We assembled a large panel of project-level technical and financial data, as well as country-level economic, institutional, and political variables to assess how political competition and policy insulation feasibility determine private participation in financing infrastructure in emerging...

This paper presents a model to assess the efficiency of the capital structure in public-private partnerships (PPP). A main argument supporting the PPP approach for investment projects is the transfer of managerial skills and know-how from the private partner to the investment vehicle. The paper...

Opportunism --- either governmental hold-up by unfair regulation and expropriation, or private monopoly pricing and investment and quality curbing --- is a powerful deterrent from successful-to-be public-private partnerships with large sunk investments and welfare externalities. The agents can...

This paper presents a rationale for hybrid public-private capital structures in public utilities. The public sector can borrow money cheaper, while private investors can spawn life-cycle cost savings. When investment vehicles enable the internalization of the financial advantage of the public...

The quality of goods provided by public utilities depends on infrastructure features and operational inputs. I compare the economic efficiency that results from price ceilings and minimum quality standards (i.e., compliance with environmental, chemical, and performance standards and norms)...

The paper describes three different public-private partnership schemes implemented in connection with toll motorways in Poland and the fiscal risks related to them. While A1 Motorway is a typical BOT with public subsidies, A4 Motorway bases on a concession model (also known as asset-exploitation...

We evaluate the direct employment effect of the public investment in key infrastructure—electricity, roads, schools and hospitals, and water and sanitation. Using rich firm-level panel data from 41 countries over 19 years, we estimate that US$1 million of public spending in infrastructure...

South Asia has experienced significant progress in improving human and physical capital over the past few decades. Within the region, India has become a global economic powerhouse with enormous development potential ahead. To foster human and economic development, India has shown a strong...

We evaluate the direct employment effect of the public investment in key infrastructure—electricity, roads, schools and hospitals, and water and sanitation. Using rich firm-level panel data from 41 countries over 19 years, we estimate that US$1 million of public spending in infrastructure...

Opportunism, either governmental or private, may become a powerful deterrent against public-private project financing, especially considering the scale of the investment in infrastructure. The parties can however secure themselves against opportunism of the counter-party by assigning the...