In the initial stages of the adoption and institutionalization of Public-Private Partnerships (PPPs), national governments of transitional economies have accepted, developed, and organized Public-Private Partnerships with varying degrees of success. This study aims to investigate the critical success factors (CSFs) influencing the establishment of a sustainable Public-Private Partnership in transition conditions. In the first part of the paper, based on an extensive review of the literature, previous studies and relevant results in this field are presented as a background for this research. In the second part of this article, the survey used a factor analysis, which, with the application of the Principal Component Analysis and Varimax method with Kaiser normalization, has extracted four CSFs: (1) the establishment of a central PPP unit—knowledge center; (2) the establishment of a compatible legal/regulatory framework; (3) development of national PPP policies and strategies; and (4) standardization and transparency of the process. In the concluding remarks, the authors address the perspectives and methodological research constraints, examining possibilities to develop new knowledge and more efficient Public-Private Partnership implementation in the developing PPP markets of transitional economies.

Public-Private Partnership (PPP) is a contractual relationship that integrates resources of the public and private sectors in the function of more efficient building public services. Over time, national governments have accepted, developed and organized Public-Private Partnerships in various ways, by respecting its historical and cultural context, the legal framework and the economic environment. The goal in this paper is to identify key factors that may have an impact on the development of public-private partnerships. In this paper, along with the presentation of previous research, we will demonstrate the development of the concept of Public-Private Partnership in countries with different political, social and economic regulations.

Bosnia and Herzegovina is among thecountries whose social and economic development needsgreatly exceed financial capacities of the public sector.Implementation and financing of capital projects of publicimportance such as: highways and road infrastructure(bridges, tunnels), railway lines, ports, airports, gaspipelines, refineries, power generation plants, social andmunicipal infrastructure (hospitals, schools, prisons, watersupply network, waste disposal) often lead to significantfiscal constraints. Financing investments in the context oflimited budget capacities requires a new approach andstrategy. In a situation where public sector in Bosnia andHerzegovina does not have enough resources necessary forthe efficient implementation of capital projects, there is aneed for engaging private capital. Public-privatepartnership, although a relatively new form of financing,opens significantly more opportunities for financingdevelopment, providing public services and meeting citizen’sneeds, which will be the subject of this paper.

U dinamičnim uslovima globalneekonomije procesi razvoja nacionalnih privreda zahtijevajupotrebu kapitalnih javnih ulaganja u infrastrukturu,naročito u oblasti saobraćaja, energetike,telekomunikacija, vodoprivrede itd. te pružanjajavnih usluga u domenu opštih društvenih djelatnosti(obrazovanje, zdravstvena zaštita, kultura, sport, socijalnapitanja i dr.). Potražnja za kvalitetnijom infrastrukturomi efikasnijom javnom uslugom, uzograničene kapacitete javnog sektora, predstavljaozbiljan izazov za većinu zemalja, posebno onihmanje razvijenih, i zahtjeva novu ulogu javnog sektora,novi pristup i nove strategije. U kontekstunaprijed navedenog, javno-privatno partnerstvo(JPP) obezbjeđuje okvir za efikasniju realizacijujavnih investicija - bržu izgradnju, manje troškove,optimalnu alokaciju rizika, efikasnije upravljanje,kvalitetniju javnu uslugu itd. U ovom radu će bitiizvršen prikaz najvažnijih karakteristika modelajavno-privatnog partnerstva, s osvrtom nahronološki razvoj institucionalnog okvira JPP uBosni i Hercegovini, Srbiji i Hrvatskoj, i pregledomnajvažnijih projekata realizovanih u zemljama zapadnogBalkana po modelu JPP.

Sažetak: U ovom radu je analizirana reforma tradicionalne uloge javnog sektora, prihvatanje novog javnog upravljanja i primena modela javno-privatnog partnerstva u finansiranju javnih investicija. Raskorak između potrebe za izgradnjom nove javne infrastrukture i limitiranih budžetskih kapaciteta zahteva novu ulogu javnog sektora, novi pristup i nove strategije. U kontekstu fiskalnih ograničenja, javno-privatno partnerstvo (JPP) obezbeđuje efikasniju realizaciju javnih investicijabržu izgradnju, manje troškove, optimalnu alokaciju rizika, efikasnije upravljanje, kvalitetniju javnu uslugu, itd. Cilj ovog rada je da se na osnovu studije novih modela javne uprave ukaže na mogućnost primene modela javno-privatnog partnerstva i da se identifikuje nova uloga javnog sektora u pružanju javnih usluga i obezbeđenju javne infrastrukture. U radu je prikazana studija usvajanja i primene modela javno-privatnog partnerstva u Republici Srbiji i Republici Hrvatskoj. Ključne reči: javno-privatno partnerstvo / javni sektor / finansiranje / infrastruktura / razvoj UVOD Veliki broj ekonomija se suočava sa problemom loše saobraćajne infrastrukture, zastarelim školama i sportskim dvoranama, neuslovnim 1 Agencija za konsultantske usluge Conseco s.p. Istočno Sarajevo, e-mail: g_amovic@yahoo.com EKONOMIJA TEORIJA I PRAKSA Godina XII • broj 2 str. 25-44 the Public-Private Partnership model and to identify the new role of the public sector in the provision of public services and the provision of public infrastructure. This paper presents a study on the adoption and application of the model of Public-Private Partnerships in the Republic of Serbia and the Republic of Croatia.