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Off the books : understanding and mitigating the fiscal risks of infrastructure
| Off the books : understanding and mitigating the fiscal risks of infrastructure |
| Autore | Herrera Dappe Matías |
| Edizione | [1st ed.] |
| Pubbl/distr/stampa | New York : , : World Bank Publications, , 2023 |
| Descrizione fisica | 1 online resource (179 pages) |
| Disciplina | 363 |
| Altri autori (Persone) |
FosterVivien
MusacchioAldo Ter-MinassianTeresa |
| Collana | Sustainable Infrastructure Series |
| Soggetto topico |
Infrastructure (Economics) - Finance
Capitalism |
| ISBN |
9781464819384
9781464819377 |
| Formato | Materiale a stampa  |
| Livello bibliografico | Monografia |
| Lingua di pubblicazione | eng |
| Nota di contenuto |
Front Cover -- Contents -- Foreword -- Acknowledgments -- About the Authors -- Main Messages -- Abbreviations -- Overview: Key Findings and Policy Recommendations -- What are the main sources of fiscal risks from infrastructure? -- Off-budget modalities drain public finances more often and on a larger scale than usually assumed -- Inefficiencies in public provision lead to fiscal surprises in the near, medium, and long term -- When it rains, it pours: Fiscal risks from infrastructure during bad times -- Implementing a reform agenda can create sustainable fiscal space for infrastructure -- Notes -- References -- Chapter 1: A Conceptual Framework for Assessing Fiscal Risks from Infrastructure -- Main Messages -- Introduction -- Fiscal Risks from Infrastructure -- In Sum -- References -- Chapter 2: Fiscal Risks Associated with Direct Public Provision of Infrastructure -- Main Messages -- Introduction -- Near-Term Risk of OVERSPENDING on Infrastructure Projects -- Medium-Term Risk of Unanticipated Capital Expenditure on Infrastructure -- Long-Term Risks of Economic Underperformance from the Squeezing of Public Spending on Infrastructure -- In Sum -- Note -- References -- Chapter 3: Fiscal Risks and Costs of State-Owned Enterprises -- Main Messages -- Introduction -- Size, Performance, and Cost Structure as Sources of Fiscal Risk in SOEs -- Performance of SOEs versus Performance of Similar Private Firms -- SOEs and Fiscal Risk: Slow Drip or Tail Risk? -- Predicting Fiscal Risks -- Capacity of SOEs to Deal with Shocks -- In Sum -- Notes -- References -- Chapter 4: Fiscal Risks and Costs of Public-Private Partnerships -- Main Messages -- Introduction -- Guarantees -- Renegotiation of PPPs -- Early Termination of PPPs -- Frameworks for Managing Fiscal Risks from PPPs -- In Sum -- Notes -- References.
Chapter 5: A Reform Agenda to Create Sustainable Fiscal Space for Infrastructure -- Main Messages -- Introduction -- Integrated Management of Fiscal Resources and Risks -- Efficient Direct Public Provision of Infrastructure -- Effective Fiscal and Corporate Governance of SOEs -- A Robust PPP Framework -- In Sum -- Notes -- References -- Appendix A: Main Data Sources Used in the Report -- Appendix B: The World Bank Infrastructure SOEs Database -- Appendix C: Methodology Used to Compare the Performance of SOEs and Similar Private Firms -- Appendix D: Big Bang versus Frequent Small-Drip Events -- Appendix E: Methodology Used to Compare SOEs That Suffered a Negative Shock as a Result of the Decline in Oil and Gas Prices with a Control Group of SOEs -- Appendix F: Methodology for Estimating Fiscal Risks from Early Termination -- Boxes -- Box O.1 Sectoral features affecting the size and profile of fiscal risks from SOEs -- Box O.2 Sectoral features affecting the size and profile of fiscal risks from PPPs -- Box 2.1 Using data envelopment analysis to assess the efficiency of spending -- Box 3.1 Sensitivity of profitability of infrastructure SOEs in Indonesia and Kenya to changes in fuel costs and demand -- Box 3.2 A taxonomy of fiscal injections to