When and How to Use Public-Private Partnerships in Infrastructure: Lessons from the International Experience, ,This chapter is a preliminary draft unless otherwise noted. It may not have been subjected to the formal review process of the NBER. This page will be updated as the chapter is revised.
Chapter in forthcoming NBER book Economic Analysis and Infrastructure Investment, Edward L. Glaeser and James M. Poterba, editors In the last 30 years public-private partnerships (PPPs) have emerged as a new organizational form to provide public infrastructure. Governments find them attractive because PPPs can be used to avoid fiscal check-and-balances and increase spending. At the same time, PPPs can lead to important efficiency gains, especially for transportation infrastructure. These gains include better maintenance, reduced bureaucratic costs, and filtering white elephants. For these gains to materialize, it is necessary to set up a governance structure that is more sophisticated than the governance of traditional infrastructure provision. The governance structure can be complemented with variable-term contracts that allocate demand risk efficiently. It should also avoid opportunistic renegotiations, which have been pervasive. The good news is that, based on the experience with PPPs over the last three decades, we have learnt how to cope with these challenges. This paper is available as PDF (1008 K) or via email
Machine-readable bibliographic record - MARC, RIS, BibTeX This chapter first appeared as NBER working paper w26766, When and How to Use Public-Private Partnerships in Infrastructure: Lessons From the International Experience, Eduardo Engel, Ronald D. Fischer, Alexander GaletovicCommentary on this chapter: Comment, Keith Hennessey |
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