• Frontier research on Public-Private Partnerships

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    A couple of weeks ago, I took part in the workshop “Financing infrastructure in crisis times: How to gather the strengths of the public and the private sector to foster growth?“, at Paris School of Economics. Really nice stuff overall, including the panel discussion (a noteworthy exception to usual boring policy panels!).

    On the workshop’s website, you’ll find several recent contributions by some of the big names on the topic, including David Martimort (who is definitely the number one producer of top-notch theory on PPPs, co-author of 3 of the papers presented!), Elisabetta Iossa, Antonio Estache, and Eduardo Engel.

    A couple of applied theory papers that I liked:

    – On the link between contract completeness, risk allocation and provision of incentives when corruption is an issue: “Post-tender Corruption and Risk Allocation: Implications for Public Private Partnerships” by Elisabetta Iossa and David Martimort.

    – On the fact that efficiency gains under PPPs are the flip side of higher risk borne by the firm (thus qualifying the view that one should choose PPPs only if higher cost of debt is compensated by efficiency gains.): “Is There a PPP Interest Rate Premium?” by Eduardo Engel, Ronald Fisher and Alexander Galetovic .

    – The skeptic practicioner’s view by Antonio Estache: “Infrastructure Finance for Development: Too Much Cheap Talk, Too Little Action”.

    – Finally, let me mention my paper on the link between the choice of capital structure by project companies and the regulatory regime, with Alex Moore and Jean-Jacques Dethier. The paper is forthcoming in the Journal of Regulatory Economics.

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