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Determinants of Public-Private Partnerships in Infrastructure

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  • Etienne B. Yehoue
  • Mona Hammami
  • Jean-François Ruhashyankiko
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    Abstract

    This paper presents an empirical analysis of the cross-country and cross-industry determinants of public-private partnership (PPP) arrangements. We find that PPPs tend to be more common in countries where governments suffer from heavy debt burdens and where aggregate demand and market size are large. Our findings also suggest that macroeconomic stability is essential for PPPs. We provide evidence on the importance of institutional quality, where less corruption and effective rule of law are associated with more PPP projects. PPPs are also more prevalent in countries with previous PPP experiences. At the industry level, we find that PPP determinants vary across industries depending on the nature of public infrastructure, capital intensity, and technology required. We also find that private participation in PPP projects depends on the expected marketability, the technology required, and the degree of "impurity" of the goods or services.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 06/99.

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    Length: 39
    Date of creation: 01 Apr 2006
    Date of revision:
    Handle: RePEc:imf:imfwpa:06/99

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    Related research

    Keywords: Investment policy; ppp; telecommunication sector; telecommunications; private sector participation; toll roads; civil engineering; management contracts; purchasing power parity;

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    References

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    1. Author-Name: Jeffrey D. Sachs & John W. McArthur & Guido Schmidt-Traub & Margaret Kruk & Chandrika Bahadur & Michael Faye & Gordon McCord, 2004. "Ending Africa's Poverty Trap," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 35(1), pages 117-240.
    2. Wacziarg, Romain & Alesina, Alberto & Devleeschauwer, Arnaud & Easterly, William & Kurlat, Sergio, 2002. "Fractionalization," Research Papers, Stanford University, Graduate School of Business 1744, Stanford University, Graduate School of Business.
    3. RAFAEL LaPORTA & FLORENCIO LOPEZ-de-SILANES & ANDREI SHLEIFER & ROBERT W. VISHNY, . "Legal Determinants of External Finance,"," CRSP working papers, Center for Research in Security Prices, Graduate School of Business, University of Chicago 324, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
    4. Timothy Besley & Maitreesh Ghatak, 2001. "Government Versus Private Ownership Of Public Goods," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 116(4), pages 1343-1372, November.
    5. Baqir, Reza & Easterly, William & Alesina, Alberto, 1999. "Public Goods and Ethnic Divisions," Scholarly Articles 4551797, Harvard University Department of Economics.
    6. Katharina Pistor & Martin Raiser & Stanislaw Gelfer, 2000. "Law and Finance in Transition Economies," The Economics of Transition, The European Bank for Reconstruction and Development, The European Bank for Reconstruction and Development, vol. 8(2), pages 325-368, July.
    7. Dailami, Mansoor & Klein, Michael, 1998. "Government support to private infrastructure projects in emerging markets," Policy Research Working Paper Series 1868, The World Bank.
    8. Ehrhardt, David & Irwin Timothy, 2004. "Avoiding customer and taxpayer bailouts in private infrastructure projects : Policy toward leverage, risk allocation, and bankruptcy," Policy Research Working Paper Series 3274, The World Bank.
    9. Katharina Pistor & Martin Raiser & Stanislav Gelfer, 2000. "Law and finance in transition economies," Working Papers, European Bank for Reconstruction and Development, Office of the Chief Economist 48, European Bank for Reconstruction and Development, Office of the Chief Economist.
    10. Vuong, Quang H, 1989. "Likelihood Ratio Tests for Model Selection and Non-nested Hypotheses," Econometrica, Econometric Society, Econometric Society, vol. 57(2), pages 307-33, March.
    11. Katharina Pistor & Martin Raiser & Stanislaw Gelfer, 2000. "Law and Finance in Transition Economies," CID Working Papers, Center for International Development at Harvard University 49, Center for International Development at Harvard University.
    12. Beck, Thorsten & Clarke, George & Groff, Alberto & Keefer, Philip & Walsh, Patrick, 2000. "New tools and new tests in comparative political economy - the database of political institutions," Policy Research Working Paper Series 2283, The World Bank.
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    Cited by:
    1. Kleimeier, Stefanie & Versteeg, Roald, 2010. "Project finance as a driver of economic growth in low-income countries," Review of Financial Economics, Elsevier, Elsevier, vol. 19(2), pages 49-59, April.
    2. Elisabetta Iossa & David Martimort, 2009. "The Theory of Incentives Applied to the Transport Sector," The Centre for Market and Public Organisation, Department of Economics, University of Bristol, UK 09/210, Department of Economics, University of Bristol, UK.
    3. Elisabetta Iossa & David Martimort, 2008. "The Simple Micro-Economics of Public-Private Partnerships," CEIS Research Paper, Tor Vergata University, CEIS 139, Tor Vergata University, CEIS, revised 15 Feb 2013.
    4. Galilea, Patricia & Medda, Francesca, 2010. "Does the political and economic context influence the success of a transport project? An analysis of transport public-private partnerships," Research in Transportation Economics, Elsevier, Elsevier, vol. 30(1), pages 102-109.
    5. Daniel Artana & Ramiro Moya, 2008. "Financiamiento de la Infraestructura en la Argentina: lo que dejó la crisis macroeconómica," Working Papers 97, FIEL.
    6. Chang, Zheng, 2013. "Public–private partnerships in China: A case of the Beijing No.4 Metro line," Transport Policy, Elsevier, vol. 30(C), pages 153-160.
    7. Geddes, R. Richard & Wagner, Benjamin L., 2013. "Why do U.S. states adopt public–private partnership enabling legislation?," Journal of Urban Economics, Elsevier, vol. 78(C), pages 30-41.
    8. Phang, Sock-Yong, 2007. "Urban rail transit PPPs: Survey and risk assessment of recent strategies," Transport Policy, Elsevier, vol. 14(3), pages 214-231, May.
    9. Andrea MAIRATE & Francesco ANGELINI, 2006. "Cost-benefit analysis and EU cohesion policy," Departmental Working Papers, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano 2006-34, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    10. Elisabetta Iossa & Federico Antellini Russo, 2008. "Potenzialità e criticità del Partenariato Pubblico Privato in Italia," Rivista di Politica Economica, SIPI Spa, SIPI Spa, vol. 98(3), pages 125-158, May-June.

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