Estache, Antonio2014-02-202014-02-202001-04World Bank Research Observerhttps://hdl.handle.net/10986/17127Although the link between improved infrastructure services and economic growth is uncertain, it is clear that reforms aimed at creating competition and regulating natural monopolies establish an environment conducive to private sector participation, incentives for companies to strive for efficiency savings that can ultimately be passed on to consumers, and greater provision of services (such as faster roll-out of infrastructure or innovative solutions to service delivery for customers not connected to an existing network). In determining the form that infrastructure restructuring might undertake or the design of a regulatory agency, policymakers can generally benefit from a review of the experiences of other countries. A key element of any decision making process should be a review of how the various types of reform will affect the efficiency of the sector and whether they will increase private financing of its significant investment needs.en-USCC BY-NC-ND 3.0 IGOACCESS ROADSACCOUNTINGAIRAIR TRAFFICAIR TRAFFIC CONTROLAIRPORTAIRPORT ACTIVITIESAIRPORT OPERATORSAIRPORTSALLOCATION OF RISKARBITRATIONASSET SALESAUCTIONAUCTIONSBIDSBRIDGEBRIDGE FINANCINGBUSBUS SERVICESCAPITAL FLOWSCAPITAL MARKETCAPITAL MARKETSCAPITAL STRUCTURECARSCENTRAL GOVERNMENTSCLIENT BASESCOMMITMENT DEVICECOMPLIANCE COSTSCONFLICT OF INTERESTCONFLICTS OF INTERESTCONGESTIONCONGESTION COSTSCONTRACT RENEGOTIATIONSCONTRACTUAL OBLIGATIONSCOST OF CAPITALCREDIBILITYCREDIT RATINGSCURRENCYCURRENCY RISKDEBTDEBT CAPITALDEBT INSTRUMENTSDEBTSDEFICITSDEMAND FOR TRANSPORTDEMAND FOR TRANSPORT SERVICESDEREGULATIONDEVELOPING COUNTRIESDEVELOPING COUNTRYDEVELOPING ECONOMIESDEVELOPMENT BANKDISBURSEMENTSDOMESTIC AIRPORTSECONOMIC GROWTHECONOMIES OF SCALEEMERGING ECONOMIESEMERGING MARKETENVIRONMENTAL CONCERNSEQUIPMENTEQUITY HOLDERSEXCESS SUPPLYEXTERNALITIESFAIR PRICEFARESFINANCIAL CRISISFINANCIAL MARKETSFINANCIAL STRUCTURESFINANCING REQUIREMENTSFISCAL CONSTRAINTSFREIGHTFREIGHT TRANSPORTGOVERNMENT INTERVENTIONGOVERNMENT INVESTMENTGOVERNMENT REGULATIONGRACE PERIODGROSS DOMESTIC PRODUCTHIGHWAYSINCENTIVE STRUCTUREINDUSTRIAL COUNTRIESINFRASTRUCTURE FINANCINGINFRASTRUCTURE PROJECTINFRASTRUCTURE PROJECTSINFRASTRUCTURE SERVICESINSTITUTION BUILDINGINSTITUTIONAL CAPACITYINSTRUMENTINTEGRATED REGULATIONINTEREST RATESINTERNATIONAL BANKINTERNATIONAL CAPITALINTERNATIONAL CAPITAL MARKETSINTERNATIONAL EQUITYINTERURBAN ROUTESINVESTINGINVESTMENT BANKSINVESTMENT DECISIONSINVESTMENT PROJECTSINVESTMENT RISKLACK OF TRANSPARENCYLARGE CITIESLAWSLEGAL INSTRUMENTSLENDERSLEVEL OF RISKLIBERALIZATIONLOCAL GOVERNMENTLOCAL GOVERNMENTSLONG-DISTANCELONG-TERM CAPITALMACROECONOMIC ENVIRONMENTMARKET CONDITIONSMARKET STRUCTUREMATURITYMATURITY PERIODMINISTRY OF TRANSPORTMODES OF TRANSPORTMONOPOLIESMONOPOLYNATIONAL SECURITYO&MOLIGOPOLIESOPERATING RISKPASSENGER RAILPASSENGERSPERMANENT DEBTPOLITICAL ECONOMYPOLITICAL RISKPOLITICAL RISKSPORTFOLIOPOTENTIAL INVESTORSPRICE CAPPRICE CAP REGULATIONPRICE CAPSPRIVATE CAPITALPRIVATE ENTITYPRIVATE EQUITYPRIVATE FINANCEPRIVATE FINANCINGPRIVATE INFRASTRUCTUREPRIVATE INVESTMENTPRIVATE INVESTORSPRIVATE SALESPRIVATE TRANSPORTPRIVATIZATIONPRIVATIZATIONSPUBLIC ASSETSPUBLIC ENTERPRISESPUBLIC EXPENDITURESPUBLIC FUNDSPUBLIC OFFERINGSPUBLIC SERVICESPUBLIC UTILITIESPUBLIC WORKSPUBLIC-PRIVATE PARTNERSHIPRAILRAIL PROJECTSRAIL SERVICESRAIL TRACKSRAILWAYRAILWAY REGULATORSRAILWAYSRATE OF RETURNRATES OF RETURNREGULATORREGULATORY AGENCIESREGULATORY AGENCYREGULATORY AUTHORITYREGULATORY CAPACITYREGULATORY ENVIRONMENTREGULATORY REGIMEREGULATORY REGIMESRENEGOTIATIONRENEGOTIATIONSRESTRICTIONS ON ENTRYRETURN ON EQUITYRETURNSRISK OF EXPROPRIATIONRISK PREMIUMRISK PREMIUMSROADROAD MAINTENANCEROAD PROJECTSROAD TRANSPORTROADSROLLING STOCKROUTERUNWAYRUNWAYSSAFETYSAFETY ISSUESSALES OF ASSETSSAVINGSSHARE OF INVESTMENTSURFACE TRANSPORTATIONTAXTAX REGIMETAX REVENUETELECOMMUNICATIONSTOLLTOLL ROADTOLL ROADSTOLLSTRAFFICTRANSACTIONTRANSACTION COSTSTRANSFER OF OWNERSHIPTRANSITION ECONOMIESTRANSPARENCYTRANSPORTTRANSPORT ACTIVITIESTRANSPORT ACTIVITYTRANSPORT AGENCIESTRANSPORT COSTSTRANSPORT FACILITIESTRANSPORT INFRASTRUCTURETRANSPORT INFRASTRUCTURESTRANSPORT INVESTMENTTRANSPORT OPERATORSTRANSPORT PROJECTSTRANSPORT REGULATIONTRANSPORT SECTORTRANSPORT SERVICESTRANSPORTATIONTRANSPORTATION SERVICESTRUCKSURBAN ROADSVOLUME OF TRAFFICJournal ArticleWorld Bank10.1596/17127