Publication:
Public Infrastructure and Private Investment in the Middle East and North Africa

dc.contributor.author Agénor, Pierre-Richard
dc.contributor.author Nabli, Mustapha K.
dc.contributor.author Yousef, Tarik M.
dc.date.accessioned 2012-06-15T20:28:41Z
dc.date.available 2012-06-15T20:28:41Z
dc.date.issued 2005-07
dc.description.abstract The authors examine the impact of public infrastructure on private capital formation in three countries of the Middle East and North Africa-Egypt, Jordan, and Tunisia. They highlight various channels through which public infrastructure may affect private investment. Then they describe their empirical framework, which is based on a vector autoregression (VAR) model that accounts for flows and (quality-adjusted) stocks of public infrastructure, private investment, as well as changes in output, private sector credit, and the real exchange rate. The authors propose two aggregate measures of the quality of public infrastructure and use principal components to derive a composite indicator. Their analysis suggests that public infrastructure has both "flow" and "stock" effects on private investment in Egypt, but only a "stock" effect in Jordan and Tunisia. But these effects are small and short-lived, reflecting the unfavorable environment for private investment in their sample of countries. Reducing unproductive public capital expenditure and improving quality must be accompanied by policy reforms aimed at limiting investment to infrastructure capital that crowds in the private sector and corrects for fundamental market failures. This will entail privatization and greater involvement of the private sector in infrastructure investment. While infrastructure (in the form of the provision of critical telecommunications, transport, and energy services) is important, other improvements in the environment in which domestic investment is conducted are crucial. These include the need to provide financing on adequate terms and guarantee a secure and efficient justice system. en
dc.identifier http://documents.worldbank.org/curated/en/2005/07/6054340/public-infrastructure-private-investment-middle-east-north-africa
dc.identifier.uri http://hdl.handle.net/10986/8208
dc.language English
dc.publisher World Bank, Washington, DC
dc.relation.ispartofseries Policy Research Working Paper; No. 3661
dc.rights CC BY 3.0 IGO
dc.rights.holder World Bank
dc.rights.uri http://creativecommons.org/licenses/by/3.0/igo/
dc.subject ACCELERATOR
dc.subject ACCELERATOR EFFECT
dc.subject ACCOUNTING
dc.subject AGGREGATE DEMAND
dc.subject AUTOREGRESSION
dc.subject BANKING SYSTEMS
dc.subject BUSINESS CYCLE
dc.subject CAPITAL ACCOUNT
dc.subject CAPITAL EXPENDITURES
dc.subject CAPITAL FORMATION
dc.subject CAPITAL GOODS
dc.subject CAPITAL MARKETS
dc.subject COST OF CAPITAL
dc.subject CREDIT RATIONING
dc.subject CROWDING OUT
dc.subject DEBT
dc.subject DEVELOPING COUNTRIES
dc.subject DISTORTIONARY TAXES
dc.subject DOMESTIC INTEREST RATES
dc.subject DOMESTIC PRICE
dc.subject DOMESTIC PRICES
dc.subject ELASTICITIES
dc.subject ELASTICITY
dc.subject ELASTICITY OF SUBSTITUTION
dc.subject ELECTRICITY GENERATION
dc.subject EMPIRICAL ANALYSIS
dc.subject EMPIRICAL STUDIES
dc.subject EXCESS DEMAND
dc.subject EXCHANGE RATE
