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Infrastructure project finance and capital flows : a new perspective, Volume 1
 
Author:Dailami, Mansoor; Leipziger, Danny; Collection Title:Policy, Research working paper ; no. WPS 1861
Date Stored:1997/12/01Document Date:1997/12/31
Document Type:Policy Research Working PaperSubTopics:Environmental Economics & Policies; International Terrorism & Counterterrorism; Payment Systems & Infrastructure; Economic Theory & Research; Banks & Banking Reform; Financial Intermediation; Public Sector Economics
Language:EnglishMajor Sector:Transportation
Report Number:WPS1861Sub Sectors:Other Transportation
Volume No:1  

Summary: The success with which middle-income indebted developing countries have gained access to private international finance in the 1990s is a tribute to their own domestic economic performance, international policy in dealing with the debt crisis of the 1980s, and innovation in international financial markets. Emphasizing the role of private infrastructure investment as a vehicle for attracting foreign capital to developing countries in the 1990s, the authors develop an analysis model to examine what determines the credit-risk premium on infrastructure projects in the country-risk environment of developing countries. They also provide tentative quantitative evidence of the importance of macroeconomic and project-specific attributes of project risk. Their key finding is that the market seems to impose a high-risk premium on loans to countries with high inflation and to projects in the road sector.

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