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43 Regulation 30 (2020-2021)
Public-Private Partnerships: Some Lessons after 30 Years

handle is hein.journals/rcatorbg43 and id is 184 raw text is: 30 / Regulation / FALL 2020 TRANSPORTATION Public-Private Partnerships: Some Lessons After 30 Years The savings policymakers usually claim for these projects are illusory, but well-designed contracts can deliver public benefits. .t BY EDUARDO ENGEL, RONALD FISCHER, AND ALEXANDER GALETOVIC ublic-private partnerships (PPPs, also known as P3s and concessions) emerged in recent decades as a new organizational form to provide public transport infrastructure. Around the world, traditional provision continues to be the dom- inant procurement option, but investment in PPPs over the last 30 years has been substan- tial, adding E203 billion of infrastructure spending in Europe and $535 billion of spending in developing countries. Most investments are in roads, seaports, and airports, but in some countries investment via PPPs has been significant in other types of infrastructure, such as hospitals and schools. In comparison, PPP investments in the United States have been small. The post-COVID-19 world will probably bring a renewed impe- tus to PPPs, and it is possible that the United States will jump on the bandwagon. The reason is that infrastructure spending i seen as a lever to a faster recovery, but fiscal budgets will be tight and governments will have accumulated large debt burdens. Poli- wht ticians will likely argue that PPPs allow them to increase spending without using scarce tax dollars or incurring additional debt. This argument is flawed. In the absence of efficiency gains, the present value of the fiscal effect of a PPP project is the same as with traditional provision of the same project. Consequently, PPPs do EDUARDO ENGEL and RONALD F ISC HER are professors of economics at the University of Chile in Santiago. ALEXANDER GALETOVIC is a senior fellow at the Universidad Adolfo Ibanez in Santiago and a research fellow at the Hoover Institu- - don at Stanford University. This article is condensed from their paper When and How to Use Public-Private Partnerships in Infrastructure: Lessons from the Inter- national Experience, prepared for the 2019 National Bureau of Economic Research Conference on Economics of Infrastructure Investment.

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