Macroeconomic Dimensions of Public-Private Partnerships

Macroeconomic Dimensions of Public-Private Partnerships
Author :
Publisher : International Monetary Fund
Total Pages : 49
Release :
ISBN-10 : 9781484307700
ISBN-13 : 1484307704
Rating : 4/5 (704 Downloads)

Book Synopsis Macroeconomic Dimensions of Public-Private Partnerships by : Mr.Edward F. Buffie

Download or read book Macroeconomic Dimensions of Public-Private Partnerships written by Mr.Edward F. Buffie and published by International Monetary Fund. This book was released on 2016-03-24 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: The voluminous literature comparing public-private partnerships (P3s) and own-investment (OI) by the public sector is dominated by contributions from microeconomic theory. This paper gives macroeconomics a voice in the debate by investigating the repercussions of P3 vs. OI in a dynamic general equilibrium model featuring private capital accumulation and involuntary unemployment with efficiency wages. Typically P3s cost more but produce higher-quality infrastructure and boast a better on-time completion record than OI; consequently, they are comparatively more effective in reducing underinvestment in private capital, underinvestment in infrastructure, unemployment and poverty. The asymmetric impact on macro externalities raises the social return in the P3 2 - 9 percentage points relative to the social return to OI, depending on whether the externalities operate singly or in combination and on whether P3 enjoys an advantage in speed of construction.


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