Global S&T Development Trend Analysis Platform of Resources and Environment
Introducing the Tax-Kicker Bond: Budget-Neutral Financing of Private Infrastructure by Back-End Participation in Future Tax Revenue Growth | |
[unavailable] | |
2017-08-30 | |
出版年 | 2017 |
语种 | 英语 |
国家 | 国际 |
领域 | 气候变化 |
英文摘要 |
![]() This brief for practitioners shows how to attract private investors to infrastructure. We propose a new form of retail debt security instrument with a model term sheet. Everybody is trying to think of ways to attract long-term private and institutional investors to pay for new highways, railways, bridges, or dams. Promising ideas have been tried but they have not convinced pension funds or affluent individuals to invest, especially in emerging economies with untested issuers. Yet higher returns from infrastructure projects are an ideal match for institutional investors—if projects are similar to those financed by benchmark United States (US) tax-free municipal bonds, an allowable asset class for decades. For their part, governments accept that they should no longer incur further direct debt on their balance sheets, widen their current account deficit, or increase external debt even for justifiable big-ticket investments. And most politicians are reluctant to impose new or higher taxes on present users or potential customers of future infrastructure. Emerging economies may have projects with potential to make money. But governments still face pressure to put in scarce fiscal resources to close project viability gaps or to agree in advance to availability payments to the operator and its investors. Many consider this as passing the ultimate payer’s responsibility back to governments without tapping new private money. The “tax-kicker” bond being proposed here, with more elaboration and trials, could prove that new sources of future tax revenue are feasible to attract private investors with back-end participation in a budget-neutral way. Key points
Policy Brief No: 2017-3 |
URL | 查看原文 |
来源平台 | Asian Development Bank |
文献类型 | 科技报告 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/234223 |
专题 | 气候变化 |
推荐引用方式 GB/T 7714 | [unavailable]. Introducing the Tax-Kicker Bond: Budget-Neutral Financing of Private Infrastructure by Back-End Participation in Future Tax Revenue Growth,2017. |
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文件名称/大小 | 文献类型 | 版本类型 | 开放类型 | 使用许可 | ||
adbi-pb2017-3.pdf(1800KB) | 科技报告 | 开放获取 | CC BY-NC-SA | 浏览 下载 |
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