Daniel Díaz-Fuentes and Julio Revuelta

Financing utilities: How the role of the European Investment Bank shifted from regional development to making markets

UIn the face of continuing financial and economic crises, the European Investment Bank (EIB) has been criticized for being overly-conservative in its loans to Europe. Critics in particular have called on the EIB to vastly increase its investment in utilities as a counter-cyclical measure. To take stock and, in order toevaluate the role of the EIB in financing utilities over time, we compile and analyze an original database of all EIB utilities project loans from 1958 to 2004.


Utilities Policy

The political economy of telecoms and electricity internationalization in the single market

As a consequence of liberalization policies in the European Union (EU), a number of formerly inward-looking incumbents in telecommunications and electricity transformed themselves into some of the world's leading multinationals. The relationship between liberalization and incumbent internationalization, however, is contested. Three political economy arguments on this relationship are tested. The first claims that incumbents most exposed to domestic liberalization would internationalize most.




Facultad de Ciencias Económicas y Empresariales
University of Cantabria
39005 Cantabria



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