The Experts below are selected from a list of 96636 Experts worldwide ranked by ideXlab platform
Han T J Smit - One of the best experts on this subject based on the ideXlab platform.
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Infrastructure Investment as a real options game the case of european airport expansion
Social Science Research Network, 2003Co-Authors: Han T J SmitAbstract:This paper analyzes the optional and strategic features of Infrastructure Investment. Infrastructure Investments generate other Investment opportunities, and in so doing change the strategic position of the enterprise. A combination of real options theory and game theory can capture the elusive value of a firm's strategic modification of its position in the industry. My model focuses on a particular application, the analysis of European airport expansion. Airports with better Infrastructures and low blocking potentials capture a strategic position, because they are in a better positiion to exercise growth options that they share with competitors in the industry.
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Infrastructure Investment as a real options game the case of european airport expansion
Financial Management, 2003Co-Authors: Han T J SmitAbstract:This article analyzes the optional and strategic features of Infrastructure Investment. Infrastructure Investments generate other Investment opportunities, and in so doing change the strategic position of the enterprise. A combination of real options theory and game theory can capture the elusive value of a strategic modification of a firm’s position in its industry. My model focuses in particular on an analysis of European airport expansion. Airports with Infrastructures that are less constrained by growth regulations capture more value, because they are in a better position to exercise growth options available in the airport industry.
Nicholas Crafts - One of the best experts on this subject based on the ideXlab platform.
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transport Infrastructure Investment implications for growth and productivity
Social Science Research Network, 2009Co-Authors: Nicholas CraftsAbstract:Theory and evidence on the effects of public Investment on growth and productivity are reviewed. It is concluded that, on average, public capital has positive impacts on output and private Investment, partly offset by the effects of the taxation needed to finance it. A possible future shortfall in public capital in the UK is highlighted. The paper also reviews the contribution of transport Infrastructure to productivity and considers implications for cost-benefit analysis. It is suggested that there is a case for greater UK Investment in roads but, ideally, this should be implemented along with an efficient national road-pricing scheme.
Andrei Shelepov - One of the best experts on this subject based on the ideXlab platform.
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potential role of the new development bank and asian Infrastructure Investment bank in the global financial system
Social Science Research Network, 2016Co-Authors: Marina Larionova, Andrei ShelepovAbstract:This article focuses on the two new multilateral development banks dominated by emerging economies: Asian Infrastructure Investment Bank and New Development Bank. The authors explore the main economic and political incentives that lie behind the creation of these institutions, examine challenges and opportunities they are likely to face, and provide a forecast of their loan portfolios growth in the coming years. Based on this forecast, the authors conclude that in ten years the new banks will be able to provide Infrastructure financing at the level of traditional institutions working in the area. In order to develop in accordance with the optimistic scenario, the new banks should adhere to their basic alternative principles, but also rely on the experience of traditional banks in areas where they have proved their effectiveness. Apart from addressing the global Infrastructure gap, the new banks could also stimulate traditional ones to reform their governance and change operational modalities and thus become more responsive to developing countries’ interests.
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comparative prospects of the new development bank and asian Infrastructure Investment bank
International Organisations Research Journal, 2016Co-Authors: Andrei ShelepovAbstract:In this article the author focuses on the recently established New Development Bank (NDB) and Asian Infrastructure Investment Bank (AIIB). It identifies two factors of demand for this new model of multilateral development banks (MDBs), namely a lack of Infrastructure financing and the aspirations of developing countries for a greater role in the global financial system. The author also compares the NDB and AIIB according to membership, management structure, distribution of capital and votes, and options for attracting capital in the financial market. Based on this comparison, he forecasts the banks’ credit portfolios growth until 2025. The author concludes that both institutions should accumulate and use the best practices of existing MDBs, improve their image to attract investors and actively engage in sharing expertise and co-financing projects with development institutions as well as commercial banks. By doing so, the volume of their operations could reach $40 billion per year in 10 years, which is close to the volume of Infrastructure financing provided by major traditional banks, and could contribute substantially to addressing the financing needs of developing countries.
Marcin Stepniak - One of the best experts on this subject based on the ideXlab platform.
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major transport Infrastructure Investment and regional economic development an accessibility based approach
Journal of Transport Geography, 2018Co-Authors: Bartlomiej Rokicki, Marcin StepniakAbstract:Abstract Territorial cohesion and improvement of accessibility can be considered the main goals that are at the core of the EU Cohesion Policy. Yet, while there exists an abundant literature on the impact of transport Infrastructure Investment on the overall accessibility level, very few studies try to verify the possible link between accessibility and regional economic development. This issue seems to be particularly interesting in the case of the EU's New Member States that have experienced a big push to develop their transportation networks in the last decade. Hence, in the present paper we apply the potential accessibility indicator for Poland in order to verify the general productivity effects of major transport Infrastructure Investments between 2004 and 2014. We find that accessibility improvement seems to be weakly but positively correlated with growth in regional employment. However, the impact on the growth of regional production is not statistically significant. We also find that, once nonlinearity is assumed, accessibility improvement does not have a statistically significant impact on urban areas. At the same time it is in fact negatively correlated with output growth in the case of rural areas.
Jenny E Ligthart - One of the best experts on this subject based on the ideXlab platform.
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public Infrastructure Investment output dynamics and balanced budget fiscal rules
Journal of Economic Dynamics and Control, 2014Co-Authors: Pedro R D Bom, Jenny E LigthartAbstract:Abstract We study the dynamic macroeconomic effects of public Infrastructure Investment under a balanced budget fiscal rule, using an overlapping generations model of a small open economy. The government finances public Investment by employing distortionary labor taxes. The balanced budget rule implies a negative short-run output multiplier that exceeds (in absolute terms) the positive long-run output multiplier. Larger public capital spillovers sharpen the intertemporal output tradeoff. In contrast to conventional results regarding public Investment shocks, we obtain dampened cyclical responses for plausible parameter values. The cyclical dynamics arise from the interaction between the labor tax rate, the tax base, and the intergenerational spillover effects. We show that financing scenarios involving public debt creation can substantially reduce the short-run output contraction and the transitional macroeconomic fluctuations induced by public Investment.
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public Infrastructure Investment output dynamics and balanced budget fiscal rules
Research Papers in Economics, 2011Co-Authors: Pedro R D Bom, Jenny E LigthartAbstract:We study the dynamic output and welfare effects of public Infrastructure Investment under a balanced budget fiscal rule, using an overlapping generations model of a small open economy. The government finances public Investment by employing distortionary labor taxes. We find a negative short-run output multiplier, which (in absolute terms) exceeds the positive long-run output multiplier. In contrast to conventional results regarding public Investment shocks, we obtain dampened cycles in output and the labor tax rate. The cyclical dynamics are induced by the interaction of households' finite life spans, the wealth effect on labor supply, and the balanced budget fiscal rule. Finally, we show that, for a plausible calibration of our model, households' lifetime welfare improves.
