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Privately Financed Capital in Public Services

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  • Heald, David
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    Abstract

    Recent changes in UK policy, notably the retirement of the 1981 Ryrie rules, presage a substantial increase in the use of private finance for public sector projects. The most important features of the relaxations of 1989 and 1992 relate to: successive modifications of the value-for money tests, notably, in connection with removing the requirement for a systematic comparison with a hypothetical publicly financed project (e.g., when the private sector can be directly remunerated by user tolls); less stringent rules on leasing; and allowing private borrowing on the security of Exchequer-funded assets. The crucial issues are identified to be: the extent of private finance and the implications for macroeconomic indicators; whether the hypothesized operational efficiency gains are sufficient to offset higher financing costs; whether risk is genuinely transferred to the private sector; and whether risk ought to be transferred to the private sector. Copyright 1997 by Blackwell Publishers Ltd and The Victoria University of Manchester

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    Bibliographic Info

    Article provided by University of Manchester in its journal The Manchester School of Economic & Social Studies.

    Volume (Year): 65 (1997)
    Issue (Month): 5 (December)
    Pages: 568-98

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    Handle: RePEc:bla:manch2:v:65:y:1997:i:5:p:568-98

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    Cited by:
    1. Magazzino, Cosimo, 2009. "Wagner's law in Italy: empirical evidence from 1960 to 2008," MPRA Paper 25526, University Library of Munich, Germany.
    2. Malcom SAWYER, 2009. "Public private partnerships, the levels of public investment and the New Member States," Departmental Working Papers 2009-32, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    3. John Hall, 1998. "Private opportunity, public benefit?," Fiscal Studies, Institute for Fiscal Studies, vol. 19(2), pages 121-140, May.
    4. Froud, Julie, 2003. "The Private Finance Initiative: risk, uncertainty and the state," Accounting, Organizations and Society, Elsevier, vol. 28(6), pages 567-589, August.
    5. Robert Bain, 2010. "Public sector comparators for UK PFI roads: inside the black box," Transportation, Springer, vol. 37(3), pages 447-471, May.

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