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The New York University Global Institute for Advanced Study is very pleased to support this important work on global infrastructure finance, led by Prof Ingo Walter of NYU’s Stern School of Business.

The global interconnectedness of the world’s economies, along with the torrid pace of urbanization in the developing world, lead to urgent and manifestly complex issues about infrastructure. This monograph takes on some of the fundamental questions in this area, attempting to clarify how to think about the boundaries of what is meant by ‘infrastructure’, its pricing, its potential adverse effects and its financing.

This monograph represents the first stage in what we expect to be a multi-year, multi-disciplinary exploration of these questions, so crucial to the future well-being of the developing world and, by extension, to that of the rest of the globe.

Initial work on the project includes participation in infrastructure financing panels discussions in the US, Europe and Asia, as well as a case study on the capital-market financing of a major Latin American urban highway project. Several additional case studies are underway which will lead to a case series available for use in university infrastructure courses around the world. A graduate-level infrastructure finance course at NYU Stern is being designed for launch in the fall of 2017. Research activity is focused on assembly of infrastructure financing datasets as well as an initial policy paper on infrastructure banks and their implications for the US. A steering committee will identify and launch additional research projects.

I am grateful to Prof Walter for his hard work on this project and to Dean Peter Henry for bringing the project to the attention of the GIAS.

Paul Boghossian
Director, Global Institute for Advanced Study
Julius Silver Professor of Philosophy