IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Log in (now much improved!) to save this paper

Financing Utilities: How the Role of the European Investment Bank shifted from regional development to making markets

  • Clifton, Judith
  • Diaz Fuentes, Daniel
  • Revuelta, Julio

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.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: https://mpra.ub.uni-muenchen.de/51011/1/MPRA_paper_50557.pdf
File Function: original version
Download Restriction: no

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 51011.

as
in new window

Length:
Date of creation: 2013
Date of revision:
Handle: RePEc:pra:mprapa:51011
Contact details of provider: Postal:
Ludwigstraße 33, D-80539 Munich, Germany

Phone: +49-(0)89-2180-2459
Fax: +49-(0)89-2180-992459
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.:

as in new window
  1. 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.
  2. 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).
  3. 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.
  4. Rodrik, Dani, 1995. "Why is there Multilateral Lending?," CEPR Discussion Papers 1207, C.E.P.R. Discussion Papers.
  5. 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.
  6. Byatt, Ian, 2013. "The regulation of water services in the UK," Utilities Policy, Elsevier, vol. 24(C), pages 3-10.
  7. 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.
  8. 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.
  9. 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.
  10. 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.
  11. 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," World Development, Elsevier, vol. 34(2), pages 247-270, February.
  12. Trillas, Francesc, 2010. "Electricity and telecoms reforms in the EU: Insights from the economics of federalism," IESE Research Papers D/861, IESE Business School.
  13. Massarutto, Antonio & Ermano, Paolo, 2013. "Drowned in an inch of water," Utilities Policy, Elsevier, vol. 24(C), pages 20-31.
  14. Knieps, Gunter, 1993. "Competition, coordination and cooperation : A disaggregated approach to transportation regulation," Utilities Policy, Elsevier, vol. 3(3), pages 201-207, July.
  15. 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.
  16. Inge Kaul, 2012. "Global Public Goods: Explaining their Underprovision," Journal of International Economic Law, Oxford University Press, vol. 15(3), pages 729-750, September.
  17. 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.
  18. Estache, Antonio, 2010. "Infrastructure finance in developing countries: An overview," EIB Papers 8/2010, European Investment Bank, Economics Department.
  19. 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.
  20. 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.
  21. 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.
  22. 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).
  23. 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.
  24. 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.
  25. Florio, Massimo, 2013. "Network Industries and Social Welfare: The Experiment that Reshuffled European Utilities," OUP Catalogue, Oxford University Press, number 9780199674855, December.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

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 you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.