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

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Editor Hubert Strauss Production Heather Halahan Sandrine Grbic EIB Graphic Workshop Editorial Policy The EIB Papers are published each year by the Economic and Financial Studies Division of the European Investment Bank. The journal is divided into two issues and is aimed at encouraging high-quality economic research and debate on matters of European interest. As such the Papers are intended to be accessible to non-specialist readers and emphasise policy dimensions rather than technical issues. They present the results of research carried out by Bank staff together with contributions from external scholars and specialists. Articles will only be accepted for publication on the condition that they have not already been published elsewhere. All articles in the EIB Papers may be freely reproduced and quoted; however, the Editor would appreciate acknowledgment and a copy of the publication in question. They can also be freely accessed and downloaded from our website: www.eib.org/efs/ The views expressed in the articles are those of the individual authors and do not necessarily reflect the position of the EIB.
Volume 13 • No1 • 2008 EIB Papers Infrastructure investment, growth and cohesion Public investment: Composition, growth effects and fiscal constraints
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Page 7 and 8: Preface This year the European Inve
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Page 26 and 27: Government investment is not the sa
Page 28 and 29: Different types of government inves
Page 30 and 31: Infrastructure accounts for one-thi
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Page 34 and 35: A common feature for the new member
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Page 38 and 39: The share of transport in governmen
Page 40 and 41: The proxies are subject to caveats.
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Page 44 and 45: The shares of infrastructure and ho
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Page 48 and 49: There have been marked differences
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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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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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The choice of the social discount r
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The economic cost of public funds c
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High GDP growth in the new member s
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Further productivity gains, includi
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Table 2. Business constraints perce
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Where fiscal positions were sound,
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Despite progress, infrastructure de
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Table 7. Infrastructure indicators
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EU funds provide additional resourc
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Various empirical studies confirm t
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In some new member states there is
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PPPs offer new opportunities to fin
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Strong legal and institutional fram
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Additional fiscal reporting - even
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Fiscal adjustment and reforms need
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EIB Papers • Volume 13 • No1
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EIB Papers Volume 13. n°1/2008 - European Investment Bank

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