Interregional allocation models of infrastructure investments

This paper deals with the allocation of public investments to some of the prospective key elements in the regional infrastructure. Two optimization models are suggested for allocating investment resources among regions and various infrastructure elements. Applications of the models illustrate solutions based on policy goals of economic efficiency and regional equity. The optimization models draw on the estimation of an aggregate regional production function.     

Assessing road investments: accessibility changes,cost benefit and production effects

Infrastructure investment projects and programmes are generally evaluated by comparing project costs with pertinent benefits. In this paper a series of alternative national road investment programmes in Sweden are examined. Each programme is assessed in terms of expected time savings and reduced accident rates. In addition we make use of a general production function with regionally specific accessibility characteristics as arguments. With this approach, improved accessibility implies an increase of the production potential. The paper compares the value of these production effects with the value of time savings and other benefits in a standard CB-calculation. In the comparisons more than 50 alternative national investment programmes are assessed, and their degree of consistency is estimated.An earlier version of this paper was presented at the European RSA-conference in Moscow, August 1993 and has benefitted from comments during the conference. The authors are grateful for suggestions rendered by two anonymous referees. We also wish to thank R. Jonsson, G. Lindberg and L.-G. Mattsson. Supply of data and research funds from the National Road Administration is acknowledged.     

Employment effects of changes in transportation infrastructure: methodological aspects of the gravity model

Assessing the employment effects of changes in transport infrastructure, such as the construction of the Channel Tunnel or high-speed rail connections, is not an easy task. The gravity model is sometimes used to analyse changes in the potentials of the regions concerned. One sttep further would be the translation of changes in potentials into changes in employment per region. This paper will be devoted to analysing some properties and limitation of such a translation process. Special attention is paid to an operational model developed by Evers et al. (1987) for this purpose. It is shown that this model is almost consistent with the theory of locational behaviou of firms.     

The role of international benchmarking in developing rail infrastructure efficiency estimates

International cost efficiency benchmarking played a central role in informing the Office of Rail Regulation's (ORR) determination of Network Rail's future funding during the 2008 periodic review (PR08) of the company's finances. This paper sets out how international benchmarking can inform a regulator's decisions on efficiency and, in particular, how international econometric studies can be used alongside other evidence in the regulatory context. We start by reviewing the use of previous international benchmarking work. We then set out the data, methodology and results in respect of the two separate econometric studies carried out as part of PR08. The further work that was done in support of the econometric results is then described. The paper shows that top-down econometric techniques, combined with bottom-up engineering analysis produced a robust comparison between Network Rail and its peers. We conclude by outlining how the econometric results were used, in conjunction with other evidence, to reach a final efficiency determination, and how we consider that international benchmarking can be applied by other regulators.     

Internet infrastructure and regional convergence: Evidence from Turkey

This study presents novel evidence regarding the role of regional internet infrastructure in reducing regional per capita income disparities. We base our study on the assumptions that (1) the diffusion of information homogenizes regional economies through reducing the dissimilarities in institutions and culture, and (2) the telecommunication capacity, represented by the internet infrastructure of a region, facilitates this flow of information. Using the data from the 26 statistical NUTS‐2 regions of Turkey for the period 1999–2011, we find evidence that internet infrastructure increases the speed of regional convergence.     

Spatial analysis of the relationship between housing values and investments in transportation infrastructure

The relationship between residential location, location value and accessibility has been of long interest to regional scientists. Studies investigating the relationship between house price and changes in accessibility, however, have been fewer in number, and predominantly have centered upon the house price impact of fixed rail investments. Neglected have been the impacts of smaller road investments made on a regular basis by municipalities and state departments of transportation. This research therefore reports on the spatial relationship between house price and investment in road-based transportation infrastructure by combining two spatial databases, both centered on Columbus, OH. The first contains information on all single-family detached houses sold in 1990. The second contains detailed spatial and temporal information on all accessibility-changing road investments in the same area, since 1978. Results indicate that while moderate, past, current and approved (but not begun) road investments have distinct and significant impacts on house price.An earlier version of this paper was presented at the 40th Annual Meeting of the Western Regional Science Association in Palm Springs, California, February 2001, and was awarded The Charles M. Tiebout Prize in Regional Science. Randall Jackson, Morton OKelly, W. Randy Smith, Donald Haurin, Frank Mittlebach, the editor and an anonymous reviewer all provided valuable comments on previous drafts. Research funding was provided by the E. Willard and Ruby S. Miller Fellowship and through the Committee on Urban Affairs at Ohio State.Received: March 2001/Accepted: November 2003     

