The Impact of Private Sector Participation in Infrastructure: Lights, Shadows, and the Road Ahead

, by Andres, Luis A.; Guasch, J. Luis; Haven, Thomas; Foster, Vivien

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ISBN: 9780821374092 | 0821374095
Cover: Paperback
Copyright: 7/25/2008

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Infrastructure plays a key role in fostering growth and productivity and has been linked to improved earnings, health, and education levels for the poor. Yet Latin America and the Caribbean are currently faced with a dangerous combination of relatively low public and private infrastructure investment. Those investment levels must increase, and it can be done. If Latin American and Caribbean governments are to increase infrastructure investment in politically feasible ways, it is critical that they learn from experience and have an accurate idea of future impacts. This book contributes to this aim by producing what is arguably the most comprehensive privatization impact analysis in the region to date, drawing on an extremely comprehensive dataset.

Preface	p. xxiii
Acknowledgments	p. xxv
Abbreviations	p. xxvii
Introduction	p. 1
Setting the Stage	p. 7
Why Infrastructure Matters	p. 7
Trends in Infrastructure Financing	p. 10
Distribution	p. 17
Sectoral Distribution	p. 17
Geographic Distribution	p. 19
Modal Distribution	p. 21
Investor Type: Geographic Location	p. 26
Limitations	p. 28
Achievements and Moving Forward	p. 35
Learning from Existing Literature	p. 43
Employment and Wages	p. 44
Prices of Services	p. 45
Quality of Services	p. 45
Access to Services and Coverage	p. 46
Asset Ownership	p. 46
Impact on Investors	p. 47
Fiscal Flows	p. 48
Productivity and Financial Solvency	p. 49
Distributional Impact and Consumer Welfare	p. 50
Filling Gaps with New Data Sets and Methodologies	p. 57
Data Sets	p. 58
Performance Indicators Data Set	p. 58
Contract and Regulatory Characteristics Data Set	p. 60
LAC Electricity Benchmarking Database	p. 60
New Methodology: Separating Transition versus Long-Run Effects	p. 67
New Methodology: Distinguishing Levels from Trends	p. 68
Means and Medians Analysis	p. 70
Econometric Analysis	p. 71
Adding Contract and Regulatory Characteristics	p. 73
Endogeneity and Selection Bias	p. 74
The Impact on Electricity Distribution	p. 79
Introduction	p. 79
The Privatization Process	p. 79
Data	p. 90
Impact on Output and Coverage	p. 90
Electricity Distribution: Output and Coverage Summary	p. 90
Energy Sold	p. 90
Number of Connections	p. 93
Coverage	p. 95
Impact on Employment	p. 98
Electricity Distribution: Employment Summary	p. 98
Impact on Labor Productivity and Efficiency	p. 101
Electricity Distribution: Labor Productivity and Efficiency Summary	p. 101
Labor Productivity	p. 101
Distributional Losses	p. 102
Impact on Prices	p. 106
Electricity Distribution: Price Summary	p. 106
Impact on Quality	p. 109
Electricity Distribution: Quality Summary	p. 109
Conclusion	p. 114
The Impact on Fixed-Line Telecommunications	p. 117
Introduction	p. 117
The Privatization Process	p. 118
Data	p. 120
Impact on Output and Coverage	p. 122
Telecommunications: Output and Coverage Summary	p. 122
Number of Connections	p. 122
Number of Minutes	p. 124
Coverage	p. 126
Impact on Employment	p. 129
Telecommunications: Employment Summary	p. 129
Impact on Labor Productivity and Efficiency	p. 131
Telecommunications: Labor Productivity and Efficiency Summary	p. 131
Labor Productivity	p. 132
Incomplete Calls	p. 136
Impact on Prices	p. 138
Telecommunications: Price Summary	p. 138
Impact on Quality	p. 141
Telecommunications: Quality Summary	p. 141
Liberalization and Competition	p. 144
Telecommunications: Liberalization and Competition Summary	p. 144
Liberalization	p. 148
Competition from Mobile Service Providers	p. 149
Conclusion	p. 151
The Impact on Water and Sewerage	p. 153
Introduction	p. 153
The Privatization Process	p. 153
Data	p. 155
Impact on Output and Coverage	p. 157
Water and Sewerage: Output and Coverage Summary	p. 157
Number of Connections	p. 159
Water Production	p. 159
Coverage	p. 161
Impact on Employment	p. 165
Water and Sewerage: Employment Summary	p. 165
Impact on Labor Productivity and Efficiency	p. 166
Water and Sewerage: Labor Productivity and Efficiency Summary	p. 166
Labor Productivity	p. 166
Distributional Losses	p. 171
Impact on Prices	p. 173
Water and Sewerage: Price Summary	p. 173
Impact on Quality	p. 176
Water and Sewerage: Quality Summary	p. 176
Service Continuity	p. 178
Potability	p. 178
Conclusion	p. 180
An Assessment of the Electricity Distribution Performance of Private and Public Utilities	p. 185
Introduction	p. 185
Main Findings	p. 186
Coverage	p. 187
Output	p. 187
Labor Productivity	p. 187
Operating Performance	p. 190
Tariffs	p. 190
Quality of Service	p. 195
Top 10 Percent and Bottom 10 Percent Performers	p. 199
Output	p. 199
Labor Productivity	p. 199
Operating Performance	p. 203
Quality of Service	p. 203
Conclusion	p. 203
Determinants of Impact: Regulatory and Contract Variables	p. 207
Introduction	p. 207
Sale Method	p. 209
Autonomy of Regulatory Body	p. 211
Duration of Regulatory Body Appointments	p. 212
Investor Nationality	p. 214
Award Criteria	p. 215
Tariff Regulation	p. 218
Conclusion	p. 219
Conclusion	p. 223
Key Methodological Contributions	p. 223
Main Findings	p. 224
Moving Forward	p. 228
Critical Elements to Be Introduced in Moving Forward to Secure Success and Maximum Benefit of Private Participation Programs	p. 233
Improved Institutionality	p. 233
Improved Contract and Concession Design	p. 233
Regulatory Framework	p. 235
Regulatory Instruments	p. 235
Conflict Resolution Mechanism	p. 236
Addressing Social Issues	p. 236
Transparency and Communications	p. 236
Evaluation and Monitoring	p. 236
Appendixes
Existing Literature	p. 239
Details of Econometric Approach	p. 253
Adding Contract and Regulatory Characteristics	p. 255
Estimation	p. 256
Endogeneity	p. 257
Detailed Results of Empirical Analysis	p. 259
Summary of Power Market Reforms in Latin America and the Caribbean	p. 303
Utility Companies	p. 315
Bibliography	p. 321
Index	p. 329
Boxes
Hidden Failures and Perception Management: Explanations for Social Discontent about Privatization	p. 36
Public Perceptions of Infrastructure Privatization in Peru	p. 38
A Failed Electricity Privatization in Peru	p. 89
Figures
Growth Improvement if Infrastructure Stocks and Quality Improved to Costa Rican Levels	p. 8
Logistics Costs as a Percentage of Product Value, 2004	p. 9
The Rise and Fall of Private Finance for Infrastructure	p. 11
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The Impact of Private Sector Participation in Infrastructure: Lights, Shadows, and the Road Ahead

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