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Il project finance nei servizi pubblici locali: poca finanza e poco progetto?

Author

Listed:
  • Chiara Bentivogli
  • Eugenio Panicara
  • Alfredo Tidu

Abstract

This paper analyzes the potential and the limits of project finance for the provision of local public services and compares them with alternative instruments in the light of current regulation. The main requirements for project finance, even in non pure forms, to justify its complex network of contracts, appear to be the presence of synergies between construction and service provision, the allocation of a substantial part of market risk to the private partner, and infrastructure that is large in scale. The available data and a survey carried out in the Emilia-Romagna region show that instruments similar to project finance are widespread in local public services. Yet the actual features of public finance in Italy seem to be far from those that would normally justify its use. The main reason for using project financing has often been to avoid an immediate and direct financial burden to the public administration or to bypass overly rigid rules in the public management of some services.

Suggested Citation

  • Chiara Bentivogli & Eugenio Panicara & Alfredo Tidu, 2009. "Il project finance nei servizi pubblici locali: poca finanza e poco progetto?," ECONOMIA PUBBLICA, FrancoAngeli Editore, vol. 0(3-4), pages 115-152.
    • Handle: RePEc:fan:epepep:v:html10.3280/ep2009-003005
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    Citations

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    Cited by:

    1. Bentivogli, Chiara & Casadio, Piero & Cullino, Roberto, 2010. "I problemi nella realizzazione delle opere pubbliche: le specificità del Mezzogiorno," MPRA Paper 29385, University Library of Munich, Germany.

    More about this item

    Keywords

    Project finance; Servizi pubblici locali; Infrastrutture; Allocazione del rischio;
    All these keywords.

    JEL classification:

    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • H44 - Public Economics - - Publicly Provided Goods - - - Publicly Provided Goods: Mixed Markets
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • H76 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Other Expenditure Categories
    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out
    • L90 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - General

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