On the regional incidence of highway investments in the USA

The objective of this paper was to investigate the regional incidence of the aggregate effects of investment in highways in the US taking into consideration the presence of regional spillovers. The empirical results are based on VAR estimates at both the aggregate and state levels using output, employment, and investment, as well as different measures of highway investments. Empirical results allow us to establish several stylized facts. First, investment in highways affects private sector variables positively at the aggregate level as well as in most states. Second, the regional spillover effects are very significant for all private sector variables. Third, these spillovers have a clear geographical pattern in that they tend to be more important in western states and the corridor between the Great Lakes and the Gulf Coast.     

Measuring the urban competitiveness of Chinese cities in 2000

Previous studies have understood urban competitiveness mainly from an economic perspective. Drawing on insights from recent debates on urban governance that argue for sustainable development, this study employs a more balanced view that takes into account the economic, social, and environmental dimensions of urban competitiveness. A four-level hierarchical indicator system is used to examine the competitiveness of 253 Chinese cities at the prefecture level or above in the year 2000. The results show that most of the top 20 cities are in the eastern part of China and have populations over 0.5 million. The bottom 20 cities are located primarily in the western part of China and have smaller populations that range from 0.2 to 0.5 million. In 2000 the city with the top economic competitiveness was Shanghai, the top social competitiveness was Beijing, and the top environmental competitiveness was Zhuhai. A given city does not necessarily rank the same in economic, social, and environmental competitiveness, but may perform well in different ways. The paper argues that, in order to sustain urban competitiveness, a city should achieve not only good economic performance, but also satisfactory social and environmental development.     

Telecommunications infrastructure and regional income convergence in China: panel data approaches

The conditional convergence framework constitutes the theoretical basis for different dynamic panel data approaches. But models with different specifications or estimated by different methods may have very different results. This study empirically tests the results by applying different panel data approaches to the study of telecommunications infrastructure in regional economic growth across China. Specifically, the pattern of regional economic growth across 29 regions in China from 1986 to 2002 is examined. The results suggest the system GMM estimation is more likely to produce consistent and efficient estimates than OLS and fixed-effect estimation. Findings indicate a significant and positive relationship between telecommunications infrastructure and regional economic growth in China and the empirical results from different estimations suggest robust results for this particular assessment. The authors wish to acknowledge the insightful and helpful comments of two anonymous referees that significantly raised the quality of this study. Any errors or misinterpretation are the responsibility of the author.     

基于非参数Malmquist指数方法的我国基础设施投资生产率研究

综合包括地区生产总值等指标在内的多项指标作为衡量基础设施投资产出效果的指标,更能全面地反映基础设施投资的绩效。通过应用非参数的DEA方法,计算我国1999～2006年的基础设施投资的Malmquist生产率指数,克服了参数方法只能用一个指标衡量基础设施投资绩效的不足,并对基础设施投资的效率变动进行分析。研究结果表明,我国基础设施投资对经济拉动的作用正逐渐变小,同时由过去注重通过加大基础设施投入促进沿海地区的经济发展,正逐步向关注中西部地区的基础设施投入对经济发展促进作用的转移;同时,我国基础设施投资规模效率,正逐年有所改善,各地区的基础设施配置的纯技术效率变化不大,表明我国的基础设施投资仍可按照目前的投资规模稳步进行;而改变目前生产率逐年衰退的关键是推进基础设施投资的技术创新,推进基础设施投资与配置的生产技术前沿。     

我国各地区城市基础设施水平的量化研究

城市是现代文明的标志,是科技、经济、文化、教育的中心,集中体现了国家的综合实力和国际竞争力。而城市基础设施（Urban？？ Infrastructure）则是城市的根本,是城市竞争力的重要组成部分,决定着城市发展的方向。本文运用R型因子分析对我国各地区城市基础设施建设水平进行综合评价,并依据基础设施综合得分的高低进行分类。研究表明：浙江省的城市基础设施水平最高,与其他省份相比优势明显。广东省的经济发展虽然迅速,但综合得分并不高,这主要由于广东省垃圾处理因子得分偏低。因此,广东省在兼顾经济增长的同时,应加大垃圾处理力度,才能显著提高城市基础设施水平,实现城市与经济的和谐发展。     

Measuring regional economic efficiency: the case of Greek prefectures

This paper, using Data Envelopment Analysis (DEA), measures for the first time the economic growth policies of the Greek prefectures. Based on the neoclassical model of growth it uses private and public investments and labour force as inputs and GDP per capita as output for the time period of 2003–2006. The results indicate that there are significant regional policies inefficiencies among the Greek prefectures. Additionally, growth inefficiencies within the 13 administrative regions are reported. Finally, the analysis provides benchmarks for policy evaluation and suggestions for region-based approaches to growth problems.     

