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Cost Recovery, Equity, and Efficiency in Water Tariffs : Evidence from African Utilities

Banerjee, Sudeshna; Foster, Vivien; Ying, Yvonne; Skilling, Heather; Wodon, Quentin
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
46.21%
Water and sanitation utilities in Africa operate in a high-cost environment. They also have a mandate to at least partially recover their costs of operations and maintenance (O&M). As a result, water tariffs are higher than in other regions of the world. The increasing block tariff (IBT) is the most common tariff structure in Africa. Most African utilities are able to achieve O&M cost recovery at the highest block tariffs, but not at the first-block tariffs, which are designed to provide affordable water to low-volume consumers, who are often poor. At the same time, few utilities can recover even a small part of their capital costs, even in the highest tariff blocks. Unfortunately, the equity objectives of the IBT structure are not met in many countries. The subsidy to the lowest tariff-block does not benefit the poor exclusively, and the minimum consumption charge is often burdensome for the poorest customers. Many poor households cannot even afford a connection to the piped water network. This can be a significant barrier to expansion for utilities. Therefore...

Financing Indian Cities : Opportunities and Constraints in an Nth Best World

Annez, Patricia Clarke
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
36.4%
This paper examines international experience with mobilizing funding for both capital and recurrent costs for municipal infrastructure with a view to identifying areas where India could improve its system of financing infrastructure in cities. Based on international data, the analysis shows that there is indeed a wide range of models for funding municipal infrastructure across a group even as relatively homogeneous as the European Union. Although a number of different models operate in countries with very good services, important features of India s municipal finance system stand out. The spending per capita is exceptionally low, even when compared with local governments with few functions. The real estate sector generates meager tax revenues, but transfers from higher levels of government are also meager. Turning to cost recovery models for services, the paper examines international evidence on cost recovery. In practice, a surprisingly large number of countries, including high-income countries, subsidize basic municipal services...

Capital Requirements and Business Cycles with Credit Market Imperfections

Agénor, P.-R.; Alper, K.; Pereira da Silva, L.
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
36.42%
The business cycle effects of bank capital regulatory regimes are examined in a New Keynesian model with credit market imperfections and a cost channel of monetary policy. Key features of the model are that bank capital increases incentives for banks to monitor borrowers, thereby reducing the probability of default, and excess capital generates benefits in terms of reduced regulatory scrutiny. Basel I and Basel II-type regulatory regimes are defined, and the model is calibrated for a middle-income country. Simulations of supply and demand shocks show that, depending on the elasticity that relates the repayment probability to the capital-loan ratio, a Basel II-type regime may be less procyclical than a Basel I-type regime.

Green Infrastructure Finance : Framework Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Relevância na Pesquisa
36.42%
The report estimated that in the East Asia and Pacific (EAP) region alone about US$80 billion a year of additional investments would be required in low-emission projects (green investments), resulting in a significant financing challenge. The report argues that the solution lies in understanding the causes of the financial viability gap, and then investigating how specific actions, including strategic subsidies, concessional financing, and public policy interventions and reforms, can bridge this gap to make green investment transactions viable. The green infrastructure finance framework also underscores the benefits of valuing and monetizing carbon externalities. Moreover, it recognizes the effects of policy distortions and other negative factors that impinge on financial viability, emphasizing the need for an approach to analyze and explain the gap and to attribute its components to different stakeholders. This report shows that it is essential to measure global and local externality benefits against the causes of the viability gap such as perceptions of added risks, cost differentials, policy distortions, and other factors. Once these elements are fully considered, policy makers can identify practical ways to better structure the financing of green investment projects that can be supported by the market. Three key principals have guided the development of the framework: (i) targeting green finance resources on sectors that have large numbers of projects with low abatement costs; (ii) setting ceilings on the value of support that will be provided for a tone of greenhouse gas (GHG) abatement in any sector or project; and (iii) using competitive mechanisms to ensure that projects do not receive more support than needed to make them financially attractive. This report is the second of a continuing series of green infrastructure finance publications. The first part undertook a stocktaking of leading initiatives and literature related to the green infrastructure finance theme. This second part is a conceptual piece that bridges ideas and concepts between environmental economics and project finance practices. Work will continue over the next months by operationalizing this framework (analytical methodology and assessment of green infrastructure investment climate) through a pilot in a selected EAP developing country. Given a better understanding of the financing challenges of different green projects...