dc.subject EXPENDITURES
dc.subject EXTERNALITIES
dc.subject FINANCIAL MARKETS
dc.subject FINANCIAL SECTOR
dc.subject FOREIGN CAPITAL
dc.subject GDP
dc.subject GDP DEFLATOR
dc.subject GDP PER CAPITA
dc.subject GOVERNMENT BUDGET
dc.subject GOVERNMENT FINANCE
dc.subject GOVERNMENT FINANCE STATISTICS
dc.subject GOVERNMENT INTERVENTION
dc.subject GOVERNMENT SPENDING
dc.subject GROWTH RATE
dc.subject GROWTH RATES
dc.subject HUMAN CAPITAL
dc.subject IMPORTS
dc.subject INCOME
dc.subject INDIRECT EFFECTS
dc.subject INTEREST RATE
dc.subject INTEREST RATES
dc.subject INTERMEDIATE INPUTS
dc.subject INVENTORY
dc.subject INVESTMENT RATES
dc.subject LABOR MARKETS
dc.subject LABOR PRODUCTIVITY
dc.subject LONG TERM
dc.subject MARGINAL PRODUCTIVITY
dc.subject MIDDLE EAST
dc.subject MIDDLE-INCOME COUNTRIES
dc.subject MONOPOLIES
dc.subject NOMINAL EXCHANGE RATE
dc.subject NOMINAL INTEREST RATES
dc.subject NORTH AFRICA
dc.subject OIL
dc.subject OUTPUT GROWTH
dc.subject PERCEIVED RISK
dc.subject POLICY RESEARCH
dc.subject PRIVATE AGENTS
dc.subject PRIVATE CONSUMPTION
dc.subject PRIVATE CONSUMPTION DEMAND
dc.subject PRIVATE INVESTMENT
dc.subject PRIVATE SECTOR
dc.subject PRIVATIZATION
dc.subject PRODUCTION COSTS
dc.subject PRODUCTIVITY
dc.subject PROPERTY RIGHTS
dc.subject PUBLIC CAPITAL
dc.subject PUBLIC CAPITAL SPENDING
dc.subject PUBLIC CONSUMPTION
dc.subject PUBLIC DEBT
dc.subject PUBLIC INVESTMENT
dc.subject PUBLIC INVESTMENT IN INFRASTRUCTURE
dc.subject PUBLIC SECTOR
dc.subject PUBLIC SPENDING
dc.subject REAL APPRECIATION
dc.subject REAL EXCHANGE
dc.subject REAL EXCHANGE RATE
dc.subject REAL GDP
dc.subject REAL INTEREST
dc.subject REAL INTEREST RATE
dc.subject RELATIVE PRICE
dc.subject RELATIVE PRICES
dc.subject RESOURCE ALLOCATION
dc.subject RISK PREMIUM
dc.subject SCALE EFFECT
dc.subject SIDE EFFECTS
dc.subject SOCIAL SERVICES
dc.subject STANDARD DEVIATION
dc.subject STRUCTURAL REFORMS
dc.subject SUB-SAHARAN AFRICA
dc.subject SUBSTITUTION EFFECT
dc.subject SUPPLY CURVE
dc.subject TAX RATES
dc.subject TAX REVENUE
dc.subject TAXATION
dc.subject TELECOMMUNICATIONS
dc.subject TIME SERIES
dc.subject TOTAL FACTOR PRODUCTIVITY
dc.subject TOTAL FACTOR PRODUCTIVITY GROWTH
dc.subject TRADABLE GOODS
dc.subject UNEMPLOYMENT
dc.subject UNEMPLOYMENT RATES
dc.subject VAR MODELS
dc.subject WATER SUPPLY
dc.subject WEALTH
dc.title Public Infrastructure and Private Investment in the Middle East and North Africa en
dspace.entity.type Publication
okr.doctype Publications & Research
okr.doctype Publications & Research :: Policy Research Working Paper
okr.docurl http://documents.worldbank.org/curated/en/2005/07/6054340/public-infrastructure-private-investment-middle-east-north-africa
okr.identifier.doi 10.1596/1813-9450-3661
okr.identifier.externaldocumentum 000016406_20050711101112
okr.identifier.internaldocumentum 6054340
okr.identifier.report WPS3661
okr.language.supported en
okr.pdfurl http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2005/07/11/000016406_20050711101112/Rendered/PDF/wps3661.pdf en
okr.region.administrative Middle East and North Africa
okr.unit Development Research Group (DECRG)
okr.volume 1 of 1
relation.isSeriesOfPublication 26e071dc-b0bf-409c-b982-df2970295c87
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