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The Effects of the Financial Crisis on Public-Private Partnerships
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Author/Editor: |
Burger, Philippe | Tyson, Justin | Karpowicz, I. | Delgado Coelho, Maria |
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July 1, 2009 |
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Electronic Access: |
Free Full Text (PDF file size is 739KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.
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Summary: The paper investigates the impact of the global financial crisis on public-private partnerships (PPPs) and the circumstances under which providing support to new and existing projects is justified. Based on country evidence, cost of and access to finance are found to be the main channels of transmission of the financial crisis, affecting in particular pipeline PPP projects. Possible measures to help PPPs during the crisis include contract extensions, output-based subsidies, revenue enhancements and step-in rights. To limit government's exposure to risk, while preserving private partner's efficiency incentives, intervention measures should be consistent with the wider fiscal policy stance, be contingent on specific circumstances, and be adequately costed and budgeted. Governments should be compensated for taking on additional risk.
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Series: |
Working Paper No. 09/144 |
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Subject(s): |
Credit risk | Cross country analysis | Financial crisis | Financial risk | Fiscal policy | Private sector | Public enterprises | Public investment | Public sector | Risk management |
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Author's keyword(s): |
PPPs
| public investment
| financial crises
| value-for-money
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Published: |
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July 1, 2009 |
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Format: |
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Paper |
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Stock No: |
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WPIEA2009144 |
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Pages: |
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24 |
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Price: |
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US$18.00
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