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The Impact of Private Sector Participation in Infrastructure

Lights, Shadows, and the Road Ahead

; J. Luis Guasch ; Thomas Haven ; Vivien Foster

Infrastructure plays a key role in fostering growth and productivity and has been linked to improved earnings, health, and education levels for the poor. Yet Latin America is currently faced with a dangerous combination of relatively low public and private infrastructure investment. Les mer
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Legg i
Vår pris: 427,-

(Paperback) Fri frakt!
Leveringstid: Usikker levering*
*Vi bestiller varen fra forlag i utlandet. Dersom varen finnes, sender vi den så snart vi får den til lager
På grunn av Brexit-tilpasninger og tiltak for å begrense covid-19 kan det dessverre oppstå forsinket levering.

Om boka

Infrastructure plays a key role in fostering growth and productivity and has been linked to improved earnings, health, and education levels for the poor. Yet Latin America is currently faced with a dangerous combination of relatively low public and private infrastructure investment. Those investment levels must increase, and it can be done. If LAC governments are to increase infrastructure investment in politically feasible ways, it is critical that they learn from experience and have an accurate idea of future impacts. This book contributes to this aim by producing what is arguably the most comprehensive privatization impact analysis in the region to date, drawing on an extremely comprehensive dataset.

Fakta

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Prefacexxiii
Acknowledgmentsxxv
Abbreviationsxxvii




1 INTRODUCTION

1




2 SETTING THE STAGE

7




Why Infrastructure Matters

7




Trends in Infrastructure Financing

10




Distribution

17




Sectoral Distribution

17




Geographic Distribution

19




Modal Distribution

21




Investor Type: Geographic Location

26




Limitations

28




Achievements and Moving Forward

35




3 LEARNING FROM EXISTING LITERATURE

43




Employment and Wages

44




Prices of Services

45




Quality of Services

45




Access to Services and Coverage

46




Asset Ownership

46




Impact on Investors

47




Fiscal Flows

48




Productivity and Financial Solvency

49




Distributional Impact and Consumer Welfare

50




4 FILLING GAPS WITH NEW DATA SETS AND METHODOLOGIES

57




Data Sets

58




Performance Indicators Data Set

58




Contract and Regulatory Characteristics Data Set

60




LAC Electricity Benchmarking Database

60




New Methodology: Separating Transition versus Long-Run Effects

67




New Methodology: Distinguishing Levels from Trends

68




Means and Medians Analysis

70




Econometric Analysis

71




Adding Contract and Regulatory Characteristics

73




Endogeneity and Selection Bias

74




5 THE IMPACT ON ELECTRICITY DISTRIBUTION

79




Introduction

79




The Privatization Process

79




Data

90




Impact on Output and Coverage

90




Electricity Distribution: Output and Coverage Summary

90




Energy Sold

90




Number of Connections

93




Coverage

95




Impact on Employment

98




Electricity Distribution: Employment Summary

98




Impact on Labor Productivity and Efficiency

101




Electricity Distribution: Labor Productivity and Efficiency Summary

101




Labor Productivity

101




Distributional Losses

102




Impact on Prices

106




Electricity Distribution: Price Summary

106




Impact on Quality

109




Electricity Distribution: Quality Summary

109




Conclusion

114




6 THE IMPACT ON FIXED-LINE TELECOMMUNICATIONS

117




Introduction

117




The Privatization Process

118




Data

120




Impact on Output and Coverage

122




Telecommunications: Output and Coverage Summary

122




Number of Connections

122




Number of Minutes

124




Coverage

126




Impact on Employment

129




Telecommunications: Employment Summary

129




Impact on Labor Productivity and Efficiency

131




Telecommunications: Labor Productivity and Efficiency Summary

131




Labor Productivity

132




Incomplete Calls

136




Impact on Prices

138




Telecommunications: Price Summary

138




Impact on Quality

141




Telecommunications: Quality Summary

141




Liberalization and Competition

144




Telecommunications: Liberalization and Competition Summary

144




Liberalization

148




Competition from Mobile Service Providers

149




Conclusion

151




7 THE IMPACT ON WATER AND SEWERAGE

153




Introduction

153




The Privatization Process

153




Data

155




Impact on Output and Coverage

157




Water and Sewerage: Output and Coverage Summary

157




Number of Connections

159




Water Production

159




Coverage

161




Impact on Employment

165




Water and Sewerage: Employment Summary

165




Impact on Labor Productivity and Efficiency

166




Water and Sewerage: Labor Productivity and Efficiency Summary

166




Labor Productivity

166




Distributional Losses

171




Impact on Prices

173




Water and Sewerage: Price Summary

173




Impact on Quality

176




Water and Sewerage: Quality Summary

176




Service Continuity

178




Potability

178




Conclusion

180




8 AN ASSESSMENT OF THE ELECTRICITY DISTRIBUTION PERFORMANCE OF PRIVATE AND PUBLIC UTILITIES

185




Introduction

185




Main Findings

186




Coverage

187




Output

187




Labor Productivity

187




Operating Performance

190




Tariffs

190




Quality of Service

195




Top 10 Percent and Bottom 10 Percent Performers

199




Output

199




Labor Productivity

199




Operating Performance

203




Quality of Service

203




Conclusion

203




9 DETERMINANTS OF IMPACT: REGULATORY AND CONTRACT VARIABLES

207




Introduction

207




Sale Method

209




Autonomy of Regulatory Body

211




Duration of Regulatory Body Appointments

212




Investor Nationality

214




Award Criteria

215




Tariff Regulation

218




Conclusion

219
10 CONCLUSION223




Key Methodological Contributions

223




Main Findings

224




Moving Forward

228




Critical Elements to Be Introduced in Moving Forward to Secure Success and Maximum Benefit of Private Participation Programs

233




Improved Institutionality

233




Improved Contract and Concession Design

233




Regulatory Framework

235




Regulatory Instruments

235




Conflict Resolution Mechanism

236




Addressing Social Issues

236




Transparency and Communications

236




Evaluation and Monitoring

236
APPENDIXES




1 EXISTING LITERATURE

239




2 DETAILS OF ECONOMETRIC APPROACH

253




Adding Contract and Regulatory Characteristics

255




Estimation

256




Endogeneity

257




3 DETAILED RESULTS OF EMPIRICAL ANALYSIS

259




4 SUMMARY OF POWER MARKET REFORMS IN LATIN AMERICA AND THE CARIBBEAN

303




5 UTILITY COMPANIES

315
Bibliography321
Index329