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The Effects of the Financial Crisison Public-Private Partnerships

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  • International Monetary Fund
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    Abstract

    The paper investigates the impact of the global financial crisis on public-private partnerships (PPPs) and the circumstances under which providing support to new and existing projects is justified. Based on country evidence, cost of and access to finance are found to be the main channels of transmission of the financial crisis, affecting in particular pipeline PPP projects. Possible measures to help PPPs during the crisis include contract extensions, output-based subsidies, revenue enhancements and step-in rights. To limit government''s exposure to risk, while preserving private partner''s efficiency incentives, intervention measures should be consistent with the wider fiscal policy stance, be contingent on specific circumstances, and be adequately costed and budgeted. Governments should be compensated for taking on additional risk.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=23065
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/144.

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    Length: 24
    Date of creation: 01 Jul 2009
    Date of revision:
    Handle: RePEc:imf:imfwpa:09/144

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    Related research

    Keywords: Public investment; Credit risk; Financial risk; Risk management; private sector participation; ppp; telecoms;

    This paper has been announced in the following NEP Reports:

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    1. Estache, Antonio & Juan, Ellis & Trujillo, Lourdes, 2007. "Public-private partnerships in transport," Policy Research Working Paper Series 4436, The World Bank.
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    Cited by:
    1. Tsamboulas, D. & Verma, A. & Moraiti, P., 2013. "Transport infrastructure provision and operations: Why should governments choose private–public partnership?," Research in Transportation Economics, Elsevier, vol. 38(1), pages 122-127.
    2. Carmona, Miguel, 2010. "The regulatory function in public-private partnerships for the provision of transport infrastructure," Research in Transportation Economics, Elsevier, vol. 30(1), pages 110-125.
    3. repec:idb:brikps:55178 is not listed on IDEAS

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