An International Comparison of the Financial and Economic Rate of Return of Development Projects

Massimo Florio

Departmental Working Papers from Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano

Abstract: In this paper we analyse data on the rates of return of investment projects sponsored by three international institutions: the European Union, the European Bank for Reconstruction and Development, the World Bank. The focus of the paper is on the variability of ex-ante economic rates of return (ERR), of financial rates of return (FRR, available for EU and EBRD) and ex-post or re-estimated economic rates of return (RERR, available for WB only). We propose a framework of analysis of FRR and ERR variations across projects, sectors, financing institutions, of the wedge between ERR and FRR, and of the gap between ERR and RERR. In principle the same framework couldbe used for comparing rates of return variability of development projects across countries, time of approval or completion, or any other rele vant sampling criterion.

Keywords: Investment projects; ex-ante economic rates of return; ex-post or re-estimated economic rates of return (search for similar items in EconPapers)
Date: 1999-01-01
References: Add references at CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://wp.demm.unimi.it/files/wp/1999/DEMM-1999_006wp.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:mil:wpdepa:1999-06

Access Statistics for this paper

More papers in Departmental Working Papers from Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano Via Conservatorio 7, I-20122 Milan - Italy. Contact information at EDIRC.
Bibliographic data for series maintained by DEMM Working Papers ( this e-mail address is bad, please contact ).