Infrastructures, Public Accounts and Public-Private Partnerships: Evidence from the Italian Local Administrations

Federico Antellini Russo, Roberto Zampino

Abstract


Public-Private Partnerships (PPPs) have been widely advocated as flexible contractual solutions enabling the public sector to profit from private firms innovative solutions for providing additional (possibly by increasing the infrastructural stock) and more valuable public services. Recently, however, practitioners and academics alike have cast doubts on a possible opportunistic use of PPPs: instead of an efficient option to fill infrastructural gaps across different social and economic areas, PPPs may be employed as a privileged way to face periods of fiscal consolidation or those on a tight budget. In order to shed some light on this suspicion, we construct an original dataset containing PPPs tender notice information, budget results of the Italian Municipalities aggregated at provincial level, per capita wealth, indexes of infrastructural stocks and morpho-demographic information on local areas. Our findings highlights i) a feeble linkage between the decision to deploy a PPP and the existence of an infrastructural gap, and ii) a strong relationship between the number of deployed PPP procedures and the local budgetary results.

Keywords


infrastructural gap, municipality finance, public-private partnerships

Full Text:

PDF

References


Bennett, J., & Iossa, E. (2002). Building and Managing Facilities for Public Services. Brunel University, mimeo. Paper presented at Royal Economic Society Annual Conference 2002

Bentz, A., Grout, P.A., & Halonen, M. (2002). Public Private Partnerships: what Should the State Buy? (CMPO Working Paper Series No. 01/40). Bristol, UK: University of Bristol, Centre for Market and Public Organisation.

Bing, L., Atinkoye, A., Edwards, P.J., & Hardcastle, C. (2005). The Allocation of Risk in PPP/PFI Construction Projects in the UK. International Journal of Project Management, 23(1), pp. 25-35.

Bult-Spiering, M., & Dewulf, G. (2007). Strategic Issues in Public-Private Partnerships. An International Perspective. Oxford, UK: Blackwell.

Cori, R., Giorgiantonio, C., & Paradisi, I. (2010). Allocazione dei Rischi e Incentivi per il Contraente Privato: unAnalisi delle Convenzioni di Project Financing in Italia. (Questioni di Economia e Finanza. Occasional papers n. 82). Roma: Banca dItalia.

Easterly, W., & Rebelo, S.T. (1993a). Marginal Income Tax Rates and Economic Growth in Developing Countries. European Economic Review, 37(2-3), pp. 409-417.

Easterly, W., & Rebelo, S.T. (1993). Fiscal Policy and Economic Growth. Journal of Monetary Economics, 32(3), pp. 417-458.

Easterly, W. (2001). The Lost Decades: Developing Countries Stagnation in Spite of Policy Reform. Journal of Economic Growth, 6(2), pp. 135-157.

EIB (2005). Evaluation of PPP Projects Financed by the EIB. European Investment Bank.

Engel, E., Fischer, R., & Galetovic, A. (2008). The Basic Public Finance of Public Private Partnerships. (Cowles Foundation Discussion Paper no. 1618). New Haven: Cowles Foundation for Research in Economics, Yale University.

Engel, E., Fischer, R., & Galetovic, A. (2009). Public Private Partnerships: when and How. (Documentos de Trabajo n. 257). Santiago: Centro de Economia Aplicada, Universidad de Chile.

Estache, A., Speciale, B., & Veredas, D. (2005). How Much Does Infrastructure Matter to Growth in Sub-Saharan Africa?

European Commission, (2008, April 12). Commission Interpretative Communication on the Application of Community Law on Public Procurement and Concessions to Institutionalised PPP (IPPP). Of.cial Journal of European Union, C 91/04.

Eurostat, (2004, February 11). New Decision of Eurostat on de.cit and debt Treatment of public-private partnerships. STAT/04/18.

Iossa, E., & Antellini Russo, F. (2008). Potenzialit`a del Partenariato a e Criticit`Pubblico Privato in Italia. Rivista di Politica Economica, V-VI, 125-158.

Iossa, E., & Martimort, D. (2008). The Simple Micro-Economics of Public-Private Partnerships. (CEIS Working Paper No. 139). Roma: Centre for Economic and International Studies.

Istituto Guglielmo Tagliacarne (2009). Atlante della Competitivit`a delle Province e delle Regioni.

Kappeler, A., & Nemoz, M. (2010). Public-Private Partnership in Europe -Before and During the Recent Financial Crisis. (Economic and Financial Report 2010/04). European Investment Bank.

