The need to upgrade public infrastructure, improve the delivery of public services, and explore new options for partnering with the private sector is being increasingly recognized. While this has created important new business opportunities for the private sector, it has also given rise to new challenges for governments. Having sufficient 'fiscal space' for key public expenditure programs that support economic development, including public investment, is essential, even in the context of tight government budgets. However, public investment, like other spending, has to be carried out within a sustainable macroeconomic framework. It also has to be accompanied by efforts to strengthen the efficiency of such spending and to manage the significant fiscal risks that come from new options for delivering infrastructure services, including via greater private-sector participation.
Based on the proceedings from a high-level international seminar for government officials, this book looks at options to strengthen the efficiency of public investment and manage fiscal risks from public-private partnerships, with important contributions from academics, practitioners and members of several international organizations.
Preface
Foreword; T.Ter-Minassian
Introduction; G.Schwartz, A.Corbacho & K.Funke
PART I: PUBLIC INVESTMENT AND FISCAL POLICY IN EUROPE
Public Capital and Economic Growth: Key Issues for Europe; J.de Haan, W.Romp & J.-E.Sturm
A Primer on Public Investment in Europe; E.Perée & T.Välilä
Challenges for Public Investment in New EU Member States; A.Jevčák & F.Keereman
Budgeting of Public Investments; E.Tandberg
Comments on Part I; C.Kamps
Comments on Part I; C.Rosenberg
PART II: FISCAL RISKS FROM PPPs
PPPs and Fiscal Risks: Should Governments Worry?; A.Corbacho & G.Schwartz
Controlling Spending Commitments in PPPs; T.Irwin
PPPs and Fiscal Risks: Experience of Portugal; R.S.Monteiro
Comments on Part II; G.Kiss
Comments on Part II; M.Mršnik
PART III: THE INSTITUTIONAL ENVIRONMENT FOR PPPs
The OECD Principles for Private Sector Participation in Infrastructure; H.Christiansen
Legal Regimes for PPPs in Central and Eastern Europe; A.Zverev
Combining PPPs with EU Grants; H.Goldsmith
Managing PFI Projects in the United Kingdom; E.Farquharson
Negotiating and Renegotiating PPPs and Concessions; L.A.Andres & J.L.Guasch
Comments on Part III; D.Bergvall
PART IV: PPP ACCOUNTING, REPORTING AND AUDITING
PPPs: Some Accounting and Reporting Issues; R.Hemming
IPSASB: Service Concession Arrangements; M.Hathorn
Accounting for PPPs: The Eurostat Approach; P.de Rougemont
Framework for PPP Audits in the United Kingdom; P.Leahy
PPP Audits in Portugal; F.Machado
Hungary's Audit Experience with PPPs; G.Báger
Comments on Part IV; K.Seregélyes
Comments on Part IV; J.Ramallo-Massanet
GERD SCHWARTZ is an Assistant Director at the International Monetary Fund. He has previously worked with the European Investment Bank and the Inter-American Development Bank, and done research on fiscal and macroeconomic policy issues, particularly expenditure policies. He holds a PhD in Economics from the State University of New York at Albany.
ANA CORBACHO is a Senior Economist at the International Monetary Fund. She has done research on various fiscal and macro issues, including education policy and growth, income distribution, fiscal institutions, and public investment and PPPs. She holds a PhD in Economics from Columbia University in the City of New York.
KATJA FUNKE is an Economist at the International Monetary Fund. She previously worked as an economist for the European Central Bank. Her research focuses on balance of payments issues in the European monetary union. She holds a doctoral degree in Economics from the WHU Otto Beisheim School of Management, Germany.
Description
The need to upgrade public infrastructure, improve the delivery of public services, and explore new options for partnering with the private sector is being increasingly recognized. While this has created important new business opportunities for the private sector, it has also given rise to new challenges for governments. Having sufficient 'fiscal space' for key public expenditure programs that support economic development, including public investment, is essential, even in the context of tight government budgets. However, public investment, like other spending, has to be carried out within a sustainable macroeconomic framework. It also has to be accompanied by efforts to strengthen the efficiency of such spending and to manage the significant fiscal risks that come from new options for delivering infrastructure services, including via greater private-sector participation.
Based on the proceedings from a high-level international seminar for government officials, this book looks at options to strengthen the efficiency of public investment and manage fiscal risks from public-private partnerships, with important contributions from academics, practitioners and members of several international organizations.
Contents
Preface
Foreword; T.Ter-Minassian
Introduction; G.Schwartz, A.Corbacho & K.Funke
PART I: PUBLIC INVESTMENT AND FISCAL POLICY IN EUROPE
Public Capital and Economic Growth: Key Issues for Europe; J.de Haan, W.Romp & J.-E.Sturm
A Primer on Public Investment in Europe; E.Perée & T.Välilä
Challenges for Public Investment in New EU Member States; A.Jevčák & F.Keereman
Budgeting of Public Investments; E.Tandberg
Comments on Part I; C.Kamps
Comments on Part I; C.Rosenberg
PART II: FISCAL RISKS FROM PPPs
PPPs and Fiscal Risks: Should Governments Worry?; A.Corbacho & G.Schwartz
Controlling Spending Commitments in PPPs; T.Irwin
PPPs and Fiscal Risks: Experience of Portugal; R.S.Monteiro
Comments on Part II; G.Kiss
Comments on Part II; M.Mršnik
PART III: THE INSTITUTIONAL ENVIRONMENT FOR PPPs
The OECD Principles for Private Sector Participation in Infrastructure; H.Christiansen
Legal Regimes for PPPs in Central and Eastern Europe; A.Zverev
Combining PPPs with EU Grants; H.Goldsmith
Managing PFI Projects in the United Kingdom; E.Farquharson
Negotiating and Renegotiating PPPs and Concessions; L.A.Andres & J.L.Guasch
Comments on Part III; D.Bergvall
PART IV: PPP ACCOUNTING, REPORTING AND AUDITING
PPPs: Some Accounting and Reporting Issues; R.Hemming
IPSASB: Service Concession Arrangements; M.Hathorn
Accounting for PPPs: The Eurostat Approach; P.de Rougemont
Framework for PPP Audits in the United Kingdom; P.Leahy
PPP Audits in Portugal; F.Machado
Hungary's Audit Experience with PPPs; G.Báger
Comments on Part IV; K.Seregélyes
Comments on Part IV; J.Ramallo-Massanet
Authors
GERD SCHWARTZ is an Assistant Director at the International Monetary Fund. He has previously worked with the European Investment Bank and the Inter-American Development Bank, and done research on fiscal and macroeconomic policy issues, particularly expenditure policies. He holds a PhD in Economics from the State University of New York at Albany.
ANA CORBACHO is a Senior Economist at the International Monetary Fund. She has done research on various fiscal and macro issues, including education policy and growth, income distribution, fiscal institutions, and public investment and PPPs. She holds a PhD in Economics from Columbia University in the City of New York.
KATJA FUNKE is an Economist at the International Monetary Fund. She previously worked as an economist for the European Central Bank. Her research focuses on balance of payments issues in the European monetary union. She holds a doctoral degree in Economics from the WHU Otto Beisheim School of Management, Germany.
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