EIB Papers Volume 13. n°1/2008 - European Investment Bank

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158 Volume13 N°1 2008 EIB PAPERS EIB Papers 1996 – 1997 Volume 2, Number 2, 1997: The 1997 EIB Prize First Prize; Bernadette Frédérick & Peter Vanden Houte, “What is the optimum strategy for freezing exchange rate parities at the start of EMU”. Second Prize; Jean Dermine, “Eurobanking, a new world”. Joint Third Prize; Daniel Gros, “The dynamics of European integration”. Joint Third Prize; Martin Kolmar, “On the efficiency of national social security systems in the European Union”. Awards for Authors under 30 for essays by Pablo de Andrés Alonso & Félix J. Lopez Iturriaga; Volker Köllmann & Andri Kopperschmidt; and Jérôme Vacher. Volume 2, Number 1, 1997: Banking in an uncertain world Edward Gardener & Philip Molyneux, “The too-big-to-fail doctrine revisited”. Agnès Belaisch, “High real interest rates: A long-term risk?”. Pier-Luigi Gilibert, “Expected loss as a credit risk measure”. Jacques Girard & Christopher Hurst, “The capital structure of private infrastructure projects and the risk of default”. Kristian Kjeldsen, “Value-at-risk and capital adequacy: The challenge for financial regulation”. Volume 1, Number 1, 1996: Special Issue on EMU Daniel Gros, “The steeple chase towards EMU”. Ole Rummel, “On the feasibility of EMU with diverse European economic transmission mechanisms”. Bernhard Winkler, “Is Maastricht a good contract?”. Paul de Grauwe, “How to fix conversion rates at the start of EMU”. Luis Gonzalez-Pacheco & Alfred Steinherr, “A proposal to stabilise the value of the ECU”. The above publications are available free of charge from: European Investment Bank Economic and Financial Studies 100, boulevard Konrad Adenauer L-2950 Luxembourg U infoefs@eib.org 3 (+352) 43 79 - 88605 5 (+352) 43 79 - 68895 www.eib.org/efs
EIB PAPERS Volume13 N°1 2008 159
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EIB Papers • Volume 13 • No1
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Volume 13 • No1 • 2008 EIB Pape
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Preface This year the European Inve
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Infrastructure investment, growth a
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Government investment is not the sa
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Different types of government inves
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Infrastructure accounts for one-thi
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A common feature for the new member
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The share of transport in governmen
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The proxies are subject to caveats.
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The shares of infrastructure and ho
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There have been marked differences
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Government transport investment has
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Transport and other infrastructure
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References 54 Volume13 N°1 2008 EI
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In some countries a shock to public
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The analysis accounts for long-run
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Table 1. Some VAR studies (publishe
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The ratio of private capital to GDP
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Denmark 68 Volume13 N°1 2008 EIB P
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There is no systematic pattern for
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High variability of the public-capi
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Has the impact of public capital on
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Productivity of public capital incr
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The impact of public capital on out
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References 80 Volume13 N°1 2008 EI
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The economic cost of public funds c
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Most taxes are distortionary in tha
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The excess burden of taxation is du
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While distorting taxes lead to a we
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The modified approach suggests that
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As the economic cost of public fund
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Recent cost-of-funds estimates acco
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While charging for the use of publi
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The link between user fees and the
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Page 118 and 119: High GDP growth in the new member s
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Page 126 and 127: Where fiscal positions were sound,
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Page 130 and 131: Despite progress, infrastructure de
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