민간투자사업의 후생효과 분석 (Analysis on the Welfare Effect of the PPP Implementation)

KDI Journal of Economic Policy 2013, 35(3) 1-38

39 Pages Posted: 15 May 2016

See all articles by Jungwook Kim

Jungwook Kim

Korea Development Institute (KDI)

Weh-Sol Moon

Seoul Women’s University

Date Written: September 5, 2013

Abstract

Korean Abstract: 본 연구는 공공부문과 민간투자사업자를 포함한 일반균형모형을 사용하여 재정사업과 BTL민간투자사업의 후생 차이를 비교⋅분석한다. 다른 모든 조건이 동일할 때, 정부가 세입⋅세출을 동일하게 유지해야 한다고 가정할 경우, 민간투자사업하에서의 국민경제 후생수준이 재정사업하에서의 후생수준보다 높은 것으로 나타난다. 정부가 균형재정의 제약을 회피할 목적으로 민간투자사업을 무리하게 추진하는 경우 미래의 임대료가 모두 부채로 간주되기 때문에 상당한 사회적 비용이 초래될 수 있음을 명시적으로 보인다.

English Abstract: This study investigates the welfare implications of BTL projects using a general equilibrium model with the public sector and public-private partnerships. We show that when the government is not allowed to run budget deficits but private firms is able to overcome the financial constraint, BTL projects performed by public-private partnerships (PPPs) could be a good alternative and improve the welfare of the model economy. This paper quantitatively investigates excessive expansion of PPP projects and several alternatives to retrieve welfare losses caused by such an expansion. Assuming that future rents of BTL projects are not taken into account, we find the welfare losses up to 20 percent relative to conventional government projects. Finally, we show that it would be possible to reduce the losses by transforming the fully depreciated capital stock of the government projects into much smaller new PPP projects.

Note: Downloadable document is in Korean.

Keywords: 민간투자사업 (Public Private Partnership), 임대형 민간투자사업 (BTL), 일반균형모형 (General Equilibrium), 최적 재정정책 (Optimal Fiscal Policy), 후생효과 (Welfare Effect)

JEL Classification: E2, E6, H4, H5

Suggested Citation

Kim, Jungwook and Moon, Weh-Sol, 민간투자사업의 후생효과 분석 (Analysis on the Welfare Effect of the PPP Implementation) (September 5, 2013). KDI Journal of Economic Policy 2013, 35(3) 1-38. Available at SSRN: https://ssrn.com/abstract=2777291

Jungwook Kim (Contact Author)

Korea Development Institute (KDI) ( email )

263 Namsejong-ro
Sejong-si 30149
Korea, Republic of (South Korea)

Weh-Sol Moon

Seoul Women’s University ( email )

Seoul
Korea, Republic of (South Korea)

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