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The challenge of infrastructure financing

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  • Massimo Ferrari
  • Alberto Giovannini
  • Massimo Pompei

Abstract

We argue that in infrastructure there is unfilled demand for financing arising from an almost structural deficiency of infrastructures both in developed markets and emerging markets matched by a limited capacity of financing from the public sector. On the other side of the market, there is unfulfilled supply of funds by the private sector which, in this environment of low rates, is looking for relatively stable and long-term cash flows, which tend to characterize the monetizeable pay-offs of infrastructures. We discuss the conditions to facilitate the meeting of supply and demand. We describe the different risks impinging on the different phases of the construction and operation of infrastructures, and the existing and potential future contractual and regulatory mechanisms to mitigate them.

Suggested Citation

  • Massimo Ferrari & Alberto Giovannini & Massimo Pompei, 2016. "The challenge of infrastructure financing," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 32(3), pages 446-474.
    • Handle: RePEc:oup:oxford:v:32:y:2016:i:3:p:446-474.
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    File URL: http://hdl.handle.net/10.1093/oxrep/grw017
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    Cited by:

    1. Xu, Ruihui & Zhang, Xuliang & Gozgor, Giray & Lau, Chi Keung Marco & Yan, Cheng, 2023. "Investor flow-chasing and price–performance puzzle: Evidence from global infrastructure funds," Research in International Business and Finance, Elsevier, vol. 65(C).
    2. Xuto, Praj & Anderson, Richard J. & Graham, Daniel J. & Hörcher, Daniel, 2023. "Sustainable urban rail funding: Insights from a century-long global dataset," Transport Policy, Elsevier, vol. 130(C), pages 100-115.
    3. Lu, Qiongfang & Wilson, Craig, 2024. "Infrastructure financing in Africa," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 91(C).
    4. Andrius Montrimas & Jurgita Bruneckienė & Vaidas Gaidelys, 2021. "Beyond the Socio-Economic Impact of Transport Megaprojects," Sustainability, MDPI, vol. 13(15), pages 1-29, July.

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