Municipal bonds as alternatives to PPPs: Facilitating direct municipal access to private capital

Leigland, James; Thomas, Rosalind H

doi:10.1080/03768359908440110

Cited by 7 publications

(2 citation statements)

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“…10 The situation in Canada can be contrasted with that in the U.S., where there is a well-developed municipal bond market. 11 However, these versions of the financing advantage argument are rarely articulated in detail. Rather, it appears that governments have a desire to provide services but not have the costs show up in the budget.…”

Section: Government Rationales For P3smentioning

confidence: 99%

Public‐private partnerships in Canada: Theory and evidence

2008

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This article develops some theory on and examines the implementation and performance of Canadian public-private partnerships (P3s). It focuses primarily on infrastructure projects and addresses three questions: 1) What goals do governments expect to achieve through P3s? 2) How effective are P3s likely to be at delivering value to governments and citizens? 3) What lessons can be derived from the use of P3s? The article reviews the government's intended social goals for P3s and evaluates how effective P3s have been in fulfilling them. It then formulates a more comprehensive framework and outlines a ''positive theory'' perspective of P3s that takes into account the divergent goals of the partners -profit maximization goals of private-sector participants and the political goals of the public sector. The article evaluates and summarizes the findings and implications of ten Canadian P3s. The appropriate test of success, from a social (normative) perspective, is whether P3s have lower total social costs, including production costs and all of the transaction costs and externalities associated with the project. The ten case studies indicate that the potential benefits of P3s are often outweighed by high contracting costs due to opportunism generated by goal conflict. These costs are particularly high when construction or operating complexity is high, revenue uncertainty (use-risk) is high, both of these risks have been transferred to the private-sector partner, and contract management effectiveness is poor. In infrastructure projects, it rarely makes sense to try to transfer large amounts of risk to the private sector.Sommaire: Le présent article élabore une théorie et examine la mise en oeuvre et la performance de partenariats des secteurs public/privé canadiens (P3). Il se penche essentiellement sur des projets d'infrastructure et aborde quatre questions : 1) quels objectifs les gouvernements prévoient-ils atteindre en ayant recours aux P3 ? 2) Dans quelle mesure les P3 seront efficaces à fournir de la valeur aux gouvernements et aux

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Section: Government Rationales For P3smentioning

confidence: 99%

Public‐private partnerships in Canada: Theory and evidence

2008

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“… 74. Chemonics International Inc. (2009); El Daher (1997); Fay and Morrison (2005); Leigland (1997, 2004); Leigland and Thomas (1999); Goldstein (2001); McArthur (2006); Platz (2009); Sood et al (2012). …”

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confidence: 99%

The proliferation of municipal green bonds in Africa and Latin America: the need for a climate justice approach

Herrera

2024

Environment and Urbanization

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This paper utilizes a climate justice perspective to examine municipal green bonds (MGBs), a green-labelled debt instrument issued by subnational governmental entities, such as municipalities or cities, that determines financial, social and environmental redistributions in the context of climate change. This analysis focuses on the origins and financial construction of MGBs as the “descendant” of US municipal bonds and provides data on their recent diffusion in Africa and Latin America. It then draws connections with the lessons learned from critical analyses of US municipal bonds. The case study section explores one wastewater MGB of San Francisco (California) and creates material and theoretical connections with MGBs issued to finance water infrastructure in Mexico City (Mexico) and Cape Town (South Africa). The article concludes that the analysis and implementation of municipal green bonds needs a climate justice approach in order to recognize and address the production and reproduction of climate injustices.

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Building Bond Repayment Capacity in Developing Countries: A Study on Property Tax Collections and Debt Affordability in Mexico

Espinosa

Martell

2015

International Journal of Public Administration

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Municipal bonds as alternatives to PPPs: Facilitating direct municipal access to private capital

Cited by 7 publications

References 1 publication

Public‐private partnerships in Canada: Theory and evidence

Public‐private partnerships in Canada: Theory and evidence

The proliferation of municipal green bonds in Africa and Latin America: the need for a climate justice approach

Building Bond Repayment Capacity in Developing Countries: A Study on Property Tax Collections and Debt Affordability in Mexico

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