From Global Savings Glut to Financing Infrastructure: The Advent of Investment Platforms

48 Pages Posted: 28 Mar 2016

See all articles by Rabah Arezki

Rabah Arezki

International Monetary Fund (IMF)

Patrick Bolton

Columbia Business School - Department of Economics; Centre for Economic Policy Research (CEPR); National Bureau of Economic Research (NBER); European Corporate Governance Institute (ECGI)

Sanjay Peters

Columbia University

Frédéric Samama

SWF Research Initiative, Amundi

Joseph E. Stiglitz

Columbia Business School - Finance and Economics; National Bureau of Economic Research (NBER)

Date Written: February 2016

Abstract

This paper investigates the emerging global landscape for public-private co-investments in infrastructure. The creation of the Asian Infrastructure Investment Bank and other so-called 'infrastructure investment platforms' are an attempt to tap into the pool of both public and private long-term savings in order to channel the latter into much needed infrastructure projects. This paper puts these new initiatives into perspective by critically reviewing the literature and experience with public private partnerships in infrastructure. It concludes by identifying the main challenges policy makers and other actors will need to confront going forward and to turn infrastructure into an asset class of its own.

Keywords: projects, bank, risk, equity, General, Government Policy and Regulation, Other, Infrastructures, All Countries, Public Private Partnership, Long-term Investors

JEL Classification: G30, G38, H49, H54

Suggested Citation

Arezki, Rabah and Bolton, Patrick and Peters, Sanjay and Samama, Frederic and Stiglitz, Joseph E., From Global Savings Glut to Financing Infrastructure: The Advent of Investment Platforms (February 2016). IMF Working Paper No. 16/18. Available at SSRN: https://ssrn.com/abstract=2754922

Rabah Arezki (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Patrick Bolton

Columbia Business School - Department of Economics ( email )

420 West 118th Street
New York, NY 10027
United States

HOME PAGE: http://www0.gsb.columbia.edu/faculty/pbolton/

Centre for Economic Policy Research (CEPR)

London
United Kingdom

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

European Corporate Governance Institute (ECGI)

c/o ECARES ULB CP 114
B-1050 Brussels
Belgium

HOME PAGE: http://www.ecgi.org

Sanjay Peters

Columbia University ( email )

3022 Broadway
New York, NY 10027
United States

Frederic Samama

SWF Research Initiative, Amundi ( email )

91-93, boulevard Pasteur
Paris, 75015
France

Joseph E. Stiglitz

Columbia Business School - Finance and Economics ( email )

3022 Broadway
814 Uris Hall
New York, NY 10027
United States
(212) 854-0671 (Phone)
(212) 662-8474 (Fax)

HOME PAGE: http://www.josephstiglitz.com

National Bureau of Economic Research (NBER) ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

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