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The Basic Public Finance of Public-Private Partnerships
Public-private partnerships (PPPs) cannot be justified because they free public funds. When PPPs are justified on efficiency grounds, the contract that optimally balances demand risk, user-fee… Expand
Taxes and Income Distribution in Chile: Some Unpleasant Redistributive Arithmetic
This paper quantifies the direct impact of taxes on income distribution at the household level in Chile and estimates the distributional effect of several changes in the tax structure. We find that… Expand
Highway Franchising: Pitfalls and Opportunities
We build a conceptual framework to analyze the virtues and limitations of alternative mechanisms that can be used to auction a highway. We argue that current mechanisms, which fix the term of the… Expand
PUBLIC-PRIVATE PARTNERSHIPS: WHEN AND HOW
When are public-private partnerships (PPPs) better than conventional provision and regulated privatization? And should PPP contracts be structured and governed when this is the case?. We show that… Expand
The economic or infrastructure finance: Public-Private Partnership versus public provision.
We examine the economics of infrastructure finance, focusing on public provision and Public-Private Partnerships (PPPs). We show that project finance is appropriate for PPP projects, because there… Expand
Least-Present-Value-Of-Revenue Auctions and Highway Franchising
In recent years several countries have started massive highway franchising programs auctioned to private firms. In these auctions, the regulator typically sets the franchise term and firms bid on… Expand
Privatizing Highways in Latin America: Is it Possible to Fix What Went Wrong?
This paper reviews the Latin American experience with highway privatization during the last decade. Based on evidence from Argentina, Colombia and Chile, we find that private financing of new… Expand
A Note on Enforcement Spending and VAT Revenues
Tax compliance studies usually focus on the effect of enforce-ment spending on tax evasion. Reliable estimates are difficult to obtain because evasion data are often suspect. This note shows how tax… Expand
A New Approach to Private Roads
Roadway privatization offers many benefits, from decreasing transportation's dependence on public coffers to using market forces to decrease the number of "white elephant" roadway projects. But, in… Expand
Soft Budgets and Renegotiations in Public-Private Partnerships
Public-private partnerships (PPPs) are an increasingly popular organizational form of providing public infrastructure. They can increase efficiency and improve resource allocation, yet pervasive… Expand