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Public-Private Partnerships in Europe - Before and During the Recent Financial Crisis

Author

Listed:
  • Kappeler, Andreas

    () (European Investment Bank, Economic and Financial Studies)

  • Nemoz, Mathieu

    () (European Investment Bank)

Abstract

This paper offers an updated description of the macroeconomic and sectoral significance of PPPs in Europe - without assessing PPPs from a normative perspective. Builidng on Blanc-Brude et al. (2007), it looks at the evolution of PPPs in the EU, with a particular focus on the recent financial crisis. In 2009, PPP transactions stood at EUR 15.8 billion; a decrease of almost 50% compared to 2007. The total value of closed deals has declined more than the number of deals. At the same time, the PPP market in Europe continues to diversify across countries and sectors. In 2008, the UK share in the total number of EU-PPPs fell below 50%. In many respects, however, the reduction in the European PPP market observed during the financial crisis can be seen as a reversal of an extraordinary spike in the years preceding the crisis.

Suggested Citation

  • Kappeler, Andreas & Nemoz, Mathieu, 2010. "Public-Private Partnerships in Europe - Before and During the Recent Financial Crisis," Economic and Financial Reports 2010/4, European Investment Bank, Economics Department.
  • Handle: RePEc:ris:eibefr:2010_004
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    References listed on IDEAS

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    1. Blanc-Brude, Frederic & Goldsmith, Hugh & Valila, Timo, 2007. "Public-Private Partnerships In Europe: An Update," Economic and Financial Reports 2007/3, European Investment Bank, Economics Department.
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    Cited by:

    1. Minsoo Lee & Xuehui Han & Raymond Gaspar & Emmanuel Alano, 2018. "Deriving Macroeconomic Benefits from Public–Private Partnerships in Developing Asia," Working Papers id:12888, eSocialSciences.
    2. David Martimort & Flavio Menezes & Myrna Wooders & ELISABETTA IOSSA & DAVID MARTIMORT, 2015. "The Simple Microeconomics of Public-Private Partnerships," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 17(1), pages 4-48, February.
    3. Copiello, Sergio, 2015. "Achieving affordable housing through energy efficiency strategy," Energy Policy, Elsevier, vol. 85(C), pages 288-298.
    4. Krzysztof Wasowski, 2013. "Analiza wspolpracy sektora publicznego z doradcami zewnetrznymi w realizacji projektow w systemie koncesyjnym oraz w formie partnerstwa publiczno-prywatnego w Polsce (Analysis of public sector coopera," Problemy Zarzadzania, University of Warsaw, Faculty of Management, vol. 11(43), pages 136-155.
    5. Lopes, Luís & Antunes, Margarida, 2016. "From budgetary instrument to the budgetary objective: The Portuguese case," IPE Working Papers 79/2016, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    6. Daniela Baleva, 2013. "Public-private partnership dynamics," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 136-148.
    7. Rosalba Cori & Cristina Giorgiantonio & Ilaria Paradisi, 2010. "Risk allocation and incentives for private contractors: an analysis of Italian project financing contracts," Questioni di Economia e Finanza (Occasional Papers) 82, Bank of Italy, Economic Research and International Relations Area.
    8. Elisabetta Iossa & David Martimort, 2011. "The Theory of Incentives Applied to the Transport Sector," Chapters, in: André de Palma & Robin Lindsey & Emile Quinet & Roger Vickerman (ed.),A Handbook of Transport Economics, chapter 29, Edward Elgar Publishing.
    9. Athena Roumboutsos & Ancor Suárez Alemán & Robert Ågren, 2017. "Construction firms in public–private partnerships: a place to grow," Construction Management and Economics, Taylor & Francis Journals, vol. 35(10), pages 627-640, October.
    10. Burke, Richard & Demirag, Istemi, 2015. "Changing perceptions on PPP games: Demand risk in Irish roads," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 27(C), pages 189-208.
    11. Athena Roumboutsos & Aristeidis Pantelias, 2015. "Allocating Revenue Risk in Transport Infrastructure Public Private Partnership Projects: How it Matters," Transport Reviews, Taylor & Francis Journals, vol. 35(2), pages 183-203, March.
    12. Khusainov, Ruslan, 2014. "Державно-Приватне Партнерство В Системі Вищої Освіти України [Public-Private Partnership In Higher Education System Of Ukraine]," MPRA Paper 64056, University Library of Munich, Germany, revised 04 Aug 2014.
    13. Fabrizio Balassone (editor), 2012. "The efficiency of infrastructure spending," Workshop and Conferences 10, Bank of Italy, Economic Research and International Relations Area.
    14. Carlos Contreras & Julio Angulo, 2017. "Valuing Governmental Support in Road PPPs," Hacienda Pública Española / Review of Public Economics, IEF, vol. 223(4), pages 37-66, December.
    15. Alexander Eck & Joachim Ragnitz & Simone Scharfe & Christian Thater & Bernhard Wieland, 2015. "Öffentliche Infrastrukturinvestitionen: Entwicklung, Bestimmungsfaktoren und Wachstumswirkungen," ifo Dresden Studien, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 72.
    16. Andrea Sartori, 2013. "I project bond in Italia: problemi e prospettive," CRANEC - Working Papers del Centro di Ricerche in Analisi economica e sviluppo economico internazionale crn1303, Università Cattolica del Sacro Cuore, Centro di Ricerche in Analisi economica e sviluppo economico internazionale (CRANEC).
    17. Domingues, Sérgio & Sarmento, Joaquim Miranda, 2016. "Critical renegotiation triggers of European transport concessions," Transport Policy, Elsevier, vol. 48(C), pages 82-91.
    18. Nikolić, Ana & Roumboutsos, Athena & Stanković, Jelena Ćirilović & Mladenović, Goran, 2020. "Has the latest global financial crisis changed the way road public-private partnerships are funded? A comparison of Europe and Latin America," Utilities Policy, Elsevier, vol. 64(C).
    19. Cruz, Carlos Oliveira & Sarmento, Joaquim Miranda, 2018. "The price of project finance loans for highways," Research in Transportation Economics, Elsevier, vol. 70(C), pages 161-172.
    20. Revoltella, Debora & Brutscher, Philipp-Bastian & Tsiotras, Alexandra & Weiss, Christoph, 2016. "Infrastructure investment in Europe and international competitiveness," EIB Working Papers 2016/01, European Investment Bank (EIB).
    21. Zhang, Zitao (Arthur) & Durango-Cohen, Pablo L., 2012. "A strategic model of public–private partnerships in transportation: Effect of taxes and cost structure on investment viability," Research in Transportation Economics, Elsevier, vol. 36(1), pages 9-18.
    22. Inácia Pimentel & Miguel St.Aubyn & Nuno Ribeiro, 2017. "The impact of investment in Public Private Partnerships on Public, Private investment and GDP in Portugal," Working Papers Department of Economics 2017/13, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    23. Carlos Fernandes & Miguel Ferreira & Filipe Moura, 2016. "PPPs — True Financial Costs and Hidden Returns," Transport Reviews, Taylor & Francis Journals, vol. 36(2), pages 207-227, March.

    More about this item

    Keywords

    Public-Private Partnerships; Europe; PPP;

    JEL classification:

    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out
    • R42 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics - - - Government and Private Investment Analysis; Road Maintenance; Transportation Planning

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