27.05.2020 - 14:50

New Publication by Werner Pascha

The quest for infrastructure development from a “market creation” perspective:

China’s “Belt and Road”, Japan’s “Quality Infrastructure” and the EU’s “Connecting Europe and Asia”. In: International Economics and Economic Policy, Issue 3/2020.

In the new paper, initiatives like China’s Belt and Road Initiative, Japan’s Partnership for Quality Infrastructure and the EU’s “Connecting Europe and Asia: Building blocks for an EU Strategy” are interpreted as the creation and development of a new market, whose characteristics like the complexity of its idiosyncratic product(s), its properties as an international public good and its oligopolistic supply structure create interesting and sometimes underrated insights. Interpretating the interaction of initiatives as an evolving oligopolistic structure, a chaotic competitive process has so far been avoided, and the contest actually has the potential to evolve towards superior solutions, raising the quality of such initiatives. The paper is scheduled for Issue 3 of the 2020 volume of International Economics and Economic Policy, but can already be accessed online: https://rdcu.be/b4o7W .