مقاله انگلیسی رایگان در مورد تعیین کننده زیرساخت و تامین مالی آن – Sage 2017

The stock and quality of infrastructure is a principal input to growth and development in all countries, and especially in emerging and developing countries. Increases in infrastructure can support aggregate demand during the construction phase and is a complement to other inputs over the long term by raising their productive capacity. Empirical evidence supports the relationship between infrastructure and growth (Beaton, Cebotari, & Komaromi, 2017; Calderón & Servén, 2004; International Monetary Fund, 2017). Infrastructure also increases the probability of a surge in exports (Cerra & Woldemichael, 2017) and is essential for raising the quality of export products (Ding & Hadzi-Vaskov, 2017). The stock and quality of infrastructure is typically high in advanced countries, but also varies across regions of emerging and developing countries (Cerra et al., 2016). Latin America and the Caribbean (LAC) is a region that has been lagging on some indicators of infrastructure. Therefore, many countries in the region have turned their attention to public investment in infrastructure and have also been encouraging participation by the private sector. There has also been a renewed interest in infrastructure financing. At the Third International Conference on Financing for Development in Addis Ababa, Ethiopia (July 2015), it was recognized that infrastructure financing is potentially transformational and its financing is challenging. Lack of funding for infrastructure can hold back development process (Ari & Toivanen, 2005). Governments’ efforts to raise funding, in many cases, have been dampened by lack of fiscal space and limitations in regulatory frameworks. In order to adequately fund public infrastructure, governments have sought innovative funding mechanisms that safeguard the fiscal sustainability and encourage private sector participation. In this context, public–private partnerships and other private contributions to infrastructure financing constitute an alternative to public spending on infrastructure. Due to the importance of infrastructure, this study examines the determinants of infrastructure based on evidence from a large sample of countries. We also compare determinants of infrastructure in LAC to that in the rest of the world based on the importance of the initiatives in that region. Since infrastructure projects require substantial financial investment, the subsequent section investigates the determinants of financing options. We then conclude with a few final remarks.