|Generate QR code
Open Access
Subscription Access
Determinants of the public-private partnership’ use: An empirical analysis
https://doi.org/10.32609/0042-8736-2021-7-107-122
Abstract
Using the Heckman procedure with the data of the European Investment Bank on investment projects implemented on the principles of PPP, the paper identifies factors that are significant for the development of PPP. In particular, the use of PPP turned out to be most sensitive to the maturity of economic development, as well as to the state’s budgetary constraints, which do not allow building all the necessary infrastructure for providing public goods at the expense of the budget. At the same time, there has been found no statistically stable relationship between the institutional environment and the implementation of PPP projects, which may be so due to the quality of the sample — for developing countries, the importance of institutional environment factors, as well as macroeconomic stability, would most likely be more obvious.
About the Authors
S. G. Belev
Russian Presidential Academy of National Economy and Public Administration;
Gaidar Institute for Economic Policy
Russian Federation
Russian Federation
Sergey G. Belev
Moscow
K. V. Vekerle
Russian Presidential Academy of National Economy and Public Administration
Russian Federation
Russian Federation
Konstantin V. Vekerle
Moscow
I. A. Sokolov
Russian Presidential Academy of National Economy and Public Administration
Russian Federation
Russian Federation
Ilia A. Sokolov
Moscow
References
1. Checherita Cristina D. (2009). A Macroeconomic Analysis of Investment Under Public-Private Partnerships and its Policy Implications - the Case of Developing Countries. George Manson University, pp. 110-120.
2. Cornes R. and Sandler T. (1996). The Theory of Externalities, Public Goods and Club Goods. New York: Cambridge University Press, pp. 100-104.
3. Engel E., Fischer R. and Galetovic A. (2014). The Economics of Public-Private Partnerships: A Basic Guide. Cambridge: Cambridge University Press, pp. 35-45. https://doi.org/10.1080/01446193.2015.1050965
4. Ménard C. (2004). Is Public-Private Partnership Obsolete? Assessing the Obstacles and Shortcomings of PPP. Piet de Vries et Etienne B. Yehoue. The Routledge Companion to Public-Private Partnerships, Routledge, pp.149-174.
5. Williamson Ol. (1985). The Economic Institutions of Capitalism. New York: The Free Press, pp. 240-250.
6. Williamson Ol. (1996). The Mechanisms of Governance. New York: Oxford University Press, pp. 183-191. https://doi.org/10.2307/2329573
7. Журналы, газеты и другие периодические издания (Working Paper Series)
8. Bernardin A., Hemming R. and Schwartz G. (2007). Public Investment and Public-Private Partnerships. Economic Issues № 40.
9. Beck T., Demirguc-Kunt As. (2005). Law and Firms' Access to Finance,. American Law and Economics Review. Oxford University Press, Vol. 7(1), pp.211-252. https://doi.org/10.1596/1813-9450-3194
10. Besley T. and Ghatak M. (2001). Government Versus Private Ownership of Public Goods. The Quarterly Journal of Economics, Vol.116 (4), pp.1343–1372. https://doi.org/10.1162/003355301753265598
11. Deaton An. and Heston Al. (2010). Understanding PPPs and PPP-Based National Accounts. American Economic Journal: Macroeconomics, American Economic Association, Vol. 2(4), pр. 1-35.
12. Djankov S., McLiesh C., Shleifer An. (2007). Private credit in 129 countries. Journal of Financial Economics, Volume 84, Issue 2, pp. 299-329. https://doi.org/10.2139/ssrn.637301
13. Engel E., Fischer R. and Galetovic A. (2013). The Basic Public Finance Of Public-Private Partnerships. Journal of the European Economic Association, Vol. 11(1), pp.83-111. https://doi.org/10.2307/23355049
14. Engel E., Fischer R. and Galetovic A. (2020). When and How to Use Public-Private Partnerships in Infrastructure: Lessons From the International Experience. NBER Working Paper No. 26766, pp. 28-30.
15. Epple D. and Romano R. (2003). Collective Choice And Voluntary Provision Of Public Goods. International Economic Review, Vol. 44(2 May), pp.545-572. https://doi.org/10.1111/1468-2354.t01-1-00080
16. Fang H. and Norman P. (2010). Optimal Provision of Multiple Excludable Public Goods. American Economic Journal: Microeconomics. American Economic Association, Vol. 2(4), pp.1-37.
17. Guasch J.L., Laffont, J.J. and Straub, S. (2008). Renegotiation of concession contracts in Latin America: Evidence from the water and transport sectors. International Journal of Industrial Organization, Vol. 26(2), pp.421–442. https://doi.org/10.1016/j.ijindorg.2007.05.003
18. Hart O. (2003). Incomplete contracts and public ownership: remarks and an application to public-private partnerships. Economic Journal, №119, pp. 69-76. https://doi.org/10.2139/ssrn.388760
19. Heald D. (1997). Privately Financed Capital in Public Services. The Manchester school, Vol.65, pp.568–598.
20. Heckman J. (1979). Sample Selection Bias as a Specification Error. Econometrica, Vol. 47 (1), pp.153–161. https://doi.org/10.2307/1912352
21. Maskin E. and J. Tirole (2008). Public-Private Partnerships and Government Spending Limits. International Journal of Industrial Organization, Vol.26, pp.412–420. https://doi.org/10.1016/j.ijindorg.2007.05.004
22. Medina L. and Friedrich G. (2018). Shadow Economies Around the World: What Did We Learn Over the Last 20 Years? IMF Working Paper No. 18/17, pp. 25-45. https://doi.org/10.1016/j.ejpoleco.2004.10.002
23. Menard C. (2004). The Economics of Hybrid Organizations. Journal of Institutional and Theoretical Economics, Vol.160, pp.1-32. https://doi.org/10.1628/0932456041960605
24. Merrifield J. (1994). Factors that influence the level of underground government. Public Finance Quarterly, Vol. 22, № 4, pp.462-482.
25. Williamson Ol. (2002). The Theory of the Firm as Governance Structure: From Choice to Contract. Journal of Economic Perspectives, №16 (3), рр.171–195.
26. Wu X. and Malaluan N. (2007). A Tale of Two Concessionaires: A Natural Experiment of Water Privatisation in Metro Manila. Urban Studies, Vol.45(1), pp.207–229.
27. Интернет-документы (онлайн-журналы и порталы)
28. Tajeda-Ibanez M. (2013). Public-private partnerships and fiscal rules. Do the adoption and strength of numerical fiscal rules in Europe encourage the use of Public-private partnerships?. https://repository.library.georgetown.edu/bitstream/handle/10822/558616/TejadaIbanez_georgetown_0076M_12175.pdf?sequence=1
Supplementary files
Review
For citations:
Belev S.G., Vekerle K.V., Sokolov I.A. Determinants of the public-private partnership’ use: An empirical analysis. Voprosy Ekonomiki. 2021;(7):107-122. (In Russ.) https://doi.org/10.32609/0042-8736-2021-7-107-122
Views:
1094
Email this article 