Price Caps, Rate-of-Return Regulation, and the Cost of Capital

Alexander, Ian; Irwin, Timothy
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
46.28%
This Note compares the effects of price cap and rate-of-return regulation on the risk borne by regulated utilities. It present evidence that price cap regulation subjects firms to greater risks and therefore raises their cost of capital. This result has one clear implication: firms regulated by price caps must be permitted to earn higher returns. If they are not, they will be unable to attract new investment capital and the quality of their service will decline.

Principles of Capital Financing and Capital Charging in Health Care Systems

Sussex, Jon
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
36.45%
Most health care systems could improve their efficiency in using physical capital - buildings and equipment. Health care systems in which assets are provided by governments or donated by aid organizations generally have only weak incentives for those assets to be used efficiently. Wrongly located or inappropriate facilities, poorly utilized and maintained, are a result. This Discussion Paper summarizes the principles of effective, efficient, and equitable capital financing and capital charging in health care systems. It reviews the options for putting these principles into practice and refers to the limited literature on the impacts of those options. The objectives, principles, and practicalities of implementing capital charging arrangements are set out. The relative benefits and costs of points along the following dimensions are described and summarized: applying capital charges just to newly acquired assets or also to those already in existence; using notional or real capital charges; the time profile of charges; and the asset valuation basis adopted.

Country Economic Memorandum : Realizing the Development Potential of Lao PDR, Volume 1. Summary Overview

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
46.08%
To sustain or exceed the 1990s annual average growth rate of 6.3 percent, Lao will need to promote agricultural and manufactured exports, and increase the contribution of natural resources to development. This will require another round of reforms, and supportive public spending. These reforms should seek to create a more enabling environment for the private sector, and for exports, to raise revenue and maintain macroeconomic stability, as well as to improve the transparency, accountability and efficiency of public expenditure management, and public service delivery. To develop natural resources and mineral reserves, Lao will need to attract substantial international and domestic capital to meet the heavy front-end capital costs required to exploit mineral deposits. To bring in that investment, however, requires improvement in governance of the mining sector, particularly in regard to partnerships with the private sector. Looking specifically at growth and poverty reduction, three scenarios for growth - base...

The Transactions Costs of Primary Market Issuance: The Case of Brazil, Chile, and Mexico

Zervos, Sara
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
EN_US
Relevância na Pesquisa
36.45%
The author documents the precise costs of debt and equity issuance, both domestically and internationally, for firms in Brazil, Chile, and Mexico. Costs include investment banking and legal fees, regulatory and exchange listing costs, rating agency fees, and expenditures for marketing and publishing. Her findings suggest that Brazilian firms face similar costs in issuing debt locally or abroad, whereas domestic equity issuance is nearly twice as expensive as debt. While the Chilean domestic corporate debt market is well developed by emerging market standards (size of the market and maturity of issues), Chilean firms can issue debt more cheaply internationally than at home. In addition, while equity financing is cheaper in Chile from a transaction cost perspective, over the past decade most firms have used bonds rather than shares to raise capital. This financing trend is true in all three countries. Finally, Mexican firms can issue debt at the lowest costs of the three, but face the highest equity issuing costs. In addition to documenting these features...

