Roundtable See all Roundtables

Public Private Partnerships for Transport Infrastructure: Renegotiations, how to approach them and economic outcomes


Washington, D.C., USA,  27-28 October 2014


Chair

Michael Burnett, European Institute of Public Administration, Maastricht, Neherlands

Summary and Conclusions

Public Private Partnerships for Transport Infrastructure: Renegotiations, How to Approach them and Economic Outcomes. Roundtable Summary and Conclusions
Dejan MAKOVSEK and Stephen PERKINS, International Transport Forum,Paris, France and Bjorn HASSELGREN, KTH Royal Institute of Technology, Stockholm, Sweden
Discussion Paper No 2014-25, January 2015
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Chair's video summary




Scope

PPPs are complex financing structures involving substantial transaction costs, with the legal documentation alone often consisting of several hundred pages. Despite the care taken in preparing PPPs, renegotiation is a common occurrence and can have an impact on value for money. It is not clear, however, whether this reflects the impossibility of any contract to foresee every eventuality or is usually the result of more mundane explanations.

The Roundtable will aim to review the outcomes and risks most often associated with renegotiation in practice, the alternatives available for addressing uncertainty and incompleteness in contracts, elements for maximizing the chances of renegotiation delivering net welfare benefits and the economic welfare impacts where termination and bankruptcy is preferred to renegotiation.


Papers and Presentations















Introduction by the Chairman
Michael Burnett, European Institute of Public Administration, Maastricht, Netherlands Go to slides  













Soft Budgets and Renegotiations in Public-Private Partnerships
Eduardo Engel, Yale University, NBER, Ronald Fischer, Universidad de Chile,  Alexander Galetovic, University of Los Andes, Chile
Discussion Paper 2014-17, November 2014
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Renegotiation of Transportation Public-Private Partnerships: The US Experience.
Jonathan Gifford, Lisardo Bolaños and Nobuhiko Daito, Center for Transportation Public-Private Partnership Policy, George Mason University, USA
Discussion Paper 2014-16, December 2014
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Institutional and Political Determinants of Private Participation in Infrastructure
Marian Moszoro, World Bank and University of Berkeley, USA, Gonzalo Araya, Toulouse School of Economics, France, Fernanda Ruiz-Nuñez and Jordan Schwartz, World Bank
 Discussion Paper 2014-15, October 2014
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The Renegotiation of PPP Contracts: An overview of its recent evolution in Latin America
Jose Luis Guasch, Daniel Benitez, Irene Portabales and Lincoln Flor, World Bank
Discussion Paper 2014-18, December 2014
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