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Off the Books

Author

Listed:
  • Aldo Musacchio
  • Matías Herrera Dappe
  • Teresa Ter-Minassian
  • Vivien Foster
  • Burak Turkgulu

Abstract

Developing countries face massive infrastructure needs, but public spending on infrastructure is inadequate, and public investment has been declining in recent years. Rising debt levels and tightening fiscal and monetary conditions are putting further pressure on the funds available for infrastructure, heightening the importance of increasing the efficiency of infrastructure spending. Off the Books: Understanding and Mitigating the Fiscal Risks of Infrastructure shows that however governments deliver infrastructure—through direct public provision, state-owned enterprises (SOEs), or public-private partnerships (PPPs), the risk of fiscal surprises is high in both good times and bad. As a result, infrastructure service delivery often ends up costing significantly more than expected, eroding limited fiscal space for productive spending. This book makes a unique contribution by quantifying the magnitude and prevalence of fiscal risks from electricity and transport infrastructure and identifying their root causes across a range of low- and middle-income countries. Drawing on important new sources of evidence and compiling many others, the analysis sheds light on how much is at stake in the good governance of infrastructure sectors. It allows policy makers to weigh the magnitudes of different types of risks and examine how they vary across contexts. Off the Books shows how a deeper understanding of the fiscal risks of infrastructure can help policy makers target reforms to areas where they can be expected to have the greatest impact. It lays out a reform agenda for mitigating the fiscal risks associated with infrastructure based on building government capacity; adopting integrated public investment management and integrated fiscal risk management; improving fiscal and corporate governance of SOEs; and ensuring robust PPP preparation, procurement, and contract management. The book will be of enormous value to policy makers, practitioners, and academics who have an interest in infrastructure and fiscal policy.

Suggested Citation

  • Aldo Musacchio & Matías Herrera Dappe & Teresa Ter-Minassian & Vivien Foster & Burak Turkgulu, 2023. "Off the Books," World Bank Publications - Books, The World Bank Group, number 39459.
    • Handle: RePEc:wbk:wbpubs:39459
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    References listed on IDEAS

    as
    1. Mrs. Nina Budina & Ms. Andrea Schaechter & Miss Anke Weber & Mr. Tidiane Kinda, 2012. "Fiscal Rules in Response to the Crisis: Toward the "Next-Generation" Rules: A New Dataset," IMF Working Papers 2012/187, International Monetary Fund.
    2. Schweikert, Amy & Chinowsky, Paul & Kwiatkowski, Kyle & Espinet, Xavier, 2014. "The infrastructure planning support system: Analyzing the impact of climate change on road infrastructure and development," Transport Policy, Elsevier, vol. 35(C), pages 146-153.
    3. Tu Chi Nguyen & Anshul Rana & Erik Magnus Fernstrom & Vivien Foster, 2020. "Rethinking Power Sector Reform," World Bank Publications - Reports 33689, The World Bank Group.
    4. Jay-Hyung Kim & Jonas Arp Fallov & Simon Groom, 2020. "Public Investment Management Reference Guide," World Bank Publications - Books, The World Bank Group, number 33368.
    5. World Bank, 2013. "Beyond the Annual Budget : Global Experience with Medium-Term Expenditure Frameworks," World Bank Publications - Books, The World Bank Group, number 11971.
    6. Vivien Foster & Anshul Rana, 2020. "Rethinking Power Sector Reform in the Developing World [Repenser la réforme du secteur de l’électricité dans les pays en développement]," World Bank Publications - Books, The World Bank Group, number 32335.
    7. Mr. Trevor Serge Coleridge Alleyne & Mr. Mumtaz Hussain, 2013. "Energy Subsidy Reform in Sub-Saharan Africa: Experiences and Lessons," IMF Departmental Papers / Policy Papers 2013/002, International Monetary Fund.
    8. Marc Robinson, 2013. "Aggregate expenditure ceilings and allocative flexibility," OECD Journal on Budgeting, OECD Publishing, vol. 12(3), pages 1-19.
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