Were privatized telecommunications incumbents more successful than their public counterparts?," International Review of Applied Economics, Taylor & Francis Journals, vol. 27(2), pages 215-236, March.
- Galambos, Louis & Milobsky, David, 1995. "Organizing and Reorganizing the World Bank, 1946–1972: A Comparative Perspective," Business History Review, Cambridge University Press, vol. 69(02), pages 156-190, June.
- Lin, Justin Yifu & Rosenblatt, David, 2012.
"Shifting patterns of economic growth and rethinking development,"
Policy Research Working Paper Series
6040, The World Bank.
- Justin Yifu Lin & David Rosenblatt, 2012. "Shifting patterns of economic growth and rethinking development," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 15(3), pages 171-194, September.
- Trillas, Francesc, 2010.
"Electricity and telecoms reforms in the EU: Insights from the economics of federalism,"
Elsevier, vol. 18(2), pages 66-76, June.
- Trillas, Francesc, 2010. "Electricity and telecoms reforms in the EU: Insights from the economics of federalism," IESE Research Papers D/861, IESE Business School.
- Orcan Cortuk, 2013. "A disaggregated approach to the determination of government spending multipliers," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 16(1), pages 31-45, March.
- Morrison Kevin M, 2011. "As the World Bank Turns: Determinants of IDA Lending in the Cold War and After," Business and Politics, De Gruyter, vol. 13(2), pages 1-29, August.
- Judith Clifton & Pierre Lanthier & Harm Schröter, 2011. "Regulating and deregulating the public utilities 1830--2010," Business History, Taylor & Francis Journals, vol. 53(5), pages 659-672, August.
- Byatt, Ian, 2013. "The regulation of water services in the UK," Utilities Policy, Elsevier, vol. 24(C), pages 3-10.
- Nick Robinson, 2009. "The European Investment Bank: The EU's Neglected Institution," Journal of Common Market Studies, Wiley Blackwell, vol. 47, pages 651-673, 06.
- Florio, Massimo, 2013. "Network Industries and Social Welfare: The Experiment that Reshuffled European Utilities," OUP Catalogue, Oxford University Press, number 9780199674855, December.
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:51011. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joachim Winter)
If references are entirely missing, you can add them using this form.