Determination of socially equitable guarantees for public-private partnerships: a toll-road case from Turkey

被引:4
|
作者
Kayhan, Ilker Ersegun [1 ]
Jenkins, Glenn P. [2 ,3 ]
机构
[1] Eastern Mediterranean Univ, Dept Banking & Finance, Mersin 10, Gazimagusa, Cyprus
[2] Eastern Mediterranean Univ, Dept Econ, Gazimagusa, Cyprus
[3] Queens Univ, Dept Econ, Kingston, ON, Canada
关键词
Public-private partnerships; infrastructure; contingent liabilities; distribution; Turkey; INFRASTRUCTURE PROJECTS; LIABILITIES; OPTIONS;
D O I
10.1080/14683849.2016.1228455
中图分类号
K9 [地理];
学科分类号
0705 ;
摘要
In toll-road projects there is exogenous demand risk. Thus, the government may be required to provide a minimum-traffic guarantee to induce potential private partners to participate. The government must offer the most appropriate level of guarantee while also justifying this controversial fiscal policy tool to society. This study demonstrates the use of financial modeling, risk analysis, and economic evaluation in a toll-road project in Turkey, contributing to the narrowing of a capacity gap in the field. One criterion is proposed to produce a socially equitable guarantee level. This case study exemplifies the policy implications discussed in the conclusions, with a critical look at the public-private partnerships within the context of the neoliberal economic development theory.
引用
收藏
页码:691 / 711
页数:21
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