Features of the Institutional Environment of Public-Private Partnership in Russia: Regional Aspect
https://doi.org/10.26794/2220-6469-2020-14-4-56-66
Abstract
In the current crisis economic conditions, the public-private partnership (PPP) mechanism can be used as one of the key ways to attract extra-budgetary sources of funds for the implementation of investment projects at the regional level. Despite the growing number of PPP projects in Russia, the presence of significant institutional constraints at the regional level hinder the further development of this mechanism. In particular, there is a lack of interconnection of PPP projects with long-term investment and state development programs at the regional level, low sectoral diversity of projects, high dependence of PPP projects on state financial institutions, and insufficient information support of regional PPP practices. The situation is aggravated by the lack of long-term money in the economy against the backdrop of limited private partners’ funds for the implementation of long-term PPP projects, as well as by existing legal restrictions. The practical purpose and scientific value of this article lie in the construction of a holistic and logical vision of solving the identified institutional problems of PPP development at the regional level.
Keywords
public-private partnership,
institutional factors,
institutional constraints,
regional development,
private investment,
off-budget sources of financing
Supporting agencies: The article was prepared as part of the research work of the state assignment of the RANEPA.
About the Authors
N. S. Moguchev
Gaidar Institute of Economic Policy; Russian Presidential Academy of National Economy and Public Administration (RANEPA)
Russian Federation
Russian Federation
Nikita S. Moguchev — Researcher, Fiscal Policy Laboratory
Moscow
A. F. Khuzina
Financial University
Russian Federation
Russian Federation
Alfiya F. Khuzina — Researcher, Laboratory for Budget Policy Research of the Russian Presidential Academy of National Economy and Public Administration (RANEPA); Senior Lecturer, Department of Public Finance
Moscow
References
1. Engel E., Fischer R., Galetovic A. The Basic Public Finance of Public-Private Partnerships. Journal of the European Economic Association. 2013;11(1):83–111. DOI: j.1542–4774.2012.01105.x
2. Deaton A., Heston A. Understanding PPPs and PPP-Based National Accounts. American Economic Journal: Macroeconomics. 2010;2(4):1–35.
3. Hanming F., Norman P. Optimal Provision of Multiple Excludable Public Goods. American Economic Journal: Microeconomics. 2010;2(4):1–37.
4. Hart O. Incomplete contracts and public ownership: remarks and an application to public-private partnerships. Economic Journal. 2003;113(486):69–76.
5. Zolotareva A. B., Kireeva A. V. Existing PPP Models in the Social Sphere. Rossijskoe predprinimatel’stvo = Russian Journal of Entrepreneurship. 2015;23:4271–4280. (In Russ.). DOI: http://dx.doi.org/10.18334/ rp.16.23.2157
6. Menard C. The Economics of Hybrid Organizations. Journal of Institutional and Theoretical Economics. 2004;160(3):1–32.
7. Maskin E., Tirole J. Public-Private Partnerships and Government Spending Limits. International Journal of Industrial Organization. 2008;26(2):412–420.
8. Williamson O. The Theory of the Firm as Governance Structure: From Choice to Contract. Journal of Economic Perspectives. 2002;16(3):171–195. DOI: 10.1257/089533002760278776
9. Kireeva A. V., Zolotareva A. B. Public-private partnership in the social sphere: analysis of the effectiveness of existing models. Pravo i politika = Law and Politics. 2016;10:1251–1257. (In Russ.). DOI: 10.7256/1811–9018.2016.10.17079
10. Deryabina M. Public-private partnership: theory and practice. Voprosy ekonomiki = Economic Issues. 2008;8:61–77. (In Russ.). DOI: 10.32609/0042–8736–2008–8–61–77
11.
Review
For citations:
Moguchev N.S., Khuzina A.F. Features of the Institutional Environment of Public-Private Partnership in Russia: Regional Aspect. The world of new economy. 2020;14(4):56-66. (In Russ.) https://doi.org/10.26794/2220-6469-2020-14-4-56-66
Views:
1315
Email this article 