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Project finance in local public services: little finance and little project?

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Author Info
Chiara Bentivogli () (Banca d'Italia)
Eugenia Panicara () (Banca d'Italia)
Alfredo Tidu () (Banca d'Italia)
Abstract

This paper analyzes the potential and the limits of project finance for the provision of local public services and compares them with alternative instruments in the light of current regulation. The main requirements for project finance, even in non “pure” forms, to justify its complex network of contracts, appear to be the presence of synergies between construction and service provision, the allocation of a substantial part of market risk to the private partner, and infrastructure that is large in scale. The available data and a survey carried out in the Emilia-Romagna region show that instruments similar to project finance are widespread in local public services. Yet the actual features of public finance in Italy seem to be far from those that would normally justify its use. The main reason for using project financing has often been to avoid an immediate and direct financial burden to the public administration or to bypass overly rigid rules in the public management of some services.

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File URL: http://www.bancaditalia.it/pubblicazioni/econo/quest_ecofin_2/qef25/QEF_25.pdf
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Publisher Info
Paper provided by Bank of Italy, Economic Research Department in its series Questioni di Economia e Finanza (Occasional Papers) with number 25.

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Date of creation: Sep 2008
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Handle: RePEc:bdi:opques:qef_25_08

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Related research
Keywords: project finance; local public services; infrastructure; risk allocation;

Find related papers by JEL classification:
D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
H44 - Public Economics - - Publicly Provided Goods - - - Publicly Provided Goods: Mixed Markets
H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
H76 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Other Expenditure Categories
L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Boundaries of Public and Private Enterprise; Privatization; Contracting Out
L90 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - General

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