How Capital-Based Instruments Facilitate the Transition Toward a Low-Carbon Economy : A Tradeoff between Optimality and Acceptability

Rozenberg, Julie; Vogt-Schilb, Adrien; Hallegatte, Stephane
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
56.35%
This paper compares the temporal profile of efforts to curb greenhouse gas emissions induced by two mitigation strategies: a regulation of all emissions with a carbon price and a regulation of emissions embedded in new capital only, using capital-based instruments such as investment regulation, differentiation of capital costs, or a carbon tax with temporary subsidies on brown capital. A Ramsey model is built with two types of capital: brown capital that produces a negative externality and green capital that does not. Abatement is obtained through structural change (green capital accumulation) and possibly through under-utilization of brown capital. Capital-based instruments and the carbon price lead to the same long-term balanced growth path, but they differ during the transition phase. The carbon price maximizes social welfare but may cause temporary under-utilization of brown capital, hurting the owners of brown capital and the workers who depend on it. Capital-based instruments cause larger intertemporal welfare loss...

Guidebook on Capital Investment Planning for Local Governments

Kaganova, Olga
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
46.34%
The purpose of this guidebook is to provide practical advice to local governments (LGs) in developing countries on how to establish and maintain a process of planning and funding capital investment as a regular activity integrated with other activities of the LG and based on principles of good public management. The guidebook is addressed mainly to cities that have not yet established such a process or are interested in revising their current processes. The guidebook is written for decision makers and technical experts in LGs who are engaged or should be engaged in this process. The guidebook is designed primarily for urban LGs, but much of the information is useful for mixed or rural jurisdictions as well. This guidebook also is useful for the staffs of donor agencies and/or consultants who assist cities in municipal development projects. This guidebook is one instrument integrated with other World Bank urban programs and instruments that support sustainable urban development in developing countries within the framework of the World Bank Urban and Local Government Strategy. These other urban programs include the: (1) Urbanization Review Framework (URF)...

Transition to Clean Capital, Irreversible Investment and Stranded Assets

Rozenberg, Julie; Vogt-Schilb, Adrien; Hallegatte, Stephane
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
46.24%
This paper uses a Ramsey model with two types of capital to analyze the optimal transition to clean capital when polluting investment is irreversible. The cost of climate mitigation decomposes as a technical cost of using clean instead of polluting capital and a transition cost from the irreversibility of pre-existing polluting capital. With a carbon price, the transition cost can be limited by underutilizing polluting capital, at the expense of a loss in the value of polluting assets (stranded assets) and a drop in income. In contrast, policy instruments that focus on redirecting investments -- such as feebates or environmental standards -- prevent underutilization of existing capital, avoid stranded assets, and reduce short-term losses; but they reduce emissions more slowly and increase the intertemporal cost of the transition. The paper investigates inter- and intra-generational distributional impacts and the political acceptability of climate change mitigation policy instruments.

Financial Mechanisms for Clean Energy in Small Island Developing States

World Bank Group
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Report; Economic & Sector Work; Economic & Sector Work :: Investment Climate Assessment
ENGLISH; EN_US
Relevância na Pesquisa
46.4%
This report explores the potential financing mechanism options that can be employed to catalyze more private sector investment in clean energy (renewable energy and energy efficiency) in the small island developing states (SIDS). Various financial instruments that have been used successfully to date are described and placed in the context of the issues and constraints of the SIDS, with suggested options for discussion and follow up. Green infrastructure finance, as defined in the report, makes the important point that is the combination of financial and nonfinancial interventions and instruments that can make green investments in infrastructure more affordable and less risky to private sponsors, financial markets, and governments. The objective of this report is to identify and assess options that can help increase investment in renewable energy and energy efficiency in SIDS through the adoption and funding of financing mechanisms by SIDS and development partners with special attention given to the role that the private sector can play. Many renewable energy technologies are characterized by high initial capital costs with relatively low operating costs compared to thermal alternatives. By providing an analysis of options for a financing facility to catalyze renewable energy and energy efficiency...

