2018年-FSB全球金融稳定委员会_FSB_Survey_on_financing_and_regulation_over_the_life_cycle_of_infrastructure_projects_1页_189kb

FSB Survey on Financing and Regulation over the Life Cycle of Infrastructure Projects Summary

Core Content

This document provides responses to clarification questions regarding the FSB Survey on financing and regulation over the life cycle of infrastructure projects, which was initially published on 15 March 2018. The purpose of the clarification is to help respondents better understand the intent behind specific questions in the survey, particularly Questions 12 and 14, which focus on transmission channels of factors influencing infrastructure investment.

Main Questions and Clarifications

Question 12 and 14: Transmission Channels

• Purpose: The evaluation team seeks to understand how certain factors influence the volume or pricing of infrastructure activities.
• Clarification: These questions ask respondents to elaborate on the mechanisms (i.e., transmission channels) through which specific factors affect their infrastructure investment decisions.
• Examples of Transmission Channels:
  • Global search for yield: This factor may lead to a strategic shift in asset allocation, increasing the volume of infrastructure investments. Higher volume could potentially reduce return requirements due to diversification effects.
  • Currency mismatch: A mismatch between the currency of investment and the currency of cash flows may increase currency risk. This, in turn, could lead to higher hedging costs, which may increase return requirements.

Key Information

• Document Context: It is a supplementary guide to the original FSB Survey, aimed at improving the clarity and consistency of responses.
• Scope: It focuses on the factors that influence portfolio allocation toward infrastructure assets, and the mechanisms through which these factors operate.
• Non-Interpretative Nature: The document is not an official interpretation of the survey or other related documents but serves as a clarifying tool.
• Target Audience: Institutions that responded to the FSB Survey and are seeking to provide more detailed and accurate responses to Questions 12 and 14.

Summary of Key Points

• The FSB Survey explores how various factors impact infrastructure investment decisions.
• Questions 12 and 14 require respondents to explain the transmission channels—the pathways through which these factors influence investment volume or pricing.
• Examples of such channels include:
  • Yield-seeking behavior: Increased demand for yield may lead to higher infrastructure investment, potentially lowering required returns.
  • Currency risk: Currency mismatch can increase risk and hedging costs, thus raising return requirements.
• The clarification emphasizes the need for detailed background information on the most relevant factors for each institution.

This summary highlights the intent and structure of the document, which is to assist in the accurate interpretation and completion of the FSB Survey.