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A balance and projections of the experience in infrastructure of pension funds in Latin America

By


Index

Introduction

By: Jose Luis Escriva, Eduardo Fuentes and Alicia Garcia-Herrero

1. Projections of the impact of pension funds on investment in infrastructure and growth in Latin America

By: Javier Alonso, David Tuesta and Alfonso Ugarte
1.1. Economic cycles, fiscal policy and its effects on infrastructure investment in the Latin American context
1.2. Infrastructure projects, growth and development
1.2.1. Infrastructure projects and growth
1.2.2. Infrastructure and development
1.3. The formulas of participation of the private sector in the financing of infrastructure
1.3.1. The concession system
1.3.2. Elements of the concession process
1.3.3. Risk management in an infrastructure project with private participation
1.3.3.1. Types of risks in an infrastructure project
1.3.3.2. Risk mitigation tools
1.3.4. Project finance operation
1.3.5. The public-private partnership (PPP) model
1.4. Participation of pension funds in infrastructure project financing
1.4.1. The advantages of pension fund participation in the financing of infrastructure projects
1.4.2. The advantages for the state from the PFMs’ contribution in investment projects
1.5. An estimate of pension fund contributions to economic growth through investment in infrastructre
1.5.1. Growth accounting in Colombia, Chile, Mexico and Peru
1.5.2. Measurement and projection of infrastructure projects in Latin America
1.5.3. Contribution of pension funds of GDP growth
1.6. Conclusions

2. The infrastructure gap in Latin America infrastructure

By Javier Alonso and David Tuesta
2.1. The infrastructure gap in need for financing in Latin America
2.2. The need for financing in Chile
2.3. The need for financing in Colombia
2.4. The need for financing in Mexico
2.5. The need for financing in Peru

3. Pension fund investment in infrastructure in an international context

By Javier Alonso, Ivonne Ordonez and David Tuesta
3.1. Introduction
3.2. The participation of pension funds in the financing of infrastructure in Australia
3.2.1. Public-private participation and infrastructure
3.2.2. Instruments of infrastructure investment in Australia
3.2.3. Pension funds in Australia and their participation in infrastructure
3.3. The participation of pension funds in the financing of infrastructure in the United Kingdom
3.3.1. PPPs in the United Kingdom
3.3.2. The participation of pension funds in infrastructure
3.4. The participation of pension funds in the financing of infrastructure in Canada
3.4.1. PPPs in Canada
3.4.2. The participation of pension funds in infrastructure in Canada
3.5. The participation of pension funds in the financing of infrastructure in the USA
3.5.1. Public-private participation and infrastructure
3.5.2. The participation of pension funds in the financing of infrastructure
3.6. The participation of pension funds in the financing of infrastructure in Continental Europe
3.6.1. Public-private participation and infrastructure
3.6.2. Investment of pension funds in infrastructure in Europe
3.7. Conclusions

4. Pension funds and infrastructure in Chile

By Soledad Hormazabal
4.1. Introduction
4.2. Recent infrastructure development
4.2.1. Volatility of infrastructure expenditure in Chile
4.2.2. Privet sector participation in infrastructure
4.3. The concession law
4.3.1. Legislative background
4.3.2. Current law
4.3.3. The current discussion on increasing the efficiency of the concessions system
4.4. Pension funds and infrastructure investment
4.4.1. Investment in infrastructure sector companies
4.4.2. Investment in new infrastructure projects
4.4.3. Bond characteristics for infrastructure concessions
4.4.4. Real estate funding
4.5. Conclusions

5. Pension funds and infrastructure in Colombia

By Maria Claudia Llanes and Carolina Romero
5.1. Introduction
5.2. Recent developments in infrastructure in Colombia
5.2.1. Cyclical characteristics of infrastructure expenses in Colombia
5.2.2. Private sector participation in infrastructure
5.3. The concession law
5.3.1. Standard framework
5.3.2. Bidding and concession process
5.4. Pension funds and infrastructure investment
5.4.1. Indirect investment of PFAs in infrastructure
5.5. Obstacles in the direct investment of PFAs in infrastructure
5.6. Conclusions

6. Pension funds and infrastructure in Mexico

By Carlos Herrera
6.1. Introduction
6.2. Infrastructure development
6.2.1. The cyclic characteristics of public expenditure in infrastructure
6.2.2. Participation of the private sector in infrastructure
6.3. The concession law
6.3.1. Legal framework for participation of the private sector in infrastructure
6.3.2. Granting of guarantees to the private sector
6.4. Pension funds and infrastructure investment
6.4.1. Indirect investment
6.4.2. Direct investment
6.5. System weaknesses for infrastructure investment
6.5.1. Progress with the new investments vehicles
6.5.2. Limitations of the new investments vehicles
6.5.3. Other considerations
6.6. Conclusions

7. Pension funds and infrastructure in Peru

By Jasmina Bjeletic
7.2. Recent infrastructure development
7.2.1. Cyclical nature of infrastructure expenses in Peru
7.2.2. Private sector participation in infrastructure
7.3. The concession law
7.3.1. Regulatory Framework
7.3.2. Preparation for bidding
7.3.3. Prequalification and candidate selection processes
7.3.4. Bidding mechanisms
7.4. Pension funds and infrastructure investment
7.4.1. Indirect investment of pension funds in infrastructure

7.4.2. Direct investment of pension funds in infrastructure

7.5. System weaknesses for infrastructure investment
7.6. Conclusions

8. Final considerations

By Jose Luis Escriva, Eduardo Fuentes and Alicia Garcia-Herrero

9. Bibliography

10. Appendix

Appendix A
Appendix B

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