Sovereign Risk and Public-Private Partnership During the Euro Crisis

The Eurozone crisis has led to an increase in both sovereign and banking risk, which has in turn had a negative effect on the general economy in terms of reduced public expenditure, reduced credit to corporates and SMEs, and a reduction in private and public investment. Within the Euro-periphery this reduction in financial public resources is impacting on the development and modernization of new and existing infrastructures, and on the effective management of business activities. This book contributes to contemporary economic debate by identifying how governments can implement fiscal policies that stimulate economic development but avoid increasing public debt, and suggests ways in which liquidity from the European Central Bank can flow into the real economy. Written in 2 parts, the first part of the book assesses sovereign risk in the Eurozone, analysing the relationship between public private partnership (PPP) and the public debt ceiling in detail. The second part of the book provides a country specific analysis with a focus on the UK, Italy and Spain, in combination with a number of utilities such as energy management, transportation management, and water management. It demonstrates how each of these countries, and the individual utility providers, manage these liquidity issues, analysing which practices are the most effective in facilitating growth whilst keeping costs to a minimum. This book is an ideal resource for anyone interested in public finance, corporate finance, risk management, political economy, capital markets and investment banking.

Table of Contents:
1. Introduction 2. Sovereign Risk: Credit Risk Analysis and the Role of PPPs Schemes 3. PPP Schemes 4. IFRIC 12 Service Concession Arrangements 5. Case Studies in UK 6. Case Studies in Italy 7. Case Studies in Spain 8. Sovereign Risk and PPP Schemes: Future Directions

About the Author :
Maura Campra is Full Professor of Business Administration at Eastern Piedmont University, Italy. She was Chairman of the Foreign Training Commission of CNDC and a member of the Accounting Mediterranean Association. She is also Associate Fellow of EuroMed Academy of Business (AF-EMAB). She has written several books on business administration, accounting, business combinations and international financial reporting. Gianluca Oricchio is General Manager at CBM University Hospital, Italy. He has held senior capital and risk management positions at several global financial institutions. He has been Head of ACPM at Capitalia Banking Group and Head of Group Credit Treasury at Unicredit Group and has written several books on financial markets, corporate finance and risk management. Eugenio Mario Braja is Assistant Professor in Business Administration CPA at Eastern Piedmont University, Italy. He has published several books on business administration, accounting, business combinations and international financial reporting. Paolo Esposito is a Research Fellow in Business Administration at Eastern Piedmont University, Italy. He has a Ph.D. in Public Management and Governance from the University of Rome Tor Vergata and is Associate Fellow of EuroMed Academy of Business (AF-EMAB). He has written several publications on corporate governance, public private partnership and accounting and auditing standards.