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on Project, Program and Portfolio Management |
| By: | Asuamah Yeboah, Samuel |
| Abstract: | This research examines the challenges and barriers that Public-Private Partnerships (PPPs) face in implementing sustainable building initiatives in developing countries. The study addresses financial, regulatory, technical, risk management, and social-environmental factors that influence the success of PPPs in the construction of sustainable buildings. Drawing from a comprehensive review of existing literature and case studies, the study highlights key issues such as high upfront costs, uncertain returns, limited access to financing, technological risks, and weak regulatory frameworks. By integrating theoretical frameworks like the Resource-Based View (RBV) and Transaction Cost Economics (TCE), the research explores the interplay between these challenges and the factors that hinder the effectiveness of PPPs in sustainable building projects. The findings underscore the need for improved capacity building, enhanced regulatory enforcement, and better risk management strategies. Policy recommendations are provided to address the gaps and improve the overall effectiveness of PPPs in promoting sustainable development in the built environment. Finally, the study outlines directions for future research to further explore the evolving dynamics of PPPs in sustainable construction and their potential role in achieving sustainable development goals. |
| Keywords: | Financial constraints, regulatory issues, technical expertise, risk management, social impact, and environmental sustainability |
| JEL: | K32 L33 L74 O13 O18 Q56 R52 |
| Date: | 2024–10–26 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:122667 |
| By: | Arth Mishra |
| Abstract: | The widening financing gaps for the Sustainable Development Goals (SDGs) and the Green Energy Transition in developing countries have established an impetus to mobilise foreign private resources for infrastructure. By developing a novel theoretical framework and leveraging a large dataset of infrastructure projects in developing countries from 1989-2022, this analysis investigates the role of Development Finance Institutions (DFIs) in indirectly mobilising private finance. Theoretical analysis demonstrates that DFI participation in a particular country-sector can catalyse private finance by specifically reducing the perceived risks of financing. Empirical analysis assessing the presence and magnitude of mobilisation effects at the extensive margin is consistent with theory on mobilisation. DFI participation is strongly correlated with an increase in the number of commercial foreign banks, total project activity, and the number of projects with at least one commercial foreign bank. Evidence suggests that this effect is amplified by DFI participation induced private financing acting as an independent signal for further private financing. However, the mobilisation effect does not seem to spill over across countries and sectors and does not extend to projects that are entirely financed by commercial foreign financiers. These findings suggest that DFI capital should target infrastructure segments with high growth potential, through project structures that resemble the conditions for private financing and contribute towards creating a pipeline of investable projects in those country-sectors. Immediate policy implications include improving data reporting on current and future projects to bolster demonstration effects and facilitate research on intensive margin mobilisation effects. |
| Date: | 2023 |
| URL: | https://d.repec.org/n?u=RePEc:csa:wpaper:2023-13 |
| By: | Gavriilidis, Gaby; METAXAS, THEODORE |
| Abstract: | Madrid Nuevo Norte (MNNP) is an urban redevelopment project applied in the city of Madrid in Spain. It will occupy an area of 3.3 million square meters and will modify a large part of the northern area of the city. New public spaces, office buildings, commercial areas, homes, infrastructure, and green areas will be created. In relation to this, the aim of this paper was to examine the expected symbolic value of MNNP for the community of Madrid. For that purpose, questionnaires were handed out to 147 professionals relevant to the urban development of the Spanish capital (urban planners, architects, engineers, academics, project managers, sustainability consultants, real estate managers, etc.). Confirmatory Factor Analysis (CFA) and Structural Equation Modeling (SEM) techniques were applied to analyze data. The results firstly indicated that the symbolic value of MNNP is reflected in the overall success and performance of the Mega project as well as in its acceptance from the citizens of Madrid. Critical aspects in this context are affordable housing for potential residents, satisfaction of the community from the establishment of the project, public approval, deliverables