Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/203392 
Erscheinungsjahr: 
2018
Schriftenreihe/Nr.: 
ADB Economics Working Paper Series No. 552
Verlag: 
Asian Development Bank (ADB), Manila
Zusammenfassung: 
In this study, we attempt to understand the role of greater access to finance, i.e., stocks, bonds, and bank loans, in public-private partnership (PPP) investment in developing countries. Most developing countries still depend heavily on fiscal financing for infrastructure projects. Our empirical results reconfirm the fact that banks remain the major source of finance for infrastructure projects. The domestic bond market should be further developed to have depth and liquidity enough to provide longterm funding for private sector investors. Interestingly, we find a negative impact of bond market development on PPP investment. A possible interpretation is that financing through government bonds, which dominates bond markets in developing countries, discourages private sector participation by reducing financing access to the corporate bond market. Our evidence underlines the importance of a well-functioning corporate bond market in developing countries, which can offer long-term financing to private sector participation in infrastructure investments.
Schlagwörter: 
bond market development
government bond
public-private partnership
JEL: 
E20
G10
H00
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Dokumentart: 
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