Partenariats public-privé, crise financière et refinancement

Nicolas Dupas, Frédéric Marty and Arnaud Voisin
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Nicolas Dupas: Caisses des Dépôts et Consignations - CDC - Caisse des dépôts et consignations (France)
Arnaud Voisin: Caisses des Dépôts et Consignations - CDC - Caisse des dépôts et consignations (France)

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Abstract: PPP contracts are one of the main tools of current recovery and reinvestment policies, mostly because they have limited short term effect on public accounts. However, their financial model has been challenged by the economic crisis: based on high leveraged financing, in order to limit costs, they have been facing a less favourable economic context, characterised by higher interest rates and shorter term loans that can't match the contracts' duration. The latter, also known as mini-perms, entail refinancing operations that can unbalance risk allocation between the public and private partners. Taking this financial risk into account can lead public purchasing authorities to require higher levels of equity, thus increasing the financing cost of the projects and limiting their value for money.

Keywords: public-private partnerships; project finance; gearing; financial crisis; partenariats public-privé; financement de projet; levier financier; crise financière (search for similar items in EconPapers)
Date: 2010-01-01
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Published in Bank- en Financiewezen - Revue bancaire et financière, 2010, 2010-1, pp.62-68

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Working Paper: Partenariats public-privé, crise financière et refinancement (2010)
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