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Hiroyuki Taguchi and Yasushi Sunouchi
''The Role of Institutions in Private Participation in Infrastructure in Low- and Middle-income Countries: Greenfield versus Brownfield Projects''
( 2019, Vol. 39 No.3 )
This paper aims to examine institutional effects on the private participation in infrastructure (PPI) projects by the type of greenfield and brownfield projects during the recent period for 2002-2017 with 117 low- and middle-income economies, by using the PPI and the Worldwide Governance Indicators database of the World Bank. The study contributes to enriching the evidence by updating the sample time-horizon and widening the coverage of sample economies, and by decomposing the PPI projects into greenfield and brownfield ones. The main findings of this study are summarized as follow: the institutional role in promoting the PPI projects are clearly identified in terms of government governance indicators such as government effectiveness, regulatory quality, rule of law and control of corruption; the institutional effects are confirmed to be greater on the greenfield projects than on the brownfield ones; and the macroeconomic conditions such as the market size of an economy are also significant promoters of the PPI projects.
Keywords: Private Participation in Infrastructure, Institution, Worldwide Governance Indicator, Greenfield and Brownfield, Multicollinearity
JEL: H5 - National Government Expenditures and Related Policies National Government Expenditures and Related Policies: General
O4 - Economic Growth and Aggregate Productivity: General
Manuscript Received : Apr 28 2019 Manuscript Accepted : Sep 07 2019

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