Forfaiting : an alternative financing model to project finance for PPPs?
Autor(a) principal: | |
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Data de Publicação: | 2014 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.14/16657 |
Resumo: | Project finance which is primarily used to finance public private partnerships (PPPs) has faced deteriorating credit conditions during the financial crisis. This has ultimately decreased the competitiveness of PPPs compared to traditional public procurement. This study aims to find out in how far and under which conditions the forfaiting model which is predominantly used in Germany can be an alternative financing model for PPPs. For this purpose both models were compared to identify each model’s advantages and disadvantages. Furthermore, analyzing the financing patterns of PPPs in German building construction from 2002 to 2013 allowed further conclusions about the feasibility of forfaiting. It was found out that most of the German PPPs are financed by forfaiting. However, large projects are preferred to be financed by project finance. With the outburst of the financial crisis there was an evident increase in financing under forfaiting. Credit and market conditions related to project finance worsened considerably. Hence, it is assumed that projects initially planned to be financed by project finance have been dropped and/or alternatively financed by forfaiting. Overall it was found out that forfaiting is an alternative financing model for PPPs, not only in times of crisis. |
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Forfaiting : an alternative financing model to project finance for PPPs?Public Private Partnerships (PPPs)FinancingProject financeForfaiting modelFinancial crisisFinancing costsRisk allocationDomínio/Área Científica::Ciências Sociais::Economia e GestãoProject finance which is primarily used to finance public private partnerships (PPPs) has faced deteriorating credit conditions during the financial crisis. This has ultimately decreased the competitiveness of PPPs compared to traditional public procurement. This study aims to find out in how far and under which conditions the forfaiting model which is predominantly used in Germany can be an alternative financing model for PPPs. For this purpose both models were compared to identify each model’s advantages and disadvantages. Furthermore, analyzing the financing patterns of PPPs in German building construction from 2002 to 2013 allowed further conclusions about the feasibility of forfaiting. It was found out that most of the German PPPs are financed by forfaiting. However, large projects are preferred to be financed by project finance. With the outburst of the financial crisis there was an evident increase in financing under forfaiting. Credit and market conditions related to project finance worsened considerably. Hence, it is assumed that projects initially planned to be financed by project finance have been dropped and/or alternatively financed by forfaiting. Overall it was found out that forfaiting is an alternative financing model for PPPs, not only in times of crisis.Reis, Ricardo César Ribeiro Ventura FerreiraSarmento, Joaquim José MirandaVeritati - Repositório Institucional da Universidade Católica PortuguesaBusse, Julia2015-02-16T11:26:34Z2014-07-1720142014-07-17T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/16657TID:201181541enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-11-14T01:35:23Zoai:repositorio.ucp.pt:10400.14/16657Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:13:50.058788Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Forfaiting : an alternative financing model to project finance for PPPs? |
title |
Forfaiting : an alternative financing model to project finance for PPPs? |
spellingShingle |
Forfaiting : an alternative financing model to project finance for PPPs? Busse, Julia Public Private Partnerships (PPPs) Financing Project finance Forfaiting model Financial crisis Financing costs Risk allocation Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
title_short |
Forfaiting : an alternative financing model to project finance for PPPs? |
title_full |
Forfaiting : an alternative financing model to project finance for PPPs? |
title_fullStr |
Forfaiting : an alternative financing model to project finance for PPPs? |
title_full_unstemmed |
Forfaiting : an alternative financing model to project finance for PPPs? |
title_sort |
Forfaiting : an alternative financing model to project finance for PPPs? |
author |
Busse, Julia |
author_facet |
Busse, Julia |
author_role |
author |
dc.contributor.none.fl_str_mv |
Reis, Ricardo César Ribeiro Ventura Ferreira Sarmento, Joaquim José Miranda Veritati - Repositório Institucional da Universidade Católica Portuguesa |
dc.contributor.author.fl_str_mv |
Busse, Julia |
dc.subject.por.fl_str_mv |
Public Private Partnerships (PPPs) Financing Project finance Forfaiting model Financial crisis Financing costs Risk allocation Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
topic |
Public Private Partnerships (PPPs) Financing Project finance Forfaiting model Financial crisis Financing costs Risk allocation Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
description |
Project finance which is primarily used to finance public private partnerships (PPPs) has faced deteriorating credit conditions during the financial crisis. This has ultimately decreased the competitiveness of PPPs compared to traditional public procurement. This study aims to find out in how far and under which conditions the forfaiting model which is predominantly used in Germany can be an alternative financing model for PPPs. For this purpose both models were compared to identify each model’s advantages and disadvantages. Furthermore, analyzing the financing patterns of PPPs in German building construction from 2002 to 2013 allowed further conclusions about the feasibility of forfaiting. It was found out that most of the German PPPs are financed by forfaiting. However, large projects are preferred to be financed by project finance. With the outburst of the financial crisis there was an evident increase in financing under forfaiting. Credit and market conditions related to project finance worsened considerably. Hence, it is assumed that projects initially planned to be financed by project finance have been dropped and/or alternatively financed by forfaiting. Overall it was found out that forfaiting is an alternative financing model for PPPs, not only in times of crisis. |
publishDate |
2014 |
dc.date.none.fl_str_mv |
2014-07-17 2014 2014-07-17T00:00:00Z 2015-02-16T11:26:34Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.14/16657 TID:201181541 |
url |
http://hdl.handle.net/10400.14/16657 |
identifier_str_mv |
TID:201181541 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799131816941060096 |