Hidden Bibliographic Details
| Other authors / contributors: | Buffie, Edward F., author.
Andreolli, Michele, author, (IMFstaff)
Li, Grace Bin, author, (IMFstaff)
Zanna, Luis-Felipe, author, (IMFstaff)
International Monetary Fund. Research Department, issuing body.
International Monetary Fund. Strategy, Policy, and Review Department, issuing body.
International Monetary Fund. Institute for Capacity Development, issuing body.
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| ISBN: | 1484307704
9781484307700
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| ISSN: | 1018-5941
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| Notes: | At head of title: "Research Department, Strategy, Policy, and Review Department, and Institute for Capacity Development."
"March 2016."
Includes bibliographical references (pages 47-48).
Online resource; title from pdf title page (IMF.org Web site, viewed March 28, 2016).
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| Summary: | The voluminous literature comparing public-private partnerships (P3s) and own-investment (OI) by the public sector is dominated by contributions from microeconomic theory. This paper gives macroeconomics a voice in the debate by investigating the repercussions of P3 vs. OI in a dynamic general equilibrium model featuring private capital accumulation and involuntary unemployment with efficiency wages. Typically P3s cost more but produce higher-quality infrastructure and boast a better on-time completion record than OI; consequently, they are comparatively more effective in reducing underinvestment in private capital, underinvestment in infrastructure, unemployment and poverty. The asymmetric impact on macro externalities raises the social return in the P3 2 - 9 percentage points relative to the social return to OI, depending on whether the externalities operate singly or in combination and on whether P3 enjoys an advantage in speed of construction.--Abstract.
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| Standard no.: | 10.5089/9781484307700.001
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