in line with expected targets, ability of local authorities to effectively manage MNNP and project completion within budget. MNNP incorporates considerable symbolic value for the citizens of Madrid. Its value is reflected mainly in economic and social terms. However, the overall value of the project will be significantly enhanced if environmental concerns are considered. Then, the sustainable character of the project will be underscored, revealing the necessity of Mega projects to be aligned with the principles of sustainable development. The findings of the study are expected to help local agencies and actors to assess the symbolic value of Mega projects, such as MNNP, in creating sustainable city schemes, contributing to the fair and equitable development of European metropoles. |
| Keywords: | Madrid Nuevo Norte (MNNP), Urban development, Madrid, Symbolic value, Sustainability, Mega Projects. |
| JEL: | R38 R52 R58 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:122503 |
| By: | Greer, Fiona PhD; Bin Thaneya, Ahmad; Apte, Joshua PhD; Rakas, Jasenka PhD; Horvath, Arpad PhD |
| Abstract: | California must build, operate, and maintain transportation infrastructure while ensuring that the health of communities and the planet are not compromised. In addition to vehicleemissions, supply chain inputs and energy use from constructing and maintaining transportation projects (e.g., roads, airports, bridges) result in pollution that contributes to climate change and impacts the health of local communities. Project-specific air and noise pollution can further burden vulnerable populations. By assessing transportation projects using a life-cycle perspective, all relevant emission sources and activities from raw material production, supply chain logistics, construction, operation, maintenance, and end-of-life phases of a project can be analyzed and mitigated. |
| Keywords: | Engineering |
| Date: | 2024–11–18 |
| URL: | https://d.repec.org/n?u=RePEc:cdl:itsrrp:qt5tg2b0dp |
| By: | Ayadi, Rym; Ronco, Sara |
| Abstract: | Development aid is considered a policy area where the EU is particularly influential. This CEPS In-Depth Analysis report provides an overview of the evolution of global and European governance in development policy and relations with the African continent. Exploring the period 1995-2021, the research highlights how global governance in development aid and relations with Africa have evolved in terms of both the tools used and the actors involved during the last decades. As supported by the EU, another important pattern is the shift from traditional official development assistance (ODA) to public-private financial frameworks, and from financing development projects to financing investment for infrastructure development. Assessing the dimensions of the EU’s actorness over time reveals an increasing trend, notably concerning its authority, autonomy and cohesion. However, more external dimensions of actorness (such as the opportunity to act and recognition) show a decreasing trend over the time period studied. The need for coherence is one of the main challenges facing the EU if it is to increase its actorness and effectiveness in development policy and its relations with Africa. Future EU policies on migration issues will also play a critical role in the EU’s actorness vis-à-vis Africa. Another challenge will be for the EU to maintain its key role as a development actor, better coordinating its development agencies and financial institutions (both national and international) to implement and coordinate public-private partnerships, co-guarantee schemes and collaborative blended finance platforms. This report is part of a series drawing on the outcomes of the EU-funded TRIGGER (Trends in Global Governance and Europe’s Role) project that ran from 2018 to 2022. Using the conceptual framework developed as part of TRIGGER, the report moves beyond observing the characteristics of the EU as an actor to explore its actorness/effectiveness over time in a specific policy domain – in this case, development policy. |
| Date: | 2023–04 |
| URL: | https://d.repec.org/n?u=RePEc:eps:cepswp:39494 |
| By: | Ivan Radanovic (National Bank of Serbia) |
