Kangsoo Kim, Min-Woong Jung, Meesoo Park, Yoo-Eun Koh, Jin-Oh Kim
Infrastructure plays a critical role in boosting the economy’s overall productivity and development toward improving the quality of life. Public–private partnership (PPP) is considered as one of the key modalities for sustainable infrastructure development. This paper analyzes and compares the PPP systems in the Republic of Korea, the Philippines, and Indonesia to identify the requirements for making this modality an effective catalyst for infrastructure’s contribution to sustainable development. These countries have used the increased capacity and transactional experience in handling these partnerships to develop their PPP markets and strengthen their institutional framework to increase the use of PPPs to provide infrastructure services. A comparative analysis is then conducted to draw lessons for other economies in developing Asia seeking to improve the efficiency and effectiveness of their PPPs. The analysis underscores how strong institutions, unified procurement frameworks, and effective dispute resolution mechanisms can improve the implementation of infrastructure PPPs.
{"title":"Public�Private Partnership Systems in the Republic of Korea, the Philippines, and Indonesia","authors":"Kangsoo Kim, Min-Woong Jung, Meesoo Park, Yoo-Eun Koh, Jin-Oh Kim","doi":"10.22617/WPS189594-2","DOIUrl":"https://doi.org/10.22617/WPS189594-2","url":null,"abstract":"Infrastructure plays a critical role in boosting the economy’s overall productivity and development toward improving the quality of life. Public–private partnership (PPP) is considered as one of the key modalities for sustainable infrastructure development. This paper analyzes and compares the PPP systems in the Republic of Korea, the Philippines, and Indonesia to identify the requirements for making this modality an effective catalyst for infrastructure’s contribution to sustainable development. These countries have used the increased capacity and transactional experience in handling these partnerships to develop their PPP markets and strengthen their institutional framework to increase the use of PPPs to provide infrastructure services. A comparative analysis is then conducted to draw lessons for other economies in developing Asia seeking to improve the efficiency and effectiveness of their PPPs. The analysis underscores how strong institutions, unified procurement frameworks, and effective dispute resolution mechanisms can improve the implementation of infrastructure PPPs.","PeriodicalId":90779,"journal":{"name":"ADB economics working paper series","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48256616","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Biplob Chowdhury, Mardi Dungey, Moses Kangogo, Mohammad Abu Sayeed, V. Volkov
{"title":"The Changing Network of Financial Market Linkages","authors":"Biplob Chowdhury, Mardi Dungey, Moses Kangogo, Mohammad Abu Sayeed, V. Volkov","doi":"10.22617/wps189545-2","DOIUrl":"https://doi.org/10.22617/wps189545-2","url":null,"abstract":"","PeriodicalId":90779,"journal":{"name":"ADB economics working paper series","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41607036","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper studies the optimal structure of procurement contracts between public and private sectors by mainly comparing two typical procurement types: traditional procurement and public–private partnership (PPP). It first sets up a principal–agent model focusing on bundling effects of procurement based on Hart (2003), and Iossa and Martimort (2015) to see under which conditions PPP has advantages over traditional procurement and vice versa. Then, it considers if the Republic of Korea’s PPP structure in practice is well designed to maximize efficiency regarding the theoretical model. By reviewing the data on major investors and equity transactions of the Republic of Korea’s PPP projects, it also shows that the bundling effects of PPP contracts, which is one of the main sources of efficiency, is limited under the current economic and political environment and derive policy implications for developing countries implementing PPP projects in the region.
