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Int. J. Financial Stud. 2017, 5(1), 5; doi:10.3390/ijfs5010005

Capital Markets, Infrastructure Investment and Growth in the Asia Pacific Region

Faculty of Society and Design, Bond University, Gold Coast QLD 4229, Australia
Academic Editors: Katsuhiko Takagaki and Nicholas Apergis
Received: 14 July 2016 / Revised: 3 November 2016 / Accepted: 5 January 2017 / Published: 9 February 2017
(This article belongs to the Special Issue New Challenges in Asian Capital Markets)
View Full-Text   |   Download PDF [291 KB, uploaded 9 February 2017]

Abstract

This paper examines the relationship between infrastructure investment activity, capital market development, the role of public institutions and economic development in the Asia Pacific. It adopts a review approach drawing on empirical evidence over recent decades. Infrastructure is shown to be an important asset class playing a central role in a nation’s output, growth, productivity and microeconomic performance. Infrastructure investment also requires investment and predictions of a widening gap in the future supply of infrastructure in the Asia Pacific will require new forms of capital from both traditional and new sources including wider use of private participation, institutional investment, asset recycling and revenue bonds. Capital market development is also necessary to raise long-term local currency finance and evidence suggests that progress with regional capital market integration is slow and a continuing reform agenda is required. The dividend for regional countries is the prospect of higher levels of economic growth with infrastructure investment, capital market development, and foreign direct investment shown to have a strong and positive association with growth. A crucial link in this association identified in the review is the part played by national and regional institutions in improving the efficiency with which infrastructure is managed and providing promising ground for further research where the importance of these links can be researched in greater depth. View Full-Text
Keywords: infrastructure; capital markets; economic growth infrastructure; capital markets; economic growth
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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Regan, M. Capital Markets, Infrastructure Investment and Growth in the Asia Pacific Region. Int. J. Financial Stud. 2017, 5, 5.

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