SOEs -- Box 3.3 Predicting fiscal injections to SOEs -- Box 4.1 Termination clauses of PPPs favorable to the private party -- Box 4.2 Countries included in the analysis -- Box 5.1 Calculating the costs of quasi-fiscal operations -- Box 5.2 What is the PFRAM? -- Figures -- Figure O.1 Share of capital spending on infrastructure in developing countries, by modality, 2009-18 -- Figure O.2 Sources of fiscal costs and risks associated with provision of infrastructure -- Figure O.3 Distribution of fiscal injections to infrastructure SOEs. Figure O.4 Average annual fiscal injections to infrastructure SOEs, 2008-19, by country -- Figure BO.1.1 Fiscal injections to infrastructure SOEs by sector, 2009-18 -- Figure BO.1.2 Size distribution of fiscal injections in the transport and power sectors -- Figure BO.1.3 Return on average assets of infrastructure SOEs, with and without adjustment for operations subsidies, by sector -- Figure O.5 Costs of renegotiation of PPPs in Chile and Peru -- Figure O.6 Number of early terminations of PPPs in developing countries, 1990-2020 -- Figure O.7 Fiscal risks from early termination of PPPs in selected countries -- Figure BO.2.1 Fiscal risks from early termination of electricity and transport PPPs -- Figure O.8 Share of capital spending in the power and transport sectors, by modality, 2009-18 -- Figure O.9 Increase in fiscal risks from early termination of PPPs associated with a profound macro-financial shock -- Figure O.10 Building blocks of a reform agenda to mitigate fiscal risks from infrastructure -- Figure 1.1 Sources of fiscal costs and risks associated with the provision of infrastructure -- Figure 2.1 Fiscal risks associated with direct public provision of infrastructure -- Figure 2.2 Budget execution rates for public investment in infrastructure, 2010-18 -- Figure 2.3 Productivity and technological and efficiency change in road expenditure -- Figure 2.4 Distribution of governance scores for quality of public investment management of infrastructure projects across 33 developing countries -- Figure 2.5 Capital bias in public expenditure on roads, 2006-18 -- Figure 2.6 Historic infrastructure spending and projected infrastructure investment financing gap, by region -- Figure 2.7 Government budgetary expenditure on infrastructure, by country income level and sector, 2010-20. Figure 2.8 GDP per capita and total infrastructure expenditure per capita in low- and middle-income countries, 2006-20 -- F igure 3.1 Shares of spending by infrastructure SOEs, 2009-18 -- Figure 3.2 Fiscal risks from infrastructure SOEs -- Figure 3.3 Average operating expenses of infrastructure SOEs in selected countries -- Figure 3.4 Assets of infrastructure SOEs in selected countries -- Figure 3.5 Return on average assets of infrastructure SOEs, with and without adjustment for operations subsidies, by sector -- Figure 3.6 Percent of infrastructure SOEs generating losses before receiving subsidies, by sector, 2009-18 -- Figure 3.7 Costs of infrastructure SOEs, by type of cost and sector -- Figure 3.8 Employment costs as a share of revenues by fully owned and partially privatized infrastructure SOEs, by sector -- Figure 3.9 Adjusted net income as percent of GDP in the power and railway sectors, by country -- Figure 3.10 Comparison of size and performance of infrastructure SOEs and similar private firms using matching techniques -- Figure 3.11 Average fiscal injections to infrastructure SOEs, by sector -- Figure 3.12 Fiscal injections to infrastructure SOEs, at the sectoral and country level -- Figure 3.13 Average fiscal injections to infrastructure SOEs in 2009-18, by country and type of support -- Figure 3.14 Average fiscal injections to infrastructure SOEs in 2009-18, by sector -- Figure 3.15 Predicted fiscal injections to infrastructure SOEs based on estimated Z″ scores -- Figure 3.16 Impact of a