| Abstract: | The paper aims to analyse the projects of payment systems migration from the current ISO 15022 to the new ISO 20022 standard globally and in Serbia. One of the main project objectives is to facilitate cross-border payments, still largely characterised by high costs, low speed and insufficient transparency. This objective has been acknowledged globally as testified by the G20 roadmap designed in October 2020. National central banks are implementing their own migration projects based on keeping up with good practices and operating in accordance with the most up-to-date standards. The National Bank of Serbia also aims to achieve the compatibility required for potential connection with other payment systems (e.g. TARGET services of the European Central Bank) and connection to the SEPA geographical scope. New electronic messages are up to three times larger and structured in a way to offer greater flexibility, accommodation to economic conjuncture and complex requirements of AML/CFT, KYC, fraud prevention regulations, and the possibility for an almost one hundred percent straight-through processing rate. The analysis combines descriptive, comparative and case study methods to present in detail the characteristics of payments systems as the fundamental public infrastructure, payment trends, as well as the phenomenon of the electronic messaging standard and the XML pattern as the syntactic basis of the ISO 20022 standard. The paper also looks into the experiences of international payment systems and their operators, migration methods in the SWIFT network, as well as the work of the SWIFT central service for translation of ?? and ?? messages. Potential characteristics of the future software platform of the National Bank of Serbia for the NBS RTGS and NBS Clearing payment systems are also discussed in the paper. Payment systems migration will be completed in November 2025. As for the SWIFT network, the coexistence period started in March 2023 when messaging was possible under both standards. The NBS, as the operator of the payment systems which will switch to the new messaging format, will enable the coexistence of two messaging formats until the end of 2024 as one of the measures for ensuring the continuity of their work. |
| Keywords: | migration, ISO 20022 standard, electronic messages |
| JEL: | F30 F33 G20 |
| Date: | 2024–03 |
| URL: | https://d.repec.org/n?u=RePEc:nsb:bilten:20 |
| By: | Qi, Yanlin; Li, Jia; Zhang, H. Michael PhD |
| Abstract: | Crash modification factor (CMF) is an effectiveness measure of safety countermeasures. It is widely used by state agencies to evaluate and prioritize various safety improvement projects. The Federal Highway Administration (FHWA) CMF Clearinghouse provides CMFs for a broad range of countermeasures, but still, the existing CMFs often cannot meet the needs for characterizing the safety impacts of countermeasures in new scenarios. Developing CMFs, meanwhile, is costly, time-consuming, and requires extensive data collection. A more cost-effective way to provide preliminary CMF estimations is needed. To address this need, this study develops a low-cost and easily extendable data-driven framework for CMF predictions. This framework performs data mining on existing CMF records in the FHWA CMF Clearinghouse. To tackle the heterogeneity of data, interdisciplinary techniques to maintain model compatibility were created and used. The project also integrates multiple machine-learning models to learn the complex hidden relationships between different safety countermeasure scenarios. Finally, the proposed framework is trained against the CMF Clearinghouse data and performs comprehensive evaluations. The results show that the proposed framework can provide CMF predictions for new countermeasure scenarios with reasonable accuracy, with overall mean absolute errors less than 0.2. We also discuss an enhanced approach that leverages structured information in certain CMF descriptions, which can boost the CMF prediction accuracy, showing a mean absolute error less than 0.1 in a case study. |
| Keywords: | Engineering, Crash modification factors, highway safety, data mining, machine learning |
| Date: | 2024–09–01 |
| URL: | https://d.repec.org/n?u=RePEc:cdl:itsdav:qt53k5x2nj |
| By: | Tzuchin Lin; Hsiu-Yin Ding |
| Abstract: | Land readjustment has been widely employed in Taiwan to facilitate an orderly urban development with little financial burdens to the city. Although landowners participating in land readjustment are required to contribute part of their land holdings to the city, this project area will normally be up-zoned. In consequence, the smaller parcels that remain with landowners are typically valued substantially higher than the original larger parcels. Contributed portions of land are used as sites of public infrastructures and also sold by auction to pay for the constructions of infrastructures. In contrast, in a similar development area where land readjustment is not used, both sites of infrastructure and construction will be paid for by public budget. Land readjustment therefore acts not only as a development instrument but also a fiscal one. In practice, in a booming housing market, the government is often left with a substantial amount of financial surplus when land readjustment projects are completed. The financial surplus will be deposited in a special fund which can be paid to a wide variety of public uses. The operation of this fund is overseen by a special committee and city councilors. The scrutiny of fund operation is however not as tight as regular city budgeting. In consequence, this fund is often criticized to have become a mayor’s private coffer. This research looks into the official budgeting and spending records of Taipei city, the capital of Taiwan, with the attempt to understanding how the fund has been spent over time. It is hoped through this analysis to explore whether the above observation has lured the city to exploit land readjustment as a supplementary financial source and even to deliberately over-develop the city with this scheme. |
