THE BASIC PUBLIC FINANCE OF PUBLIC–PRIVATE PARTNERSHIPS

摘要: Public–private partnerships (PPPs) have been justified because they release public funds or save on distortionary taxes. However, the resources saved by a government that does not finance upfront investment are offset giving up future revenue flows to concessionaire. If PPP can be efficiency grounds, contract optimally balances demand risk, user-fee distortions, and opportunity cost of has minimum guarantee cap. The optimal implemented via competitive auction with reasonable informational requirements. guarantees, sharing agreements, mechanisms different from those observed in real world. In particular, duration is shorter states where cap binds. These results also implications for budgetary accounting PPPs, as show their fiscal impact resembles provision, rather than privatization.