Benchmarking Local Government Performance on Rural Sanitation : Learning from Himachal Pradesh, India

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
ENGLISH
Relevância na Pesquisa
46.01%
Open defecation is a traditional behavior in rural India. Conventional rural sanitation programs have been based on the assumption that people defecate in the open because they are too poor to afford the cost of constructing a toilet. Therefore, subsidies for upfront capital costs were provided to generate demand for 'sanitation,' interpreted narrowly as a pour-flush toilet. These programs increased the reported coverage of household toilets but had a poor record with respect to toilet usage, cost-effectiveness, and sustainability. To address the shortcomings of conventional rural sanitation programs, the Government of India launched the Total Sanitation Campaign (TSC) in 1999, with the goal of achieving universal rural sanitation coverage by 2012. The Water and Sanitation Program's (WSP) Global Scaling up Sanitation Project (also known as Total Sanitation and Sanitation Marketing, or TSSM) leverages the TSC framework and resources. TSSM combines Community-Led Total Sanitation (CLTS) with sanitation marketing to help local governments effectively use their funds to end open defecation and achieve sustainable impact.

Achieving Financial Sustainability and Recovering Costs in Bank Financed Water Supply and Sanitation and Irrigation Projects

McPhail, Alexander; Locussol, Alain R.; Perry, Chris
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Other Poverty Study; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
46.4%
This note is a partial response to the above mentioned 2010 Independent Evaluation Group (IEG) evaluation. It covers the specific issues to be addressed in the Water supply and Sanitation (WSS) sector and in the irrigation sector in two distinct parts, because if WSS and irrigation have some common features, there are many distinctions to be made. Among the various water-using sectors, that include navigation, fisheries, hydropower, rain fed agriculture, irrigated agriculture, WSS, and more generally 'the environment', cost recovery issues are of primary concern, and are the focus for this note, in the WSS and irrigation sectors. This preliminary background Note is divided in four parts: a 'history' of the call for financial sustainability and cost recovery and the parallel documenting of the lack of progress. This section ends with what this Note hopes to achieve in the face of what is clearly a deeply rooted problem; an outline of options to be considered for achieving financial sustainability of WSS service providers and recovering the costs of the WSS service through tariffs...

Power Tariffs : Caught between Cost Recovery and Affordability

Briceno-Garmendia, Cecilia; Shkaratan, Maria
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
ENGLISH
Relevância na Pesquisa
46.32%
This is the first paper to build a comprehensive empirical picture of power pricing practices across Sub-Saharan Africa, based on a new database of tariff structures in 27 countries for the years 2004-2008. Using a variety of quantitative indicators, the paper evaluates the performance of electricity tariffs against four key policy objectives: recovery of historic power production costs, efficient signaling of future power production costs, affordability to low income households, and distributional equity. As regards cost recovery, 80 percent of the countries in the sample fully recover operating costs, while only around 30 percent of the countries are practicing full recovery of capital costs. However, due to the fact that future power development may be based on a shift toward more economic technologies than those available in the past, existing tariffs look as though they would be consistent with Long Run Marginal Costs in nearly 40 percent of countries and hence provide efficient pricing signals. As regards affordability...

Microfinance Meets the Market

Cull, Robert; Demirgüç-Kunt, Asli; Morduch, Jonathan
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
Relevância na Pesquisa
36.41%
Microfinance institutions have proved the possibility of providing reliable banking services to poor customers. Their second aim is to do so in a commercially-viable way. This paper analyzes the tensions and opportunities of microfinance as it embraces the market, drawing on a data set that includes 346 of the world's leading microfinance institutions and covers nearly 18 million active borrowers. The data show remarkable successes in maintaining high rates of loan repayment, but the data also suggest that profit-maximizing investors would have limited interest in most of the institutions that are focusing on the poorest customers and women. Those institutions, as a group, charge their customers the highest fees in the sample but also face particularly high transaction costs, in part due to small transaction sizes. Innovations to overcome the well-known problems of asymmetric information in financial markets were a triumph, but further innovation is needed to overcome the challenges of high costs.