negative macroeconomic shock on infrastructure SOEs -- Figure 4.1 Total investment in PPPs in the developing world, 1990-2021 -- Figure 4.2 Share of capital spending through PPPs, 2009-18 -- Figure 4.3 Fiscal risks from PPPs -- Figure 4.4 Actual and expected payments for minimum revenue guarantees in Chile, as percent of GDP, 2003-21. Figure 4.5 Fiscal costs of minimum revenue guarantees of road PPPs as percent of GDP in Türkiye, 2017-21 -- Figure 4.6 Costs of renegotiation of PPPs in Chile, 1997-2020 -- Figure 4.7 Annual fiscal costs of renegotiation of PPPs in Peru, 2006-20 -- Figure 4.8 Number of renegotiated fixed- and variable-term contracts in Chile during construction and costs of renegotiations, before and after the 2010 reform -- Figure 4.9 Renegotiation costs in Chile during first six years of operation, before and after the 2010 reform, by sector -- Figure 4.10 Number of early terminations of PPPs in developing countries, 1990-2020 -- Figure 4.11 Impact of sector, type, and size of project on probability of early termination of PPPs -- Figure 4.12 Impact of contract features on probability of early termination of PPPs -- Figure 4.13 Impact of country-level characteristics and shocks on probability of early termination of PPPs -- Figure B4.2.1 Size of PPP portfolios as a percent of GDP in selected developing countries, as of the end of 2021 -- Figure 4.14 Fiscal risks from early termination of PPPs as a percent of GDP in selected countries -- Figure 4.15 Cumulative low, medium, and high fiscal risks from early termination of PPP portfolio as a percent of GDP in selected countries, 2022-26 -- Figure 4.16 Fiscal risks from early termination of PPP portfolio as a percent of government revenue in selected countries -- Figure 4.17 Increase in fiscal risks from early termination of PPP portfolio associated with a profound macro-financial shock -- Figure 4.18 Percent of countries with systems for budgeting, reporting, and accounting for PPP liabilities -- Figure 4.19 Percent of countries requiring approval by ministry of finance or other third-party government entity over the PPP project lifecycle. Figure 4.20 Percent of countries requiring assessment of selected aspect of PPP projects during planning and using established methodology for assessment. |
| Record Nr. | UNINA-9910838329303321 |
Herrera Dappe Matías
|
||
| New York : , : World Bank Publications, , 2023 | ||
| Materiale a stampa | ||
| Lo trovi qui: Univ. Federico II | ||
| ||
Promoting Fiscal Discipline / / Manmohan Kumar, Teresa Ter-Minassian
| Promoting Fiscal Discipline / / Manmohan Kumar, Teresa Ter-Minassian |
| Autore | Kumar Manmohan |
| Pubbl/distr/stampa | Washington, D.C. : , : International Monetary Fund, , 2007 |
| Descrizione fisica | 1 online resource (255 p.) |
| Altri autori (Persone) | Ter-MinassianTeresa |
| Soggetto topico |
Fiscal policy
Finance, Public Economic policy Budgeting Finance: General Macroeconomics Public Finance Production and Operations Management Fiscal Policy Public Administration Public Sector Accounting and Audits National Government Expenditures and Related Policies: General National Budget Budget Systems Debt Debt Management Sovereign Debt Public finance & taxation Financial administration & public finance law Budgeting & financial management Finance PFM legal and regulatory frameworks Budget planning and preparation Expenditure Fiscal stance Public financial management (PFM) Law and legislation Budget Expenditures, Public |
| ISBN |
1-4623-4214-0
1-4527-2915-8 1-283-53552-1 9786613847973 1-4519-2733-9 |
| Formato | Materiale a stampa |
| Livello bibliografico | Monografia |
| Lingua di pubblicazione | eng |
