Beyond Keynesianism : Global Infrastructure Investments in Times of Crisis

Lin, Justin Yifu ; Doemeland, Doerte

关键词: ACCOUNTING;    ACCOUNTING STANDARDS;    ACID RAIN;    AGGLOMERATION ECONOMIES;    AIRPORTS;   

DOI  :  10.1596/1813-9450-5940
RP-ID  :  WPS5940

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

As the world recovers only slowly fromthe 2008 financial crisis and Europe is facing a loomingdebt crisis, concerns have increased that the "newnormal" -- a period of high unemployment, low returnson investment, high risks, and low growth -- may becomeprotracted in advanced economies. If growth remains weak,unemployment rates and debt levels will be slow to recede.Consequently, the global recovery may continue to be fragilefor years to come. What the world needs now is agrowth-lifting strategy. This strategy could take the formof a global infrastructure initiative. Since debt levels arehigh, governments in the United States and Europe couldincrease demand and support growth through investments inbottleneck-releasing infrastructure projects that areself-financing. An infrastructure initiative should,however, go beyond the borders of advanced countries andinclude developing countries. Economic and social returns toinfrastructure investments tend to be high in developingcountries, which have become increasingly important driversof global growth. At the same time, infrastructureinvestments require capital goods, most of which areproduced in high-income countries. Scaling up infrastructureinvestment in developing countries could therefore helpgenerate a virtuous cycle in support of a global recovery.