A working paper on PPPs and accounting tricks with Marco Buso and Tra Tran Phuong :
“Public Private Partnerships from Budget Constraints: Looking for Debt
Hiding?”, avec Buso M. et Phuong T., Marco
Fanno Working Paper, n°189, Università degli Studi di Padova, Dipartimento
di Scienze Echonomiche ed Aziendali, novembre 2014.
http://www.economia.unipd.it/sites/decon.unipd.it/files/20140189.pdf
In this paper, we examine whether budget-constrained public authorities are more likely to use a PPP (Public Private Partnership) than traditional procurement methods. Then, we study the possible mechanisms underlying this choice. Our empirical test focuse s on France and consists of a two-stage
approach. First, we examine the impact of budget constraints on the use of PPPs and find a positive relationship. Second, to better delineate the debt hiding effect, we exploit the 2011 changes to the ability to underwrite PPP debts. We find that debt hiding is a relevant, but not a sufficient element
to explain budget-constrained governments’ attitudes towards PPP
approach. First, we examine the impact of budget constraints on the use of PPPs and find a positive relationship. Second, to better delineate the debt hiding effect, we exploit the 2011 changes to the ability to underwrite PPP debts. We find that debt hiding is a relevant, but not a sufficient element
to explain budget-constrained governments’ attitudes towards PPP
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