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Partenariats public-privé, crise financière et refinancement

Author

Listed:
  • Nicolas Dupas

    (Caisses des Dépôts et Consignations - CDC - Caisse des dépôts et consignations (France))

  • Frédéric Marty

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique, OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Arnaud Voisin

    (Caisses des Dépôts et Consignations - CDC - Caisse des dépôts et consignations (France))

Abstract

PPP contracts are one of the main tools of current recovery and reinvestment policies, mostly because they have limited short term effect on public accounts. However, their financial model has been challenged by the economic crisis: based on high leveraged financing, in order to limit costs, they have been facing a less favourable economic context, characterised by higher interest rates and shorter term loans that can't match the contracts' duration. The latter, also known as mini-perms, entail refinancing operations that can unbalance risk allocation between the public and private partners. Taking this financial risk into account can lead public purchasing authorities to require higher levels of equity, thus increasing the financing cost of the projects and limiting their value for money.

Suggested Citation

  • Nicolas Dupas & Frédéric Marty & Arnaud Voisin, 2010. "Partenariats public-privé, crise financière et refinancement," SciencePo Working papers Main hal-00464397, HAL.
    • Handle: RePEc:hal:spmain:hal-00464397
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    Cited by:

    1. Thierry Alquier & Michel Cros & Sophie Cros & Guillaume Farde & Patrice Faure & Bertrand Pauvert & Jérémie Valloton, 2016. "Sur les traces de l'armée de l'Intérieur : état des lieux de la sécurité civile française depuis sa création à nos jours," Post-Print hal-01397392, HAL.

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