By United Nations
Multinational delivery infrastructure (MTI) initiatives are fraught with coordination concerns. This paper contributes through deciding on the main matters worthwhile for powerful MTI coordination, interpreting them utilizing fiscal idea and placing them into standpoint in the framework of significant ongoing coordination efforts for MTI in Europe and Latin the US.
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Additional resources for Coordination of Public Expenditure in Transport Infrastructure: Analysis and Policy Perspectives for Latin America (Macroeconomia Del Desarrollo)
N° 56 Introducing Uncertainty and Multi-period Interaction Coordination problems can become more complex in the presence of multi-period, iterative investment stages across borders when there is some risk that one or both parties will run into financial difficulties (or lose political will) to finish the project, even in the absence of asymmetric information. For example, imagine that a certain MTI project has three investment periods, after which the project is finished. In the first investment period, country A decides whether to invest on its section of an MTI project, which (assumed for simplicity) would require paying half the total cost of its section.
Furthermore, a specialised Agency is expected to be more efficient and flexible in managing and monitoring TEN-T projects, as compared to in-house management by EC officials. This is particularly important if the large proposed increase in the level of EU funding goes ahead, as this would create new demands in terms of administering priority projects. It is estimated that the agency will be fully-operational in 1-2 years, with a projected staff increase from around 70 in 2006 to 96 by 2013 (EC 2005b,c).
In reality, however, countries face significant financial constraints that, when binding, limit their capacity to invest in transport infrastructure, including MTI. Such constraints can be included in game theoretic models in several ways. , if there were financial constraints, the Not Invest action would be the only one available and the game would break down) as the action set is discrete. In games with continuous action sets, the constraint limits the values that actions can take. Therefore, such financial constraints play an important part in the coordination of public investment in MTI projects.