本文主要通过比较传统采购和公私伙伴关系(PPP)两种典型的采购方式，研究了公私部门采购合同的最优结构。首先在Hart(2003)和Iossa and Martimort(2015)的基础上建立了关注采购捆绑效应的principal - - agent模型，考察PPP在哪些条件下优于传统采购，反之亦然。然后，从理论模型出发，考察韩国 PPP结构在实践中的设计是否符合效率最大化的要求。通过对韩国 PPP项目的主要投资者和股权交易数据的回顾，本文还表明，作为效率的主要来源之一，PPP合同的捆绑效应在当前的经济和政治环境下是有限的，并得出了在该地区实施PPP项目的发展中国家的政策启示。
{"title":"Traditional Procurement versus Public�Private Partnership:","authors":"Hojun Lee, Kiwan Kim","doi":"10.22617/WPS189560-2","DOIUrl":"https://doi.org/10.22617/WPS189560-2","url":null,"abstract":"This paper studies the optimal structure of procurement contracts between public and private sectors by mainly comparing two typical procurement types: traditional procurement and public–private partnership (PPP). It first sets up a principal–agent model focusing on bundling effects of procurement based on Hart (2003), and Iossa and Martimort (2015) to see under which conditions PPP has advantages over traditional procurement and vice versa. Then, it considers if the Republic of Korea’s PPP structure in practice is well designed to maximize efficiency regarding the theoretical model. By reviewing the data on major investors and equity transactions of the Republic of Korea’s PPP projects, it also shows that the bundling effects of PPP contracts, which is one of the main sources of efficiency, is limited under the current economic and political environment and derive policy implications for developing countries implementing PPP projects in the region.","PeriodicalId":90779,"journal":{"name":"ADB economics working paper series","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42256043","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Private–public partnership (PPP) methods are considered to be an effective way to narrow the gap between demand and supply of social infrastructure. If successfully pursued, PPP can deliver benefits to users, governments, and the private sector, or the so-called triple wins. Enhancing efficiency by reducing cost and time overruns is beneficial to users and governments, and better quality of service is expected via PPP. It will also examine the factors that have been important for shaping the county’s PPP landscape, including fiscal soundness, unsolicited project proposals, and the refinancing and renegotiation of PPPs. PPPs are not a must-have solution but an option for building and upgrading infrastructure. In conclusion, PPPs are being promoted because it can mobilize needed resources from the private sector, maximize value for money, bring creativity and efficiency to a project, and be a source of fiscal stimulus. That said, countries should be clear on why they are promoting the PPP modality for infrastructure.
{"title":"Rationale and Institution for Public�Private Partnerships","authors":"Jungwook Kim","doi":"10.22617/WPS189536-2","DOIUrl":"https://doi.org/10.22617/WPS189536-2","url":null,"abstract":"Private–public partnership (PPP) methods are considered to be an effective way to narrow the gap between demand and supply of social infrastructure. If successfully pursued, PPP can deliver benefits to users, governments, and the private sector, or the so-called triple wins. Enhancing efficiency by reducing cost and time overruns is beneficial to users and governments, and better quality of service is expected via PPP. It will also examine the factors that have been important for shaping the county’s PPP landscape, including fiscal soundness, unsolicited project proposals, and the refinancing and renegotiation of PPPs. PPPs are not a must-have solution but an option for building and upgrading infrastructure. In conclusion, PPPs are being promoted because it can mobilize needed resources from the private sector, maximize value for money, bring creativity and efficiency to a project, and be a source of fiscal stimulus. That said, countries should be clear on why they are promoting the PPP modality for infrastructure.","PeriodicalId":90779,"journal":{"name":"ADB economics working paper series","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46367749","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The PRC�s Long-Run Growth through the Lens of the Export-Led Growth Model","authors":"J. Felipe, Matteo Lanzafame","doi":"10.22617/wps189511-2","DOIUrl":"https://doi.org/10.22617/wps189511-2","url":null,"abstract":"v","PeriodicalId":90779,"journal":{"name":"ADB economics working paper series","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47886335","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper argues that the single most important factor that explains East Asia’s development success was its fast structural transformation toward industrialization, manufacturing in particular. Workers moved out of agriculture into manufacturing, and the sector diversified and upgraded its structure. Manufacturing activities are subject to increasing returns to scale, and many manufacturing goods have high income elasticities of demand. For these reasons, manufacturing is referred to as the “engine of growth.” It is in the context of industrialization that openness played an important role in East Asia’s success, i.e., the connection between “export-led growth” (the relaxation of the balance-of-payments constraint on foreign exchange) and industrialization. Part 1 of the paper documents the extent of structural transformation in developing Asia. Second, it analyzes the relationship between the exportled growth model (i.e., the relaxation of the balance-of-payments constraint on foreign exchange) and industrialization. Finally, it reviews the industrialization experiences of Japan and the Republic of Korea, and discusses the recent deindustrialization debate.
