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Optimal Capital Structure of Public-Private Joint Ventures
Author:
Pawel Gasiorowski
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Marian Moszoronull

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Series:
IMF Working Papers
Volume/Issue:
Volume 2008: Issue 001
Language:
English
Publication Date:
01 Jan 2008
DOI:
https://doi.org/10.5089/9781451868630.001
ISBN:
9781451868630
ISSN:
1018-5941
Pages:
13
Keywords:
WP; capital structure
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper presents a model to assess the efficiency of the capital structure in public-private partnerships (PPP). A main argument supporting the PPP approach for investment projects is the transfer of know-how from the private partner to the public entity. The paper shows how different knowledge transfer schemes determine an optimal shareholding structure of the PPP. Under the assumption of lower capital cost of the public partner and lower development outlays when the investment is carried out by a private investor, an optimal capital structure is achieved with both the public and the private parties as shareholders.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund
Volume 2008: Issue 001