کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5078602 1477352 2009 11 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Public-private partnerships and the privatization of financing: An incomplete contracts approach
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Public-private partnerships and the privatization of financing: An incomplete contracts approach
چکیده انگلیسی
Governments have begun to embrace public-private partnerships (P3s) as vehicles for providing public services. This paper considers the controversial question of when private financing of public projects is optimal. Private development can dominate public financing through more efficient termination decisions for bad projects, resolving soft budget constraint problems. Due to contractual incompleteness and externalities, on the other hand, private developers cannot commit to large debt repayments, and hence can finance only a subset of valuable projects. Public developers, who do not face the same commitment problems, can finance a larger set of projects.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Journal of Industrial Organization - Volume 27, Issue 3, May 2009, Pages 358-368
نویسندگان
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