PPPとリスクアロケーション

──ASEANのインフラ供給──

抄録

　　There is a growing demand for infrastructure projects in the world.　According to the McKinsey Global Institute （MGI）, it is estimated that $49 trillion in infrastructure investments will be required globally between 2016 and 2030, which is 1.5 times larger than the historical infrastructure spending between 2000 and 2015.　To respond to this demand, governments around the world increasingly use private sector involvement to provide public infrastructures through Public Private Partnerships （PPPs）.

　　This article intends to review the PPP literature and extract the theoretical reason for the use of PPPs in the provision of infrastructures.　This literature review found that the potential efficiency gain is centered as the reason for using PPPs over public provision.　It also found that the PPP literature emphasizes the importance of （i） optimum transfer of risk that generates the proper incentives for the private sector to efficiently supply infrastructure services and （ii） a distinction between endogenous and exogenous risks when deciding the allocation of risk between the public sector and the private sector.

　　Based on the review, some past PPPs in ASEAN countries are summarized in light of the efficiency gain and optimum risk allocation.　Certain risks that the private sector can neither control nor diversify were excessively transferred to the private sector involved in these PPPs, which leaves room for further improvement in the efficiency of PPPs.　This implies that further optimization of risk allocation should be pursed in ASEAN PPPs, so the efficiency gain, which is the principal reason for the use of PPPs, can be maximized.

JEL Classification:H44, H54