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Public-private partnership and private finance initiatives in the EU and Spanish local governments

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  • Lourdes Torres
  • Vicente Pina

Abstract

This paper analyses the different public-private partnership initiatives carried out by EU and Spanish local governments in the framework of public sector reforms. In the first part we analyse the degree of externalization in the public services delivered by the most important EU cities and the kind of organization chosen to provide them. In the second part we study the different methods of PFI applied in Spain and the accounting, auditing and monitoring of these kinds of contracts. The results of our survey show that almost all EU local governments provide similar services, that there is a high degree of PPP initiatives in the delivery of local government services, and that PPP is concerned with those activities which do not constitute the core of public administration. This means that an important part of the activity controlled by the local governments, which are responsible, are not reflected in their individual annual accounts. Because of this, local governments will have to implement accountability and monitoring tools, such as PPP and PFI accounting standards, consolidation of annual accounts, regulatory bodies and value-for-money audits in order to assess the performance of local services delivered under PPP initiatives, and to prevent monopoly abuses.

Suggested Citation

  • Lourdes Torres & Vicente Pina, 2001. "Public-private partnership and private finance initiatives in the EU and Spanish local governments," European Accounting Review, Taylor & Francis Journals, vol. 10(3), pages 601-619.
    • Handle: RePEc:taf:euract:v:10:y:2001:i:3:p:601-619
    DOI: 10.1080/713764637
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    References listed on IDEAS

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    1. L. Torres & V. Pina, 1999. "An empirical study on the performance of Supreme Audit Institutions in European Union privatizations," European Accounting Review, Taylor & Francis Journals, vol. 8(4), pages 777-795.
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    Cited by:

    1. Lechosław Rojewski, 2008. "Contracting and Transaction Costs in the Public-Private Partnership. A Conception in the Light of the New Institutional Economy," Ekonomia journal, Faculty of Economic Sciences, University of Warsaw, vol. 21.
    2. Silaghi, Florina & Sarkar, Sudipto, 2021. "Agency problems in public-private partnerships investment projects," European Journal of Operational Research, Elsevier, vol. 290(3), pages 1174-1191.
    3. Carlos Larrinaga-Gonzélez & Vincente Pérez-Chamorro, 2008. "Sustainability Accounting and Accountability in Public Water Companies," Public Money & Management, Taylor & Francis Journals, vol. 28(6), pages 337-343, December.
    4. G. Dudkin & T. Välilä, 2006. "Transaction Costs in Public-Private Partnerships: A First Look at the Evidence," Competition and Regulation in Network Industries, Intersentia, vol. 7(2), pages 307-331, June.
    5. Anne Stafford & Basilio Acerete & Pam Stapleton, 2010. "Making concessions: Political, commercial and regulatory tensions in accounting for European roads PPPs," Accounting and Business Research, Taylor & Francis Journals, vol. 40(5), pages 473-493.
    6. Carmen Araquistain Portela, 2020. "Urban utilities and opportunities for the private sector in local energy services in Switzerland," Competition and Regulation in Network Industries, , vol. 21(2), pages 193-218, June.
    7. Watson, Glyn & Lonsdale, Chris & Peng, Fei & Sanderson, Joe, 2012. "Lessons for Procurement and Contract Management Practice in the Public Sector: Evidence from a Quantitative Study," MPRA Paper 47686, University Library of Munich, Germany.

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