Lewis, Christopher M.Mody, Ashoka2012-08-132012-08-131998-08https://hdl.handle.net/10986/11538Government guarantees for private infrastructure projects represent real liabilities, and their costs can average as much as a third of the amount guaranteed. The authors show how governments can use a risk valuation process to analyze the distribution of risks, decide which risks they should bear and which should be borne by the private sector, and reduce the frequency and size of calls on guarantees.CC BY 3.0 IGOAGENTSAPPLICATIONSCENTRAL GOVERNMENTCOMMISSIONSCONTINGENT LIABILITIESCONTINGENT VALUATIONCONTINGENT VALUATION METHODCOVERAGEDEREGULATIONFISCAL POLICIESFISCAL POLICYINSURANCELOCAL GOVERNMENTSMARKET RISKPRIVATE INFORMATIONPRIVATE SECTORPROGRAMSRATESRESERVESRISK ASSESSMENTRISK MANAGEMENTRISK SHARINGRISK TRANSFERSUBSIDIARYUNDERWRITING RISK MANAGEMENTCONTINGENT LIABILITYINFRASTRUCTURE PROJECTSGOVERNMENT GUARANTEESPRIVATE INVESTMENTSVALUATIONRISK AVERSIONGOVERNMENT REGULATIONCOMMERCIAL RISKSCOST OVERRUNSRISK SHARINGRISK ALLOCATIONRISK ASSESSMENTREVENUE SHARINGCONTRACT FORMULATIONCONTRACT OPTIONSWorld Bank10.1596/11538