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ID:
147446
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| Summary/Abstract |
While public–private partnerships (PPPs) have become an increasingly popular approach in both developed and developing countries, very little is known about whether or not PPPs are more efficient than pure-public or pure-private modes. Building on some recent work studying PPP issues this paper improves the understanding of public–private capital structures, provides some theoretical considerations as well as empirical evidence that private participation affects PPPs cost through the knowledge-transfer effect and the cost-increase effect, and demonstrates a U-shaped relationship between the project costs and private shares. Empirical analysis also finds that the private shares in China's infrastructure PPPs are excessive, and BOT (build, operate, and transfer) projects, compared to other PPP types, are not efficient in China.
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| 2 |
ID:
100754
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| Publication |
2010.
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| Summary/Abstract |
Using spatial econometric techniques, this paper presents an empirical analysis of the growth performances of Chinese prefectures over 1991 to 2007 period. Based on the Solow growth theory with technology spillovers, a Spatial Durbin growth model recently developed is employed to capture the spatial externalities. We find strong evidence of positive spatial dependence between Chinese prefectures after 1991. Apart from the usual divergence conclusions, we find evidence for significant conditional convergence force when the spatial spillover effects are controlled. Our results also indicate the competition effect of capital accumulation and urbanization growth among neighboring regions. Moreover, spatial convergence clubs are detected and the spatial interactions and growth behavior varies.
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