| Keywords: | land development; land finance; Land Readjustment |
| JEL: | R3 |
| Date: | 2024–01–01 |
| URL: | https://d.repec.org/n?u=RePEc:arz:wpaper:eres2024-237 |
| By: | Richard W. Johnson; Karen E. Smith |
| Abstract: | This paper compares Social Security outcomes for non-Hispanic Black, Hispanic, and non-Hispanic white beneficiaries and assesses the capacity of various benefit enhancements to narrow racial and ethnic disparities in Social Security benefits. Using the Dynamic Simulation of Income Model 4 (DYNASIM4), we project, under current law and each benefit enhancement, lifetime Social Security benefits, the share of beneficiaries receiving limited annual benefits, and the share with limited annual income. To capture the fully phased-in impact of each option, we project annual outcomes in 2080 and lifetime outcomes for adults born between 2001 and 2010. |
| Date: | 2023–12 |
| URL: | https://d.repec.org/n?u=RePEc:crr:crrwps:wp2023-22 |
| By: | Renda, Andrea; Del Giovane, Chiara; Laurer, Moritz; Modzelewska, Ada; Sipiczki, Agnes; Yeung, Timothy; Arroyo, Jane; Nguyen, Hieu |
| Abstract: | Over recent years, EU actorness has increased when it comes to legal authority, autonomy, external recognition and attractiveness, while internal cohesion among EU Member States has dwindled. Two case studies, on the Comprehensive Economic and Trade Agreement (CETA) and on standards for sustainability reporting, show the varying level of the EU’s effectiveness in sustainable development policy. This CEPS In-Depth Analysis report analyses the EU’s capability to act and be effective in sustainable development governance, looking at the period from the 2000s to today. It finds that several factors will affect the EU’s ability to pursue the SDGs in the near future. Depending on the global momentum around ambitious reforms, the EU may be able to implant its agenda into global agreements. Internal dynamics will also determine whether the EU will be able to retain sufficient authority, autonomy and cohesion to effectively project its agenda on a global scale. This report is part of a series drawing on the outcomes of the EU-funded TRIGGER (Trends in Global Governance and Europe’s Role) project that ran from 2018 to 2022. Using the conceptual framework developed as part of TRIGGER, this report moves beyond observing the characteristics of the EU as an actor to explore its actorness/effectiveness over time in a specific policy domain – this case, the Sustainable Development Goals. |
| Date: | 2023–04 |
| URL: | https://d.repec.org/n?u=RePEc:eps:cepswp:39479 |
| By: | Twarath SUTABUTR |
| Abstract: | Thailand is a developing country with a growing economy, which has led to increased energy consumption and carbon emissions. To tackle this issue, the Royal Thai Government has implemented several policies and initiatives to reduce the country’s carbon footprint and promote sustainable development. Carbon capture utilisation and storage (CCUS) has just become one of Thailand’s policies to help push a low-carbon agenda and to enable net-zero emissions in 2065. The Thailand National Committee on Climate Change Policy approved the establishment of the Greenhouse Gas Reduction Steering Committee, which initiated the technology applications for the country’s first CCUS. The committee’s mission is to accelerate the actions that can mitigate climate impacts by applying CCUS technology in the energy and industry sectors, leveraging the knowledge and experiences in the petroleum exploration and production industry. This first CCUS pilot project, originally initiated by a team in the PTT Group, is the Thailand CCUS HUB Project. This paper summarises the conceptual design and actions required to start implementing the project. |
| Keywords: | carbon capture, CCUS policy, CCUS hub, CCUS development, Thailand |
| Date: | 2024–06–18 |
| URL: | https://d.repec.org/n?u=RePEc:era:wpaper:dp-2024-08 |
| By: | van Koppen, Barbara (International Water Management Institute); Nohayi, Ngowenani (International Water Management Institute); Jacobs-Mata, Inga (International Water Management Institute); Nortje, Karen (International Water Management Institute) |
| Keywords: | Community involvement; Development plans; Water supply; Accountability; Co-management; Capacity development; Stakeholders; Planning; Frameworks; Political aspects; Communities; Municipal governments |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:iwt:bosers:h052927 |