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Operational research. Game theory --- Telecommunication services --- Sub-Saharan Africa --- Telecommunication --- Rates --- Mathematical models. --- Costs --- Electric communication --- Mass communication --- Telecom --- Telecommunication industry --- Telecommunications --- Communication --- Information theory --- Telecommuting

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Telecommunication

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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.

Access to Finance --- Bond --- Capital Market --- Client Countries --- Country Risk --- Debt Markets --- Developing Countries --- Economic Development --- Economic Theory & Research --- Emerging Markets --- Exchange Rate --- Finance and Financial Sector Development --- Financial Development --- Financial Sector --- Financial Sector Development --- Infrastructure Development --- Infrastructure Economics and Finance --- Infrastructure projects --- Macroeconomics and Economic Growth --- Private capital --- Private investment --- Private investors --- Private Participation in Infrastructure --- Private Sector Development --- Public-private partnership --- Regulator --- Regulatory authority --- Sustainable development --- Volatility

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"In the aftermath of the 1997 East Asian financial crisis, the government of the Republic of Korea published a Private Participation in Infrastructure (PPI) Act to remove the main impediments to private investment in infrastructure sectors. The implementation of the Act was followed by a steady increase in the number of PPI projects, thus spurring the modernization of the main infrastructure facilities in transport, water, electricity, and telecommunications. Despite this progress, the Korean PPI market still faces critical challenges that are probably related to its nascent stage of development. The market is dominated by five construction and engineering firms, but lacks world-class project developers. At the same time, the procurement of PPI projects takes on average four years, and competition in tenders is limited. The number of unsolicited proposals is abnormally high, whereas the number of solicited proposals remains flat. The participation of foreign firms is very limited despite the size of the market and the number of projects awarded. Although local financing is available, the maturity of financing instruments does not exceed five years for most corporate papers, and 10 years for government bonds. This paper reviews the procurement of PPI projects in Korea and benchmarks it to international best practices before proposing options for its improvement. "--World Bank web site.

Capital investments --- Financial crises --- Infrastructure (Economics) --- Privatization

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The aim of this paper is to empirically explore the relationship between the quality of political institutions and the performance of regulation, an issue that has recently occupied much of the policy debate on the effectiveness of infrastructure industry reforms. Taking the view that political accountability is a key factor that links political structures and regulatory processes, the authors investigate, for the case of telecommunications, its impact on the performance of regulation in two time-series-cross-sectional data sets on 29 developing countries and 23 industrial countries covering the period 1985-99. In addition to confirming some well documented results on the positive role of regulatory governance in infrastructure industries, the authors provide empirical evidence on the impact of the quality of political institutions and their modes of functioning on regulatory performance. The analysis of the data sets shows that the (positive) effect of political accountability on the performance of regulation is stronger in developing countries. An important policy implication of this finding is that future reforms in these countries should give due attention to the development of politically accountable systems.

Accountability Variables --- Debt Markets --- E-Business --- Economic Development --- Economic Incentives --- Economic Theory and Research --- Emerging Markets --- Finance and Financial Sector Development --- Governance --- Governance Indicators --- Growth --- Growth Performance --- Infrastructure Economics and Finance --- Infrastructure Regulation --- Institutional Environment --- Institutional Quality --- Macroeconomics and Economic Growth --- Market Economies --- Measurement --- National Governance --- Policy Implications --- Political Accountability --- Political Economy --- Political Institutions --- Political Structures --- Politics --- Private Sector Development --- Public Sector Corruption and Anticorruption Measures --- Regulation --- Regulatory Institutions --- Science and Technology Development --- Service --- Services --- Statistical and Mathematical Sciences