Sui fondamenti della finanza di progetto
Journal title ECONOMIA E SOCIETÀ REGIONALE
Author/s Gilberto Muraro
Publishing Year 2011 Issue 2011/2
Language Italian Pages 13 P. 77-89 File size 316 KB
DOI 10.3280/ES2011-002009
DOI is like a bar code for intellectual property: to have more infomation
click here
Below, you can see the article first page
If you want to buy this article in PDF format, you can do it, following the instructions to buy download credits
FrancoAngeli is member of Publishers International Linking Association, Inc (PILA), a not-for-profit association which run the CrossRef service enabling links to and from online scholarly content.
After a brief survey of the old and new applications of project financing (PF), the paper deals with the fundamentals of such public - private relationships. In this perspective, the paper preliminary justifies the recourse to tariffs instead of taxes to finance a public project, and then investigates the reasons for the public sector to exchange "tariffs for risk" with private investors. Such reasons are well known: the public budget constraint and/or private investor relative optimism, deriving from enhanced efficiency in building and operating public works, and/or expectations of more revenues, and/or a higher degree of risk love. However, public authorities should be aware that PF does not imply zero risk, because in many instances they remain the investor of last resort. In addition, in various cases, public authorities must consciously accept to shape the project in order to bring its expected net value beyond the acceptable threshold for private investors; and this implies to assess and trade-off social welfare and project feasibility.
Keywords: Project Financing, Public Works, Taxes and Tariffs, Risk Transfer
Jel codes: D8; H54; H57; L5
Gilberto Muraro, Sui fondamenti della finanza di progetto in "ECONOMIA E SOCIETÀ REGIONALE " 2/2011, pp 77-89, DOI: 10.3280/ES2011-002009