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首页> 外文期刊>Oxford Review of Economic Policy >Infrastructure investment, the cost of capital, and regulation: an assessment
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Infrastructure investment, the cost of capital, and regulation: an assessment

机译：基础设施投资，资金成本和监管：评估

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The paper considers the role of infrastructure in improving economic performance, and its comparative neglect relative to traditional macroeconomic and microeconomic policies. It explains why infrastructure matters, why Britain's infrastructure performance has been poor, and summarizes the scale of the challenge for the coming decade. Privatization, liberalization, and competition have focused on monopoly market failure and private incentives, but they have neglected the time inconsistency problem which confronts investors in networks with high fixed and sunk costs. The failure to commit which has characterized British approaches to infrastructure has been partially addressed through the creation of regulated asset bases (RABs), backed up by the duty on regulators to ensure that functions can be financed. The paper considers how the RABs can be developed to provide credible long-term contracts over a wide range of activities, and how the financial regulatory regime can complement this commitment, notably through the split cost of capital and the indexation of the cost of debt approaches. The paper concludes by setting out the building blocks of a credible regulatory framework for infrastructure, together with the impacts on reducing the cost of capital. The role of the State in reinforcing this commitment and the associated institutions are also set out.
机译：本文考虑了基础设施在改善经济绩效中的作用，以及相对于传统的宏观经济和微观经济政策的相对忽视。它解释了基础设施为何重要，为什么英国的基础设施表现不佳，并总结了未来十年挑战的规模。私有化，自由化和竞争的重点是垄断市场失灵和私人激励，但它们忽略了固定和沉没成本高的网络投资者所面临的时间不一致问题。英国在基础设施建设方法上的不履行承诺已通过建立受监管的资产基础（RAB）得到了部分解决，而监管机构则有责任确保可以为职能提供资金。本文考虑了如何开发RAB来在广泛的活动中提供可靠的长期合同，以及金融监管制度如何补充这一承诺，特别是通过资本成本的拆分和债务成本的指数化方法。最后，本文确定了可靠的基础设施监管框架的基础，以及对降低资本成本的影响。还阐述了国家在加强这一承诺方面的作用以及相关机构。

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