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Public-Private Partnerships in Europe and Central Asia : Designing Crisis-Resilient Strategies and Bankable ProjectsThis study aims to help governments
 design sustainable Public-Private Partnership (PPP)
 strategies and projects in the context of the changed
 circumstances brought on by the global financial and
 economic crisis that began in the fall of 2008. The study
 analyses the impact and implication of the crisis on PPP
 infrastructure projects across the Europe and Central Asia
 (ECA) region. In the research undertaken for this study, it
 appears that most crisis-specific issues are cross-sectoral,
 therefore requiring cross-sectoral responses. The intended
 audience for this report includes national government
 stakeholders involved in infrastructure financing, including
 Ministries in charge of infrastructure, especially
 transport, energy, and water; state-owned enterprises with
 operational responsibilities, such as road directorates; and
 Ministries of Finance and development banks involved in PPP.
 This report reviewed the region's experience in PPPs in
 infrastructure before and during the financial crisis period
 (from late 2006 to 2010). Since not all ECA countries have
 had successful or ongoing PPP projects during this time, the
 report draws on lessons from Brazil, India, Spain, and the
 United Kingdom, countries with established PPP project
 pipelines to draw on cross-sectoral lessons. The findings
 can be used by countries wishing to start or re-start their
 PPP program following the impact of the recent crisis.
 However, beyond the crisis and its effects, the report can
 also guide future development of sustainable and
 crisis-resilient PPP programs. Most of the analysis
 supporting the report recommendations was undertaken for the
 highway sector and was financed through from a grant from
 the transport research support program. Initially, the
 highway sector was the focus of this study but the scope was
 later widened to include all infrastructure sectors because
 most issues facing highway PPP projects are common to other
 sectors requiring a cross-sectoral approach to PPP.
 Sector-specific strategies for highways have been documented
 in a recent World Bank study.
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Is the Level of Financial Sector Development a Key Determinant of Private Investment in the Power Sector?This paper seeks to assess the extent to which a country's overall level of development and that of its financial sector, in particular, are factors that attract private capital into infrastructure projects. The authors investigate these effects in a 1990-2007 dataset on the power sector in 37 developing countries. The results suggest that economic growth is a key determinant of private investors' investment in infrastructure projects, and that investors tend to take countries governance quality into account in their decisions to invest. The empirical results highlight that the development of the financial sector also plays a significant role in private investors' decisions to enter infrastructure sectors. In particular, the degree of country risk and exchange rate volatility is found to be negatively related to the volume of private sector investment in power projects. Furthermore, when the banking sector and the capital market are separately treated in the analysis, the existence of a well functioning capital market is the main attracting factor. In addition, the existence of an independent energy regulatory authority significantly improves the level of private investors' implication in energy projects. When accounting for the interactions between the overall economic development and the financial sector development variables, the effects of these variables are still significant and the results also confirm the importance of an independent energy sector regulator.
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The Impact of Private Sector Participation in Infrastructure : Lights, Shadows, and the Road AheadAs numerous countries in Latin America
 and the Caribbean and elsewhere are moving toward a second
 phase of private participation in infrastructure programs
 mostly through public-private partnership schemes and other
 countries are just beginning the process, several concerns
 remain from the outcomes of the first phase. These concerns
 are making governments cautious in moving forward. The
 Impact of private sector participation in infrastructure
 addresses these concerns and brings clarity to the debate on
 the impact of private participation in infrastructure. The
 assessment of this impact may be one of the most emotional
 policy issues in economics, as it is clouded in a mist of
 myths, perceptions, and reality. This book analyzes the
 impact and sorts out the truth from the myths. The authors
 take a systematic and hard look at the facts (i.e., data) in
 Latin America, where starting in the late 1980s, many
 governments brought private sector participation into the
 delivery of essential utilities services. Although there are
 many assessments of this experience, none was able to rely
 on systemic, cross-country, and time-series data, and
 practically all of them did not save rare exceptions account
 for what would have happened in the absence of interventions
 (the counterfactual). This book does just that. It brings
 together an all encompassing database from the 1980s to the
 first decade of this century and develops an effective and
 robust methodology, accounting for the counterfactual, which
 tests and estimates the impact of reform on an exceptionally
 wide set of outcome indicators. As a result, this book
 presents the most in-depth study to date of the private
 sector participation experience in Latin America, and it
 substantially advances the existing literature by offering
 robust econometric analysis.