The UK’s Private Finance Initiative: History, Evaluation, Prospects

Hellowell, Mark

doi:10.4337/9781849804691.00023

Cited by 26 publications

(24 citation statements)

References 16 publications

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“…While we do not wish to complicate the governmental objective function too much, it is worth noting that PPPs also often provide political benefits to politicians by channelling financial benefits to aligned interest groups, such as merchant banks, large construction firms and consultants. For example, Hellowell (2010) has made the case that, when initially elected, ‘New Labour’ in the UK continued with Conservative Party PPP policy in order to curry political favour with ‘the City’.…”

Section: The Goals Of Ppp Participantsmentioning

confidence: 99%

The Political Economy of Public‐private Partnerships and Analysis of Their Social Value*

Boardman

Vining

2012

Ann Public Coop Econ

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This article applies political economy theory to public-private partnerships (PPPs). First, we propose that social welfare is the appropriate normative evaluation criterion to evaluate the social value of PPPs. Second, we specify the goals of PPP participants, including private-sector partners and governments. Third, we review the observed outcomes of PPPs and analyze them from both a political economy perspective and a social welfare perspective. Fourth, based on a comparison of the actual outcomes of PPPs to normatively desirable social welfare outcomes, we propose some 'rules for governments' concerning the design of government PPP institutions and the management of PPPs. We argue that if governments were to adopt these rules there would be fewer PPPs in total, they would be more like traditional government contracts and there would be a greater likelihood of improved social welfare. However, political economy theory also explains why implementation of any reform will be difficult. La economía política de las alianzas público-privadas. Análisis de su valor socialEste artículo aplica la teoría de la economía política a las alianzas público-privadas (PPPs). Los autores proponen, en primer lugar, el bienestar social como criterio apropiado para evaluar las PPPs. Precisan, a continuación, los objetivos de los participantes en las PPPs, tanto de los socios privados como de los gubernamentales. En tercer lugar, pasan revista a los resultados observados en las PPPs y los analizan simultáneamente desde perspectivas de economía política y de bienestar social. Porúltimo, se basan en una comparación de resultados efectivos de las PPPs con resultados normativamente deseables en términos de bienestar social, proponiendo a los gobiernos algunas "reglas" * We would like to thank Piet de Vries for helpful comments on an earlier version of this article.

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Section: The Goals Of Ppp Participantsmentioning

confidence: 99%

The Political Economy of Public‐private Partnerships and Analysis of Their Social Value*

Boardman

Vining

2012

Ann Public Coop Econ

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“…They shape the choice architecture available to the public, encouraging discussions around project delivery and timing rather than planning, priorities and project selection. And as we noted earlier, they enable governments to strengthen their relationship with financial markets (Hellowell, ). In the longer term, PPP contracts also mark a particular governance style with contract conditions themselves clearly playing a central long‐term governing role.…”

Section: Towards a Contemporary Research Agendamentioning

confidence: 88%

Contemporary public–private partnership: Towards a global research agenda

Hodge

Greve

2017

Financ Acc Manag

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This paper reviews the research agenda lineage on public-private partnerships (PPPs) from Broadbent and Laughlin's seminal piece in 1999. The PPP phenomenon is viewed at five levels: project delivery, organisational form, policy, governance tool and as a phenomenon within a broader historical and cultural context. We argue that whilst a variety of research issues will continue to be relevant, five corresponding areas deserve future visibility for a renewed research agenda: (1) Financialisation of PPPs, (2) global PPP market actors, (3) internationalisation of policy on PPPs, (4) long-term complex contracts as a governing regime and (5) PPPs in BRICS and developing countries.

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“…Sur le plan politique, le PPP offre par ailleurs la possibilité aux travaillistes de réaliser un rapprochement inédit avec le secteur privé, dont la puissante industrie financière de la City. L'intérêt des décideurs britanniques pour le PPP s'explique également par des motivations budgétaires, qui entrent rapidement en concurrence avec le critère du rapport qualité-prix (value for money) afin de justifier le financement massif de nouvelles infrastructures au moyen de cette technique (Hellowell, 2010).…”

Section: Position Du Problème Cadre Théorique Et Précisions Méthodolunclassified

Gouverner l’investissement public par la comptabilité

Piron

2020

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Cette contribution retrace la généalogie du traitement comptable du partenariat public-privé (PPP) en Europe. Elle démontre que la possibilité de déconsolider les PPP des budgets publics a joué un rôle décisif dans la diffusion de ces montages parmi les États soucieux de mener une politique dynamique d’investissement public dans le contexte de surveillance budgétaire stricte de l’Union économique et monétaire. Le renforcement ultérieur des conditions de déconsolidation et la convergence des systèmes de comptabilité privée, publique et nationale fragilisent toutefois les pouvoirs publics, qui sont aujourd’hui plus que jamais tenus de répondre aux exigences de rendement financier des investisseurs privés lorsqu’ils souhaitent financer leurs services et infrastructures publics au moyen de cet instrument.

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The UK’s Private Finance Initiative: History, Evaluation, Prospects

Cited by 26 publications

References 16 publications

The Political Economy of Public‐private Partnerships and Analysis of Their Social Value*

The Political Economy of Public‐private Partnerships and Analysis of Their Social Value*

Contemporary public–private partnership: Towards a global research agenda

Gouverner l’investissement public par la comptabilité

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