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Methodology Development of Efficiency Evaluation of Public Infrastructure Investment Management

Author

Listed:
  • Andrei A. Bokarev

    (Ministry of Finance of Russian Federation, Moscow 109097, Russia)

  • Olga V. Bogacheva

    (Financial Research Institute, Moscow 127006, Russia; Russian Academy of Sciences, Moscow 117997, Russia)

  • Oleg V. Smorodinov

    (Financial Research Institute, Moscow 127006, Russia)

Abstract

The article deals with the methodology improvement of efficiency evaluation of public infrastructure investment management after 2000. The authors claim that after the global financial crisis of 2007-2008 the traditional approach for evaluation and assessment of public investments efficiency in economic and social infrastructure based on results of each project has given a way to several new and more complex approaches. Developed by multinational corporations and multilateral organizations (World Bank, IMF, McKinsey Global Institute, etc.), such methodological approaches took into account the whole project life cycle, integration of public infrastructure investments into the budget cycle, and formation of national indices (ratings) of public investment management efficiency. The latter methodology allows to compare various countries’ public infrastructure investment management efficiency. The most recent efficiency evaluation methodology was developed and published by McKinsey Global Institute in June 2016. This is, in fact, assessment of public infrastructure investment efficiency as an integral part of public management quality evaluation of infrastructure as a whole. The authors also claim that methodologies developed by the World Bank and IMF could be applied to self-evaluation of efficiency of public infrastructure investments in the Russian Federation. It could help Russian economy to identify and overcome “bottlenecks” on the way to sustainable economic development.

Suggested Citation

  • Andrei A. Bokarev & Olga V. Bogacheva & Oleg V. Smorodinov, 2017. "Methodology Development of Efficiency Evaluation of Public Infrastructure Investment Management," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 4, pages 56-70, August.
    • Handle: RePEc:fru:finjrn:170405:p:56-70
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    References listed on IDEAS

    as
    1. Anna A. Belenchuk & Alexey M. Lavrov, 2016. "Establishment of the National System of Quality Assessment in Public Finance Management," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 2, pages 7-27, April.
    2. Bent Flyvbjerg, 2009. "Survival of the unfittest: why the worst infrastructure gets built--and what we can do about it," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 25(3), pages 344-367, Autumn.
    3. Era Dabla-Norris & Jim Brumby & Annette Kyobe & Zac Mills & Chris Papageorgiou, 2012. "Investing in public investment: an index of public investment efficiency," Journal of Economic Growth, Springer, vol. 17(3), pages 235-266, September.
    4. Anand Rajaram & Tuan Minh Le & Kai Kaiser & Jay-Hyung Kim & Jonas Frank, 2014. "The Power of Public Investment Management : Transforming Resources into Assets for Growth," World Bank Publications - Books, The World Bank Group, number 20393.
    5. Roman S. Afanasev & Nataliya V. Golovanova, 2016. "Public Expenditure Efficiency: Theoretical and Legislation Approach," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 1, pages 61-69, February.
    6. Oleg S. Sukharev, 2015. "Budgetary Costs, Efficiency and Priorities of Economic Development," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 1, pages 17-28, February.
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    Cited by:

    1. Antonina S. Kovalevskaya & Svetlana I. Nikulina, 2018. "Government Guarantees as an Instrument for Investment Risk Allocation," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 5, pages 23-33, October.
    2. Vladimir V. Vagin & Irina V. Petrova, 2020. "The Role of Public Participation in Ensuring the Efficiency of Budget Expenditures," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 6, pages 25-38, December.
    3. Dmitry N. Ershov, 2019. "Using State Guarantees in Risk Management of Investment Projects," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 1, pages 34-43, February.

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    More about this item

    Keywords

    public infrastructure investments; project life cycle; management quality assessment; national index of investment management efficiency;
    All these keywords.

    JEL classification:

    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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