CENA JAVNEGA FINANCIRANJA.

The Price of Public Finance.

The article elaborates on the choice of a proper discount rate in public infrastructure investments in the context of public- private partnerships, where a key criterion for preferring public or private sector financing in public infrastructure projects is the value for money test. The »price« of public finance or the discount rate for the traditional public sector variant has a substantial impact on the result of the test. Two different views in economic theory propose what the proper price of public finance should be: the welfare economics approach and the conventional financial economics approach. Both have their weaknesses and offer only a general decision-making framework without a clear solution. [ABSTRACT FROM AUTHOR]

Prispevek osvetljuje izbiro primerne diskontne stopnje v investicijah v javno infrastrukturo v kontekstu javnozasebnih partnerstev, kjer o tem, ali bo neki projekt direktno financiral javni ali zasebni sektor, odloča test stroškovne učinkovitosti (Value for Money Test - VFM). Stopnja, po kateri diskontiramo varianto javnega sektorja, je za rezultat tega testa bistvenega pomena. Kakšna naj bi bila primerna cena javnega kapitala, obstajata dva različna pogleda - pogled finančne ekonomike in pogled ekonomike blaginje. Oba imata svoje slabosti in na vprašanje ne ponujata jasnega odgovora, ampak le grob okvir. [ABSTRACT FROM AUTHOR]

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