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2019 | OriginalPaper | Buchkapitel

3. Public-Private Partnership in the Light of Risk and Public Finance Theories

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Abstract

This chapter presents the concepts of risk and uncertainty in the context of PPP. At the same time, it presents a list of different risk classifications in project finance that is rarely found in the literature. It indicates the importance of the risk management process in the public sector, including the process of fulfilling the function of public finances. At the same time, the author emphasises the location of the risk management process in the theories of public economics and public finance.

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Fußnoten
1
Kaczmarek [1].
 
3
A. Willett, Economic Theory of Risk and Insurance (1901), The Committee of the Theory of Risk, S. S. Huebner Foundation for Insurance Education, University of Pennsylvania, 1951.
 
4
Bochenek [2].
 
5
A. Willet, op. cit., pp. 3–5.
 
6
Knight [3].
 
7
Ibid., ch. I.
 
8
Cf. Arrow [4].
 
9
Miller and Modigliani [5], www.​jstor.​org/​stable/​1809766, pp. 261–265.
 
10
The Bulletin of the Commission Terminology of the American Risk Association I (1), March 1966, p. 1.
 
11
Wiliamson [6].
 
12
Klimczak [7].
 
13
Kowalczyk [8].
 
14
Szumlicz [9].
 
15
Gruszka and Zawadzka [10].
 
16
Jajuga [11].
 
17
M. K. Klimczak, Dylematy….
 
18
Committee of Sponsoring Organisations of the Treadway Commission (COSO), www.​coso.​org/​documents/​coso_​erm_​executivesummary​_​polish.​pdf, Zarządzanie ryzykiem korporacyjnym: zintegrowana struktura ramowa ERM, 2004.
 
19
Frank [12].
 
20
Hupe [13].
 
21
M. Kowalczyk, op. cit., p. 12.
 
22
Tiong [14].
 
23
Woody and Pourian [16].
 
24
Walker and Smith [18].
 
25
Finnerty [19].
 
26
Williams et al. [23].
 
27
Act on Public Finance of 27 August 2009, Dz. U. [Journal of Laws] of 2013. Item 885 as amended, Article 5(2).
 
28
Owsiak [24].
 
29
Musgrave and Musgrave [25].
 
30
Boć et al. [26].
 
31
Constitution of the Republic of Poland of 2 April 1997, Dz. U. [Journal of Laws] of 1997, no. 78, item 483.
 
32
Public Finance Act…, Article 69.
 
34
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R. Kłosowicz, op. cit., p. 14.
 
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Walasik [28].
 
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Filipowicz and Opawski [29].
 
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Becker [33].
 
41
Buchanan and Tullock [34], cf. A. Walasik, op. cit., p. 18.
 
42
Musgrave [35].
 
43
Ibid.
 
44
A. Walasik, op. cit., p. 11.
 
45
Olson [36].
 
46
Klimczak [37].
 
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Galor [38].
 
48
Ibid., pp. 63–78.
 
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Stiglitz [39].
 
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Dylewski and Filipiak [40].
 
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Act on Public Finances… from art. 68 to art. 71 and Regulation of the Minister of Finance of 2 December 2010 on the model statement on the state of management control, Dz. U., no. 238, item 1581.
 
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Kumpiałowska [41].
 
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An emerging country is a nation’s economy that is becoming increasingly advanced and has some form of market exchange and a regulatory authority. Not all agree on which countries belong to this group, but some institutions have chosen to classify them. The International Monetary Fund, for example, classifies 23 countries as emerging markets. The same number is reported by Morgan Stanley Capital International. Standard and Poor, and Russell rank 21 emerging markets worldwide, and Dow Jones lists 22 countries. The following is a list of countries that each of the above organisations has classified as emerging markets since 2016, but also a list of countries that are classified as such by only some of these institutions. The following countries are included in the classification of all organisations mentioned above: Brazil, Chile, China, Colombia, Hungary, Indonesia, India, Malaysia, Mexico, Peru, Philippines, Poland, Russia, South Africa, Thailand and Turkey. The other countries on the IMF list are: Argentina, Bangladesh, Bulgaria, Pakistan, Romania, Ukraine and Venezuela. The Morgan Stanley Capital International classification also includes: Bangladesh, Czechia, Egypt, Greece, Qatar, South Korea, Taiwan and United Arab Emirates. The S & P list also includes: Bangladesh, Czechia, Egypt, Greece and Taiwan. The Dow Jones also classifies the following: Czechia, Egypt, Greece, Qatar, Taiwan and United Arab Emirates. The other emerging market countries according to Russell are the following: Czechia, Greece, South Korea, Taiwan and United Arab Emirates (www.​investopedia.​com/​terms/​e/​emergingmarketec​onomy.​asp). Developing countries are countries with low levels of material wealth. However, there is no generally accepted definition of a developed country. The level of development of these countries may be at different levels (www.​pl.​wikipedia.​org/​wiki/​Kraje_​development%C4%85ce_​si%C4%99; www.​iugg2015prague.​com/​list-of-developing-countries.​htm).
 
