アジアにおける民活インフラと政府の財政負担
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概要
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In private infrastructure projects a private sponsor should finance the projects, based only on the return from them. Based on this fact, Kohli(1995) indicates that host country governments can construct economic infrastructure without any additional burden. In reality, private sponsors can not finance the project without governmentsupport. In this case there may be little difference in government burden between private infrastructure and publicly-financed projects.In this paper we examine whether private infrastructure can reduce government fiscal burden, and if they can, how. Main findings are:1. Compared to publicly-financed projects, private infrastructure can reduce government risk burden in construction, operation and maintenance as long as government implements strict monitoring on the planning and performance of the project. But financing cost increases, and governments must pay this cost if they accept the contract to assume the sponsor's liabirty.2. Host country government have to assume political and macroeconomic risk according primarily to the country risk evaluated in the international market. In addition, they have to assume the country specific risks, such as regulatory interference and foreign exchange availability.3. In spite of no theoretical rationale, host country governments assume almost all the market risk : the factor is rather political. This gives private sponsor only a little incentive to enhance operational efficiency and worsens allocational efficiency for a long time.
- 滋賀大学の論文
- 1998-08-31