Contents
Preface |
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Acknowledgements |
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Author Biographies |
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Introduction |
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References |
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Part I — Outlook |
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1. |
Europe Needs More Public Investment |
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1.1. |
Recent Public Investment Trends in Europe |
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1.2. |
Infrastructure Has Declined Substantially |
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1.3. |
How to Support More Infrastructure Investment |
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1.4. |
Policy Implications |
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References |
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2. |
Public Investment and Capital in France |
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Introduction |
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2.1. |
The Net Wealth of Public Administrations |
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2.2. |
Evolution of Public Non-Financial Assets |
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2.2.1. |
The value of fixed assets remained constant |
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2.3. |
The Dynamics of Gross Investment |
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2.4. |
Net Flows of Fixed Assets Give Another (and Different) Picture |
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2.4.1. |
Since 2009, debt has not been used to finance an accumulation of assets |
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2.5. |
Assessing the Impact of an Investment Push in France |
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2.5.1. |
A quantification of investment needs for France |
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2.5.2. |
The macroeconomic impact of an investment shock |
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2.6 |
Conclusion |
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References |
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3. |
Public Investment in Germany: The Need for a Big Push |
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Introduction |
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3.1. |
The German Public Capital Stock |
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3.2. |
Quantifying Investment Needs |
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3.3. |
Macroeconomic Implications of a Public Investment Program in Germany |
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Conclusion |
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References |
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4. |
Public Investment Trends across Levels of Government in Italy |
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Introduction |
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4.1. |
Public Investment in Italy |
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4.1.1. |
Public investments across regions |
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4.2. |
2018, 2019 and 2020 Budgets: The Financial Resources for Public Investments |
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4.3. |
Conclusions and Some Policy Prescriptions |
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References |
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5. |
Trends and Patterns in Public Investment in Spain: A Medium- and Long-Run Perspective |
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Introduction |
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5.1. |
Trends and Patterns of Public Investment in Spain in the EU Context, 2000–2017 |
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5.2. |
Public Investment and Public Capital in Spain: A Long-Term Perspective |
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5.3. |
Conclusions |
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References |
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Part II — Challenges |
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6. |
In Search of a Strategy for Public Investment in Research and Innovation |
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Introduction and Main Points at Issue |
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6.1. |
The EU in Depth |
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6.2. |
Public Investment |
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6.3. |
Final Remarks and Policy Considerations |
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References |
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7. |
Social Investment and Infrastructure |
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Introduction: The Welfare Lesson from the Great Recession |
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7.1. |
The Social Investment Life-Course Multiplier Effect |
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7.2. |
A Golden Social Investment Rule in the Stability and Growth Pact |
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7.3. |
A New Deal for Social Europe: Boosting Social Infrastructure |
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7.4. |
How to Invest in Social Infrastructure to Fill the Gap? The Creation of a European Fund for Social Infrastructure |
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7.5. |
Firms or Markets in Infrastructure Financing |
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7.6. |
The Role of State Investment Banks (SIBs) in Financing Social Infrastructure in the European Union |
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7.7. |
The Concept of “Public Value” and the Role of Social Action |
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7.8. |
How Social Investment and Social Infrastructure is Part of Public Value |
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7.9. |
The Need for Mission-Oriented State Investment Banks |
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7.10. |
Closing Remarks |
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References |
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8. |
From Trans-European (Ten-T) to Trans-Global (Twn-T) Transport Infrastructure Networks. A Conceptual Framework |
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8.1. |
The Trans-European Transport Network and its Evolution (1996–2013) |
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8.2. |
Demand for New Connectivity: Europe’s Economic, Social and Political Integration in a Global Context |
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8.2.1. |
The growing importance of the extra-EU markets |
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8.2.2. |
Asia’s central role in the global economy and trade |
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8.2.3. |
The potential of “MENA (Middle East and North Africa) shores” and the Mediterranean Sea basin |
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8.2.4. |
The shift of the European economy’s centre of gravity to the East |
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8.2.5. |
Consequences for the EU transport infrastructure policy |
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8.3. |
Dealing with the Disruption of the Worldwide Maritime Freight Transport Network and its Infrastructure |
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8.4. |
Dovetailing the EU Ten-T Infrastructure Policy with the Chinese Belt and Road Initiative (BRI) |
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8.5. |
Assessing the Systemic Impact of Transport Infrastructure: Some Novel Analytical Tools and Approaches |
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8.6. |
Some Concluding Remarks |
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References |
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9. |
Ecological Transition |
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Introduction |
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9.1. |
The Importance of Carbon Accounting |
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9.2. |
The Emergence of “ESG” ratings |
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9.3. |
Mitigation: Decarbonization of Energy and Transport |
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9.3.1. |
Energy |
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9.3.2. |
Transport |
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9.4. |
Adaptation: Physical and Social Infrastructure |
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9.5. |
Remediation: Negative Emissions Technologies and Climate Engineering |
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9.6. |
Conclusions and Recommendations |
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References |
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10. |
The Contribution of European Cohesion Policy to Public Investment |
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Introduction |
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10.1. |
European Cohesion Policy: An Overview |
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10.2. |
The Geography of ERDF and CF Expenditures |
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10.3. |
The Impact of Cohesion Policy on Public Investment |
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10.4. |
Regional Convergence and Spillovers |
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10.5. |
Summary and Conclusions |
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References |
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List of Illustrations |
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List of Tables |