Title Macroeconomic dimensions of public-private partnerships / prepared by Edward F. Buffie, Michele Andreolli, Bin Grace Li, and Luis-Felipe Zanna

Published [Washington, D.C.] : International Monetary Fund, [2016] ©2016

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Description 1 online resource (49 pages) : color illustrations Series IMF working paper, 1018-5941 ; WP/16/78 IMF working paper ; WP/16/78 Summary The voluminous literature comparing public-private partnerships (P3s) and own-investment (OI) by the public sector is dominated by contributions from microeconomic theory. This paper gives macroeconomics a voice in the debate by investigating the repercussions of P3 vs. OI in a dynamic general equilibrium model featuring private capital accumulation and involuntary unemployment with efficiency wages. Typically P3s cost more but produce higher-quality infrastructure and boast a better on-time completion record than OI; consequently, they are comparatively more effective in reducing underinvestment in private capital, underinvestment in infrastructure, unemployment and poverty. The asymmetric impact on macro externalities raises the social return in the P3 2 - 9 percentage points relative to the social return to OI, depending on whether the externalities operate singly or in combination and on whether P3 enjoys an advantage in speed of construction.--Abstract Notes At head of title: "Research Department, Strategy, Policy, and Review Department, and Institute for Capacity Development." "March 2016." Bibliography Includes bibliographical references (pages 47-48) Notes Online resource; title from pdf title page (IMF.org Web site, viewed March 28, 2016) Subject Public-private sector cooperation -- Econometric models Infrastructure (Economics) -- Econometric models Saving and investment -- Econometric models Unemployment -- Econometric models Infrastructure (Economics) -- Econometric models. Saving and investment -- Econometric models. Unemployment -- Econometric models. Form Electronic book Author Buffie, Edward F., author Andreolli, Michele, author, (IMFstaff) Li, Grace Bin, author, (IMFstaff) Zanna, Luis-Felipe, author, (IMFstaff) International Monetary Fund. Research Department, issuing body International Monetary Fund. Strategy, Policy, and Review Department, issuing body International Monetary Fund. Institute for Capacity Development, issuing body ISBN 1484307704 9781484307700 ISSN 1018-5941

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