Leidel, K., & Alfen, H.W. (2009). Life Cycle Oriented Risk Management for PPP-Projects in Public Real Estate. (WP presented at XVI Annual European Real Estate Society Conference in Stockholm).

Lippi, A. (2009). La Valutazione delle Politiche Pubbliche. Bologna: Il Mulino.

Loayza, N., Fajnzylber, P., & Calderon, C. (2004). Economic Growth in Latin America and the Caribbean: Stylized Facts, Explanations and Forecasts. (Documentos de Trabajo n. 265). Banco Central de Chile.

Martimort, D., & Pouyet, J. (2008). To Build or not to Build: Normative and Positive Theories of Public-Private Partnerships. International Journal of Industrial Organization, 26(2), 393-411.

Martiniello, L. (2009). La Misurazione del Value for Money nellEsperienza Italiana e Straniera: Analisi dei Rischi e PSC. (Documenti economico-.nanziari). Roma: UTFP.

Martiniello, L., & Zaino, A. (Eds.), (2009). Analisi delle Tecniche di Valutazione per la Scelta del Modello di Realizzazione dellIntervento: il Metodo del Public Sector Comparator e lAnalisi del Valore. Roma: AVCP & UTFP.

Maskin, E., & Tirole, J. (2008). Public-Private Partnership and Government Spending Limits. International Journal of Industrial Organization, 26(2), 412

Mori, P.A. (2010). Motivazioni Economiche e Processi Decisionali nella Finanza di Progetto. In G.F. Cartei, & M., Ricchi (Eds.), Finanza di progetto: temi e prospettive (pp. 517-540). Napoli: Edizioni Scienti.che Italiane.

Osservatorio Nazionale sul Project Financing (2005). Il Mercato del Partenariato Pubblico Privato nel 2004, Roma: CRESME.

Osservatorio Nazionale sul Project Financing (2006). Il Mercato del Partenariato Pubblico Privato nel 2005, Roma: CRESME.

Osservatorio Nazionale sul Project Financing (2007). Il Mercato del Partenariato Pubblico Privato nel 2006, Roma: CRESME.

Osservatorio Nazionale sul Project Financing (2008). Il Mercato del Partenariato Pubblico Privato nel 2007, Roma: CRESME.

RUEF (2010). Relazione Uni.cata sullEconomia e la Finanza Pubblica per il 2010. Ministero dellEconomia e delle Finanze.

Schwartz, G., Corbacho, A., & Funke, K. (eds.) (2008). Public Investment and Public-Private Partnerships. London: Palgrave Macmillan.

Shleifer, A. (1998). State versus Private Ownership. Journal of Economic Perspectives, 12(4), 133-150.

UTFP (2002). La Valutazione della Convenienza Economico-Finanziaria nella Realizzazione e Gestione degli Investimenti Pubblici con il Ricorso alla Finanza Privata. (Documenti Economico-Finanziari). Roma: UTFP.

UTFP (2006). Unit`a Tecnica Finanza di Progetto, Studio di Fattibilit`a -PPP procurement -Analisi dei rischi. Roma: UTFP.

UTPF (2007). UTFP: 100 Domande e Risposte, Documenti Economico-Finanziari. Roma: UTFP.

UTFP (2010). Partenariato Pubblico Privato in Italia. Stato dellArte, Futuro e Proposte. (Documenti Economico-Finanziari). Roma: UTFP.

UTFP (2011). Partenariato Pubblico Privato per la Realizzazione di Opere Pubbliche: lImpatto sulla Contabilit`a Nazionale e sul Debito Pubblico. (Documenti Economico-Finanziari). Roma: UTFP.

Van Garsee, S. (2008, August 30). Public-Private Partnerships, Concessions and Public Procurement Law. 3rd International Public Procurement Conference Proceedings.

Vecchi, V. (2009a). Il Project Finance per il Finanziamento degli Investimenti Pubblici. In F. Amatucci, F., Pezzani, & V., Vecchi (Eds.), Le Scelte di Finanziamento degli Enti Locali (pp. 197-241). Milano: Egea.

Vecchi, V. (2009b). Prospettive di Applicazione del Project Finance in Italia. In F. Amatucci, F., Pezzani, & V., Vecchi (Eds.), Le Scelte di Finanziamento degli Enti Locali (pp. 283-286). Milano: Egea.




DOI: http://dx.doi.org/10.5202/rei.v3i1.61



E-ISSN 2038-1379 -  2009-2024 University of Perugia