Publication:
Funding and Financing Infrastructure: The Joint Use of Public and Private Finance

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dc.contributor.authorMartimort, David
dc.contributor.authorFay, Marianne
dc.contributor.authorStraub, Stephane
dc.date.accessioned2018-06-28T15:54:33Z
dc.date.available2018-06-28T15:54:33Z
dc.date.issued2018-06
dc.description.abstractThe paper addresses the issue of the feasible level of private finance in a contracting model of infrastructure finding and financing. It characterizes the structure of financial contracts, deriving the conditions under which both public and private finance coexist. A key feature is that access to outside finance and the regulatory decision on pricing and the amount of public subsidy, hence the extent of price recovery, are jointly determined. Mobilizing private finance requires a combination of price for the service and subsidy to the service provider that is large enough, exacerbating the fundamental tensions between financial viability through cost recovery and social inclusion. The paper then shows that the feasibility trade-off responds in non-trivial ways to changes in the economic and institutional environment likely to occur along the development path. While improvements along some of these dimensions, notably in the efficiency of bankruptcy procedures, appear to ease access to private finance, others, such as the cost of public funds, actually makes public finance more efficient. Using project data from the PPI database including information on the financial structure, the authors uncover an inverse U-shaped pattern in the share of private finance, peaking for countries in the upper-middle income range, which echoes their theoretical findings.en
dc.identifierhttp://documents.worldbank.org/curated/en/176101530040441739/Funding-and-financing-infrastructure-the-joint-use-of-public-and-private-finance
dc.identifier.doi10.1596/1813-9450-8496
dc.identifier.urihttps://hdl.handle.net/10986/29949
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 8496
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectINFRASTRUCTURE FINANCE
dc.subjectPUBLIC FINANCE
dc.subjectPUBLIC-PRIVATE PARTNERSHIPS
dc.subjectSUBSIDIES
dc.subjectSOCIAL INCLUSION
dc.subjectACCESS TO FINANCE
dc.subjectPPI DATABASE
dc.titleFunding and Financing Infrastructureen
dc.title.subtitleThe Joint Use of Public and Private Financeen
dc.typeWorking Paperen
dc.typeDocument de travailfr
dc.typeDocumento de trabajoes
dspace.entity.typePublication
okr.crossref.titleFunding and Financing Infrastructure: The Joint-Use of Public and Private Finance
okr.date.disclosure2018-06-26
okr.doctypePublications & Research
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://documents.worldbank.org/curated/en/176101530040441739/Funding-and-financing-infrastructure-the-joint-use-of-public-and-private-finance
okr.guid176101530040441739
okr.identifier.doi10.1596/1813-9450-8496
okr.identifier.externaldocumentum090224b085cb99c8_2_0
okr.identifier.internaldocumentum30205031
okr.identifier.reportWPS8496
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/176101530040441739/pdf/WPS8496.pdfen
okr.statistics.combined4598
okr.statistics.dr176101530040441739
okr.statistics.drstats3657
okr.topicInfrastructure Economics and Finance::Infrastructure Economics
okr.topicInfrastructure Economics and Finance::Infrastructure Finance
okr.topicInfrastructure Economics and Finance::Private Participation in Infrastructure
okr.unitClimate Change Global Theme
relation.isAuthorOfPublication2211eb84-299d-5db8-af3d-2f2e5f70af9f
relation.isAuthorOfPublication.latestForDiscovery2211eb84-299d-5db8-af3d-2f2e5f70af9f
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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