{"title":"Asia�s Industrial Transformation:","authors":"J. Felipe","doi":"10.22617/wps189457-2","DOIUrl":"https://doi.org/10.22617/wps189457-2","url":null,"abstract":"This paper argues that the single most important factor that explains East Asia’s development success was its fast structural transformation toward industrialization, manufacturing in particular. Workers moved out of agriculture into manufacturing, and the sector diversified and upgraded its structure. Manufacturing activities are subject to increasing returns to scale, and many manufacturing goods have high income elasticities of demand. For these reasons, manufacturing is referred to as the “engine of growth.” It is in the context of industrialization that openness played an important role in East Asia’s success, i.e., the connection between “export-led growth” (the relaxation of the balance-of-payments constraint on foreign exchange) and industrialization. Part 1 of the paper documents the extent of structural transformation in developing Asia. Second, it analyzes the relationship between the exportled growth model (i.e., the relaxation of the balance-of-payments constraint on foreign exchange) and industrialization. Finally, it reviews the industrialization experiences of Japan and the Republic of Korea, and discusses the recent deindustrialization debate.","PeriodicalId":90779,"journal":{"name":"ADB economics working paper series","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43142242","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Minsoo Lee, Xuehui Han, Pilipinas F. Quising, Mai Lin Villaruel
{"title":"Hazard Analysis on Public�Private Partnership Projects in Developing Asia","authors":"Minsoo Lee, Xuehui Han, Pilipinas F. Quising, Mai Lin Villaruel","doi":"10.22617/wps189453-2","DOIUrl":"https://doi.org/10.22617/wps189453-2","url":null,"abstract":"","PeriodicalId":90779,"journal":{"name":"ADB economics working paper series","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41624761","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Determinants of Public�Private Partnerships in Infrastructure in Asia:","authors":"Suk Hyun, Donghyun Park, Shu Tian","doi":"10.22617/wps189466-2","DOIUrl":"https://doi.org/10.22617/wps189466-2","url":null,"abstract":"","PeriodicalId":90779,"journal":{"name":"ADB economics working paper series","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45793670","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Global Banking Network and Regional Financial Contagion","authors":"Lszl Bruszt, N. Campos","doi":"10.22617/WPS189408-2","DOIUrl":"https://doi.org/10.22617/WPS189408-2","url":null,"abstract":"","PeriodicalId":90779,"journal":{"name":"ADB economics working paper series","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47846279","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper examines the potential for sector-specific productivity growth, human capital, credit markets, and infrastructure to contribute to the development of stable, well-paid employment in rural areas of low-income countries. Particular emphasis is placed on the way that different sectors of the rural economy interact with each other and with local and regional product markets. A simple theoretical framework and descriptive analysis of panel data from India suggests that more emphasis should be placed on increasing the production of goods that incorporate local agricultural products as inputs.
{"title":"Creating Good Employment Opportunities for the Rural Sector.","authors":"Andrew D Foster","doi":"","DOIUrl":"","url":null,"abstract":"<p><p>This paper examines the potential for sector-specific productivity growth, human capital, credit markets, and infrastructure to contribute to the development of stable, well-paid employment in rural areas of low-income countries. Particular emphasis is placed on the way that different sectors of the rural economy interact with each other and with local and regional product markets. A simple theoretical framework and descriptive analysis of panel data from India suggests that more emphasis should be placed on increasing the production of goods that incorporate local agricultural products as inputs.</p>","PeriodicalId":90779,"journal":{"name":"ADB economics working paper series","volume":"271 ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2011-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4396186/pdf/nihms515452.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"33226690","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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