| Nota di contenuto | Fiscal discipline : key issues and overview / Manmohan S. Kumar and Teresa Ter-Minassian -- Discretion, institutions, and fiscal discipline / Xavier Debrun, David Hauner, and Manmohan S. Kumar -- Cyclicality of fiscal policy / Fabrizio Balassone and Manmohan S. Kumar -- Addressing the procyclical bias / Fabrizio Balassone and Manmohan S. Kumar -- Fiscal responsibility laws / Ana Corbacho and Gerd Schwartz -- The role for fiscal agencies / Xavier Debrun, David Hauner, and Manmohan S. Kumar. |
| Record Nr. | UNINA-9910780744703321 |
|
Kumar Manmohan
|
||
| Washington, D.C. : , : International Monetary Fund, , 2007 | ||
| Materiale a stampa | ||
| Lo trovi qui: Univ. Federico II | ||
| ||
Promoting Fiscal Discipline / / Manmohan Kumar, Teresa Ter-Minassian
| Promoting Fiscal Discipline / / Manmohan Kumar, Teresa Ter-Minassian |
| Autore | Kumar Manmohan |
| Edizione | [1st ed.] |
| Pubbl/distr/stampa | Washington, D.C. : , : International Monetary Fund, , 2007 |
| Descrizione fisica | 1 online resource (255 p.) |
| Altri autori (Persone) | Ter-MinassianTeresa |
| Soggetto topico |
Fiscal policy
Finance, Public Economic policy Budgeting Finance: General Macroeconomics Public Finance Production and Operations Management Fiscal Policy Public Administration Public Sector Accounting and Audits National Government Expenditures and Related Policies: General National Budget Budget Systems Debt Debt Management Sovereign Debt Public finance & taxation Financial administration & public finance law Budgeting & financial management Finance PFM legal and regulatory frameworks Budget planning and preparation Expenditure Fiscal stance Public financial management (PFM) Law and legislation Budget Expenditures, Public |
| ISBN |
1-4623-4214-0
1-4527-2915-8 1-283-53552-1 9786613847973 1-4519-2733-9 |
| Formato | Materiale a stampa |
| Livello bibliografico | Monografia |
| Lingua di pubblicazione | eng |
| Nota di contenuto | Fiscal discipline : key issues and overview / Manmohan S. Kumar and Teresa Ter-Minassian -- Discretion, institutions, and fiscal discipline / Xavier Debrun, David Hauner, and Manmohan S. Kumar -- Cyclicality of fiscal policy / Fabrizio Balassone and Manmohan S. Kumar -- Addressing the procyclical bias / Fabrizio Balassone and Manmohan S. Kumar -- Fiscal responsibility laws / Ana Corbacho and Gerd Schwartz -- The role for fiscal agencies / Xavier Debrun, David Hauner, and Manmohan S. Kumar. |
| Record Nr. | UNINA-9910824820703321 |
|
Kumar Manmohan
|
||
| Washington, D.C. : , : International Monetary Fund, , 2007 | ||
| Materiale a stampa | ||
| Lo trovi qui: Univ. Federico II | ||
| ||
Promoting fiscal discipline [[electronic resource] /] / Manmohan S. Kumar, Teresa Ter-Minassian, editors
| Promoting fiscal discipline [[electronic resource] /] / Manmohan S. Kumar, Teresa Ter-Minassian, editors |
| Pubbl/distr/stampa | [Washington, D.C.], : International Monetary Fund, c2007 |
| Descrizione fisica | 1 online resource (255 p.) |
| Altri autori (Persone) |
KumarManmohan S
Ter-MinassianTeresa |
| Soggetto topico |
Fiscal policy
Finance, Public Economic policy |
| Soggetto genere / forma | Electronic books. |
| ISBN |
1-4623-4214-0
1-4527-2915-8 1-283-53552-1 9786613847973 1-4519-2733-9 |
| Formato | Materiale a stampa |
| Livello bibliografico | Monografia |
| Lingua di pubblicazione | eng |
| Nota di contenuto | Fiscal discipline : key issues and overview / Manmohan S. Kumar and Teresa Ter-Minassian -- Discretion, institutions, and fiscal discipline / Xavier Debrun, David Hauner, and Manmohan S. Kumar -- Cyclicality of fiscal policy / Fabrizio Balassone and Manmohan S. Kumar -- Addressing the procyclical bias / Fabrizio Balassone and Manmohan S. Kumar -- Fiscal responsibility laws / Ana Corbacho and Gerd Schwartz -- The role for fiscal agencies / Xavier Debrun, David Hauner, and Manmohan S. Kumar. |
| Record Nr. | UNINA-9910456340803321 |
| [Washington, D.C.], : International Monetary Fund, c2007 | ||
| Materiale a stampa | ||
| Lo trovi qui: Univ. Federico II | ||
| ||