Cover; Half Title; Title; Copyright; Contents; List of Tables and Figures; Acknowledgments; List of Acronyms; Part I Concepts Underpinning Privatization; 1 Introduction; Waves of Reform; Aims of This Book; Importance of Carefully Reviewing Privatization; Structure of the Book; 2 Privatization Patterns; Defining Privatization; Privatization Objectives; Objectives When Selling an Enterprise; Objectives When Outsourcing; Occurrence Patterns: Selling Enterprises; Occurrence Patterns: Outsourcing; Privatization Trends over Time; 3 Theoretical Foundations for Privatization.
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This accessible book aims to inform readers interested in assessing privatization and market development concepts on a global scale, and outlines a range of thinking on how these policy ideas have moved around the globe. Bringing together an international team of contributors, the book traces how privatization concepts have grown in application, and how they have spread to become a central policy idea for governments. And while interest in the initial policy of selling-off state owned enterprises has peaked, the contracting and partnership modes of privatization have risen to global prominence
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Public–private partnerships (PPPs) are now a common strand of third way government policy, with better efficiency promised from the private funding of public infrastructure through the transfer of risks to private parties. This paper aims to investigate, on an empirical basis, the realities of risk transfers in PPPs and compare this experience against both the rhetoric of project proponents and the formal contract conditions. The paper outlines some conceptual frameworks underpinning PPPs and establishes the notions of risk shifting and risk sharing. The range of typical risks encountered in infrastructure projects is specially considered, and differences to traditional project delivery arrangements are articulated. Some empirical experience on the transfer of risks under PPPs is then outlined through a case study. This analysis shows the extent to which risks were shifted to the private parties as planned, or whether risks remained with government. It is argued that while commercial risks were largely well managed, governance risks were not. It is critical to understand better the nature of risk transfers in PPPs in view of the large financial implications of these deals along with long contract terms.
Public-private partnerships (PPPs) have now become a popular way of providing infrastructure. A commercial relationship between government & business is not necessarily a new phenomenon, but wholesale use by governments of long term, sophisticated contract techniques on private credit is. Better efficiency in infrastructure provision & strengthened monitoring & accountability are promised, along with stronger business & investor confidence. A major part of the forecast benefits from the private funding of public infrastructure arises through the transfer of risks from the public sector to private parties. This article aims to probe on an empirical basis the realities of risk transfers in PPPs & to compare this experience against both the rhetoric of project proponents & the formal contract conditions. Several conceptual issues are addressed & a case study is used to illustrate some empirical experience on risk transfers under PPP arrangements. Experience shows the extent to which risks were shifted or shared as planned, or whether governments ideologically predisposed to the adoption of PPPs shirked accountability for future risks by signing up to PPP deals favoring financiers. Huge financial resources & long term PPP contracts of up to several decades both make it critical to better understand the nature of risk transfers & the extent to which actual risk bearing experience differs from advocate rhetoric. 3 Tables, 1 Figure, 46 References. Adapted from the source document.
