CHAPTER I-1
Public Investment and Fiscal Policy: Lessons from the Pilot Country Studies


CHAPTER I-2
Public Investment and Fiscal Policy ? Summaries of the Pilot Country Studies
　I. INTRODUCTION
　II. BRAZIL
　　A. Macroeconomic Background
　　B. Fiscal Adjustment and Public Investment
　　C. Options to Increase Public Investment
　　D. Improving the Quality of Public Investment
　　E. Coverage of Fiscal Indicators
　　F. Private Investment and Recent Progress with PPP Legislation
　III. CHILE
　　A. Background
　　B. The Concessions Program
　　C. Institutional Framework
　　D. Fiscal Transparency
　　E. Assessment
　IV. COLOMBIA
　　A. Background
　　B. Public Investment and Infrastructure
　　C. Public-Private Partnerships
　　D. Nonfinancial Public Enterprises
　V. ETHIOPIA
　　A. Public Investment Trends and Infrastructure Needs
　　B. Fiscal Strategy and Debt Sustainability
　　C. Impact of Fiscal Restraint and Adjustment on Public Investment
　　D. Institutional Capacity to Appraise and Manage Infrastructure Projects
　　E. Coverage of Nonfinancial Public Enterprises in Fiscal Indicators
　VI. GHANA
　　A. Recent Fiscal Developments, Public Investment, and Infrastructure Needs
　　B. Coverage of Fiscal Indicators
　　C. Analytical Framework
　　D. Institutional Capacity to Appraise and Manage Investment Projects
　VII. INDIA
　　A. Fiscal Developments and Infrastructure Investment Trends
　　B. Public Investment Options　
　　C. Private Sector Participation
　VIII. JORDAN
　　A. Background
　　B. Public Investment Trends and Infrastructure Needs
　　C. Institutional Capacity to Appraise and Manage Investment Projects
　　D. Coverage of Fiscal Indicators
　　E. Analytical Framework
　　F. Conclusions
　IX. PERU
　　A. Public Investment Trends
　　B. Public Enterprises
　　C. Public-Private Partnerships


CHAPTER I-3
Public Investment and Fiscal Policy ? Lessons from the Pilot Country Studies
　I. INTRODUCTION
　II. INFRASTRUCTURE SPENDING, PUBLIC INVESTMENT, AND ECONOMIC GROWTH
　III. THE ANALYTICAL FRAMEWORK
　　A. How Much Infrastructure Investment is Needed?
　　B. How to Increase Infrastructure Investment
　　C. Improving Institutions for Investment Planning and Project Evaluation
　IV. THE COVERAGE of FISCAL INDICATORS AND TARGETS
　　A. Background
　　B. Results from the Pilot Country Studies
　　C. The Way Forward
　V. PUBLIC-PRIVATE PARTNERSHIPS
　　A. Institutional Requirements
　　B. Coverage of PPPs
　　C. Risk Transfer, Government Guarantees, and Fiscal Risk
　　D. Accounting and Disclosure of PPPs and Incorporation in DSA
　VI. CONCLUSIONS
　VII. ISSUES FOR DISCUSSION


CHAPTER I-4
Public Investment and Fiscal Policy
　I. INTRODUCTION
　II. PUBLIC INVESTMENT AND GROWTH
　III. THE ANALYTICAL FRAMEWORK
　　A. Targeting the Overall Fiscal Balance and Public Debt
　　B. Targeting the Current Fiscal Balance
　　C. Safeguarding Public Investment, Macroeconomic Stability, and Debt Sustainability
　IV. THE COVERAGE OF FISCAL INDICATORS AND TARGETS
　　A. The Current Approach to Coverage
　　B. An Improved Approach to Coverage
　V. PUBLIC-PRIVATE PARTNERSHIPS
　　A. Background
　　B. Accounting for and Reporting PPP Operations
　VI. CONCLUSIONS AND NEXT STEPS
　VII. ISSUES FOR DISCUSSION


CHAPTER I-5
Public-Private Partnerships
　I. INTRODUCTION
　II. EXPERIENCE WITH PPPs
　III. CHARACTERISTICS OF PPPs
　　A. Basic Features
　　B. Financing
　IV. THE ECONOMICS OF PPPs
　　A. Ownership and Contracting
　　B. Risk Analysis
　　C. Risk transfer and financing costs
　　D. Pricing of risk
　V. INSTITUTIONAL FRAMEWORK FOR PPPs
　VI. RISK TRANSFER, LEASING, AND OWNERSHIP
　　A. Risk Transfer and Leasing
　　B. Assessing Risk Transfer and Ownership
　VII. FISCAL ACCOUNTING AND REPORTING
　　A. The Current Treatment of PPP Operations
　　B. Accounting for Limited Risk Transfer
　　C. Contractual Obligations and Government Guarantees
　　D. Summary of Disclosure Requirements for PPPs


CHAPTER II
Developing and Managing a Public Investment Program in Korea
　I. INTRODUCTION
　II. BUDGET PROCESS AND PUBLIC INFRASTRUCTURE INVESTMENT
　　A. Players of Budget Process
　　B. Recent Change from Bottom-Up to Top-Down Budgeting
　　C. Trend of Public Infrastructure Investment
　　III. INSTITUTIONAL SETTINGS FOR PUBLIC INVESTMENT PROGRAMS
　　A. Effective Preliminary Feasibility Study

　IV. CHALLENGES AHEAD
　

CHAPTER III
Transport Infrastructure Financing


CHAPTER IV-1
Budgeting and Investment Appraisal in Chile


CHAPTER IV-2
Fiscal Implications of Infrastructure Concessions in Chile


CHAPTER V-1
Public-Private Partnerships in Theory and Practice


CHAPTER V-2
Public-Private Partnerships, Government Guarantees, and Fiscal Risks
　I. INTRODUCTION
　II. PUBLIC-PRIVATE PARTNERSHIPS
　　A. Country Experience
　　B. Characteristics of PPPs
　　C. Economic Principles
　　D. Institutional Framework
　　E. Risk Transfer, Leasing, and Ownership
　　F. Fiscal Accounting and Reporting for PPPs
　III. GOVERNMENT GUARANTEES AND FISCAL RISK
　　A. Guarantees, Contingent Liabilities and Government Obligations
　　B. The Public Policy Purpose and Design of Guarantees
　　C. Problems Associated with Guarantees
　　D. Fiscal Accounting and Reporting for Guarantees
　　E. Managing the Fiscal Risk Posed by Guarantees
　IV. PPPs, GUARANTEES, AND DEBT SUSTAINABILIY
　　A. Approach to Debt Sustainability Analysis
　　B. Guarantees and Uncertainty
　　V. SUMMARY AND CONCLUSIONS


CHAPTER VI
Public Private Partnerships ? UK Experience to Date


CHAPTER VII
Fiscal Rules and PPPs in Korea
　I. OVERVIEW
　II. BUDGET PROCESS BEFORE THE INRODUCTION OF THE MTEF
　III. CHANGES SICNE THE INTRODUCTION OF THE MTEF
　IV. MAIN FEATURES OF THE NATIONAL FISCAL MANAGEMENT PLAN
　V. FISCAL RULE AND PUBLIC-PRIVATE PARTNERSHIPS (PPPs)