Private Infrastructure Investment in Emerging Economies: Comparing the Latin American and Asian Experience
نویسندگان
چکیده
Foreign direct investment (FDI) in emerging markets has grown rapidly throughout the 1990s. Driven both by investment in newly privatized state-owned enterprises and new, Greenfield projects, infrastructure investment has grown even faster than overall FDI. Using a database of telecommunications projects in emerging markets, we compare key characteristics of private infrastructure projects in Latin America and Asia. We also identify economic, political, cultural, and geographic differences between these regions that may serve as possible explanations for the project differences. We develop propositions that incorporate the apparent and latent explanations for the project differences in order to provide a richer theoretical base for examination of regional differences and how such differences may affect international investment in emerging markets.
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