Retail productivity: The effects of market size and regional hierarchy

How important is regional hierarchy for retailers’ productivity? This paper investigates the determinants of independent retailers’ productivity in Sweden between 2002 and 2008 with respect to market size and regional hierarchy. Using an accessible market potential approach, the impact of the potential demand in close proximity, and in the region is investigated separately for stores in central and peripheral retail markets. The findings suggest that the market size in close proximity has a higher impact on the productivity of stores located in central markets, whereas the market potential in the region has similar productivity returns for both stores in central markets and stores in non‐central markets.     

The adaptation of regional industrial structures to technical changes

Among the local factors furthering the adaptation of regional manufacturing to the technological revolution, the importance of the initial industrial fabric is emphasized in this paper. The discussion is based upon the case of the development of manufacturing in the French regions from 1975 onwards. It shows that regions where capital goods industry is important have a specific advantage for adaptation but the creation of local production — automation support poles, linked to the dominant regional activities, give new opportunities to the regions where capital goods industry is weak. Regional policy should help the development of such poles.     

基于区域竞争力的太原市城市发展战略研究

太原市在省委省政府提出的"示范区""排头兵""新高地""双提升"和"五个扎实推进"指导思想下,确定太原市的发展目标为"文明、开放、富裕、美丽"。在这一背景下,太原市开展编制了《太原市城市发展战略暨总体规划前期研究》一系列课题,分别从城市发展战略、城市发展定位及目标、区域协同发展、市域空间布局优化、总体城市设计等方面进行研究。希望通过一系列课题的研究过程和规划结论分析总结太原市过去城市建设和发展中存在的问题,提出未来在城市规划和建设中的相关建议和策略,使太原市真正成为中西部地区重要的区域中心城市。     

Separating project risk from the time value of money: A step toward integration of risk management and valuation of infrastructure investments

The rationale for using heuristics to establish a risk premium that is added to the risk-free rate to obtain the value of an investment is questioned and an alternative method, termed decoupled net present value (DNPV), is proposed. Rather than using utility theory concepts to decrease the value of uncertain cash flows, the risks associated with project cash flows are discretely quantified using insurance and contingent claim valuation concepts. Synthetic insurance premiums are designed to “protect” the value of expected cash flows which are treated as additional project costs. Because identified project risks are quantified in financial terms and treated as a real cost to the project, DNPV allows business executives to evaluate the effect on the value of the project of different risks and select management techniques that are deemed more effective. Hence, DNPV is both a valuation methodology and a risk management tool.     

On the economic and budgetary effects of investments in SCUTS: the Portuguese toll-free highways

This paper provides empirical evidence on the economic and budgetary effects of the recent investments in toll-free highways in Portugal, the so-called SCUTS, in an effort to bring some clarity to the current policy debate on these highways. This debate is centered on the issue of the financial sustainability of these highways for the public sector and is derived from the fact that their financing through public–private partnerships and shadow tolls involves regular payments from the public budget to the private firms operating them. In this context, the introduction of tolls has been suggested as a mechanism to alleviate possible budgetary pressures. Our first main conclusion is that investments in SCUTS have positive economic effects in all regions of the country. Furthermore, we find that regional spillovers account for about three-quarters of the total effects of these investments. A paradigmatic case is Lisbon, a region that captures the greatest share of these effects without any investments having actually occurred in the region itself. Our second main conclusion is that investments in SCUTS do not seem to generate problems of financial sustainability for the public budget. We estimate that for all SCUTS, the equilibrium tax rate, i.e., the rate that would balance the tax revenues induced by these highways and the shadow tolls the government has to pay, is lower than the effective tax rate for the economy. As a corollary and from a policy standpoint, our results suggest that the introduction of tolls is questionable from a conceptual perspective due to the magnitude of spillovers and seems to be unnecessary from a financial perspective.