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dc.contributor.authorEngel, Eduardo M. R. A.en_US
dc.contributor.authorFischer, Ronald D.en_US
dc.contributor.authorGaletovic, Alexanderen_US
dc.date.accessioned2011-05-04T08:19:25Z-
dc.date.available2011-05-04T08:19:25Z-
dc.date.issued2010en_US
dc.identifier.citationEIB Papers 0257-7755 15 2010 1 40-69en_US
dc.identifier.urihttp://hdl.handle.net/10419/45373-
dc.description.abstractWe examine the economics of infrastructure finance, focusing on public provision and Public-Private Partnerships (PPPs). We show that project finance is appropriate for PPP projects, because there are few economies of scope and because assets are project specific. Furthermore, we suggest that the higher cost of finance of PPPs is not an argument in favour of public provision, since it appears to reflect the combination of deficient contract design and the cost-cutting incentives embedded in PPPs. Thus, in the case of a correctly designed PPP contract, the higher cost of capital may be the price to pay for the efficiency advantages of PPPs. We also examine the role of government activities in PPP financing (e.g. revenue guarantees, renegotiations) and their consequences. Finally, we discuss how to include PPPs, revenue guarantees and the results of PPP contract renegotiation in the government balance sheet.en_US
dc.language.isoengen_US
dc.subject.ddc330en_US
dc.titleThe economics of infrastructure finance: Public-private partnerships versus public provisionen_US
dc.typeArticleen_US
dc.identifier.ppn657028975en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:EIB Papers, European Investment Bank (EIB)

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