Chile's State-Guaranteed Student Loan Program : Analysis and Evaluation; Programa de Credito Con Aval del Estado (CAE) de Chile

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Education Study; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
46.23%
Chile's Programa de Credito con Aval del Estado (CAE in its Spanish acronym) is uniquely positioned to help hundreds of thousands of qualified-but-financially-needy Chileans attend and finish tertiary education. The CAE program was designed to improve access to and equity in tertiary education. In 2010, after only four years of operation, the Program had 216,000 active borrowers or 23 percent of the 940,000 students in pre-grado. Even as the annual number of new beneficiaries levels off, the portfolio will increase for the next several years until reaching a steady state with approximately 460,000 active borrowers by 2016. This report is part of the 2010 Joint Studies Program between the Government of Chile and the World Bank. The purpose of the study is three-fold. First, to evaluate the impact of this program on access to and equity in higher education, taking into account the effectiveness of targeting qualified but financially needy students and its complementarities with other major student aid mechanisms. Second...

Measuring geographic variations in hospitals' capital costs

Pope, Gregory C.
Fonte: CENTERS for MEDICARE & MEDICAID SERVICES Publicador: CENTERS for MEDICARE & MEDICAID SERVICES
Tipo: Artigo de Revista Científica
Publicado em //1991 EN
Relevância na Pesquisa
46.13%
The Health Care Financing Administration (HCFA) has proposed incorporating hospital capital payments into the Medicare prospective payment system. HCFA's proposal includes an adjustment to capital payments for geographic differences in capital costs, derived from the prospective payment system area hospital wage index. Alternatively, the geographic adjustment could be based on an area construction cost index. Geographic construction cost indexes calculated from the cost per square foot of finished structures or from construction labor and materials input prices are evaluated in this article.

Comparison of Capital Costs per Route-Kilometre in Urban Rail

Flyvbjerg, Bent; Bruzelius, Nils; van Wee, Bert
Fonte: Universidade Cornell Publicador: Universidade Cornell
Tipo: Artigo de Revista Científica
Publicado em 20/03/2013
Relevância na Pesquisa
46.27%
Because of the prominent position of urban rail in reducing urban transport-related problems, such as congestion and air pollution, insights into the costs of possible new urban rail projects is very relevant for those involved with cost estimations, policy makers, cost-benefit analysts, and other target groups. Knowledge of the differences in costs per kilometre, including explanations of differences and their breakdowns is currently lacking in the literature. This paper aims to provide a first stage insight into how cost per kilometre varies across urban rail projects. The methodology applied is a simple cost comparison across projects where the data collected are comparable. We conclude that capital costs per route-kilometre of urban rail vary highly between projects. Looking at European projects and excluding outliers, the total capital costs per route-kilometre (including stations and rolling stock) lie mainly between US$50-100 million (2002 prices). Including US projects, the range is US$50-150 million. The main reasons for the high variation in the route-kilometre costs are differences between projects as regards the ratio of underground to above-ground construction, ground conditions, station spacing, type of rolling stock...

Parametric estimation of capital costs for establishing a coal mine: South Africa case study

Mohutsiwa,M.; Musingwini,C.
Fonte: Journal of the Southern African Institute of Mining and Metallurgy Publicador: Journal of the Southern African Institute of Mining and Metallurgy
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/08/2015 EN
Relevância na Pesquisa
66.35%
Capital cost estimates are important in decisions on whether a project will be approved, mothballed, or abandoned. In South Africa, junior coal miners do not have extensive databases of historical projects from which to estimate capital costs. The purpose of this paper is to establish formulae that can be used for estimating capital costs of developing coal mines in a coal-producing country, using South Africa as a case study. The costs are estimated to an error of magnitude level of -30% to +50%, which is suitable for a concept study level, using a parametric estimation technique. The study uses data from completed coal mining projects from selected coal-producing countries. Three formulae are developed and presented for estimating capital costs of underground bord and pillar, surface shovel and truck, and dragline operations.