S-Space Graduate School of International Studies (국제대학원) Dept. of International Studies (국제학과) Theses (Master's Degree_국제학과)
Financing infrastructure with project bonds: The case of the European Project Bond Initiative
프로젝트채권을 통한 인프라 금융조달에 관한 연구: '유럽 연합의 Project Bond Initiative' 사례를 중심으로
- Rhee, Yeongseop
- 국제대학원 국제학과(국제통상전공)
- Issue Date
- 서울대학교 국제대학원
- 학위논문 (석사)-- 서울대학교 국제대학원 국제학과(국제통상전공), 2017. 8. Rhee, Yeongseop.
- Infrastructure faces a global lack of investment, that is observable in every region of the
world, including the European Union. Even though private investment in infrastructure
is made possible with public-private partnerships, that are implemented more and more
in the world, the large supply of capital does not meet yet the demand for infrastructure.
This market failure has been analyzed by literature as the combination of inappropriate
risk-sharing structure of the infrastructure projects and the lack of expertise in
infrastructure finance from both public and private sectors. The European Project Bond
Initiative, launched in 2011, aims to remediate to these hurdles and to promote access to
capital market for infrastructure investments, through a credit enhancement mechanism
for project bonds. This thesis will examine to what extent the European instrument
facilitate private investments in infrastructure. Analyzing the projects carried out during
the pilot phase of the European Project Bond Initiative, this thesis finds that the EPBI
improves the risk-sharing and increases infrastructure expertise. However, impact on the
highly risky projects remains to be tested.