61
Snapshot for China Monthly Foreign Exchange Reserves CNGFOREX, Bloomberg L.P., accessed on 24.04.2015.
 
62
International Reserves and Foreign Currency Liquidity, 24.04.2015.
 
63
India International Reserves and Foreign Currency Liquidity, 24.04.2015.
 
64
Karwowski [45].
 
65
Konopczak [46].
 
66
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67
Bremmer [47].
 
68
Bernstein [48].
 
69
Ibid., pp. 15–16.
 
71
Cattelan [50].
 
72
Visser [51].
 
73
Cf. Lapidus [52].
 
74
Nejatullah Siddiqi [53].
 
75
Nowoczesność, Europa, Islam. Religia a dylematy obywatelstwa i wykluczenia, p. 245.
 
76
Siddiqi [54].
 
77
Quran, XLII: 38.
 
78
R. Kłosowicz, op. cit., p. 15.
 
79
Dr. A.-R. Yousri, The Role of Taxation, Expenditure and Debt in an Islamic Economy, University of Alexandria, Egypt, pp. 33–35.
 
80
Elements of civil law, with particular reference to property law, in the light of Islamic law, cf: Problemy własności w ujęciu historyczno-prawnym, E. Kozerska, P. Sadowski, A. Szymański (eds.) Opole 2008, pp. 47–56.
 
81
J. Bremer, Zakat and Economic Justice: Emerging International Models and their Relevance for Egypt, Takaful 2013, 3rd Annual Conference on Arab Philanthropy and Civic Engagement, June 4–6, Tunis, Tunisia, p. 58.
 
82
J. Bremer, Zakat and Economic Justice…, p. 69.
 
83
UAE Ministry of Economy, The Annual Economic Report 2014, 22nd edition, p. 34.
 
86
www.​gov.​uk. Accessed on 04.09.2016.
 
88
The Gulf Cooperation Council (GCC) was established in May 1981 to facilitate cooperation in the fields of economy and security. The GCC controls 45% of the world’s oil reserves and 20% of the world’s gas reserves. The Council comprises the following states: Saudi Arabia, United Arab Emirates, Bahrain, Qatar, Oman and Kuwait. www.​persiangulffund.​com/​gulf-area/​gulf-cooperation-council/​.
 
89
B. Whitaker, Arabs without God: Atheism and freedom of belief in the Middle East, self-published, 2014.
 
90
R. Kłosowicz, op. cit., p. 17.
 
91
Assessing Investment Policies of Member Countries of the GULF Cooperation Council, MENA OECD Investment Programme, presented on 5 April 2011 at a conference in Abu Dhabi, http://​www.​oecd.​org/​mena/​competitiveness/​Preliminaryasses​smentGCCinvtpoli​cies.​pdf.
 
92
M. Siddiqi, op. cit., p. 58.
 
93
Tariq and Humayon [55].
 
94
M. R. El Shazly, Sukuk Structures, Profiles and Risk, Columbia College, 2004, www.​isfin.​net, p. 8.
 
95
A. Tariq, D. Humayon, op. cit., p. 210.
 
96
AAOIFI Standards 2008.
 
97
Cf. M. R. Ab Aziz, “Islamic Banking and Finance in Malaysia”, System, Issues and Challenges, University Sains Islam Malaysia, 2013, pp. 147–173.
 
98
J. Karwowski, “Sukuk—islamskie certyfikaty inwestycyjne”, [in:] Finanse: nowe wyzwania teorii i praktyki. Rynki finansowe, ed. K. Jajuga, Wrocław University of Economics, Wrocław 2011, p. 233.
 
99
Al Bitar [56].
 
100
Zawya report on Sukuk www.​zawya.​com. December 2016.
 
101
Ibid.
 
102
Global Turning Points: Understanding the Challenges for Business in the 21st Century, Cambridge University Press, Cambridge, 2012.
 
103
Report on water management in the world, www.​unic.​un.​org.​pl, prepared by the UN Information Centre, March 2003, accessed on 10.06.2016.
 
104
New York Times, October 28, 2010, page B1 of the New York edition with the headline: “Rapid Growth in Dubai Outstrips Its Resources”.
 
105
“Aging in the UAE and Services Available for the Elderly: Structured Interviews with Experts in Field”, Policy Brief 34, Dubai School of Government, February 2013, p. 3.
 
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Metadaten
Titel
Public-Private Partnership in the Light of Risk and Public Finance Theories
verfasst von
Hanna Kociemska
Copyright-Jahr
2019
DOI
https://doi.org/10.1007/978-3-030-14753-2_3