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S.M. Levy
Build, Operate and Transfer: Paving the Way for Tomorrow's Infrastructure
Timothy Irwin, M. Klein, Guillermo Perry, Mateen Thobani (1999)
Managing government exposure to private infrastructure risksWorld Bank Research Observer, 14
C. Lewis, A. Mody
Contingent liabilities for infrastructure projects
Mansoor Dailami, I. Lipkovich, J. Dyck (1999)
Infrisk: A Computer Simulation Approach to Risk Management in Infrastructure Project Finance Transactions
M. Klein (1997)
Managing Guarantee Programs in Support of Infrastructure Investment
R. Tiong, K. Yeo, S. McCarthy (1992)
Critical Success Factors in Winning BOT ContractsJournal of Construction Engineering and Management-asce, 118
Mansoor Dailami, Danny Leipziger (1997)
Infrastructure Project Finance and Capital Flows: A New Perspective
Ashoka Mody (1995)
Methods of Loan Guarantee Valuation and Accounting
Mateen Thobani (1998)
Private Infrastructure, Public Risk
Mansoor Dailami, M. Klein (1998)
Government Support to Private Infrastructure Projects in Emerging Markets
R. Tiong (1995)
RISKS AND GUARANTEES IN BOT TENDERJournal of Construction Engineering and Management-asce, 121
C. Lewis, A. Mody
Risk management systems for contingent infrastructure liabilities
T. Irwin
Public money for private infrastructure
Antonio Estache, M. Romero, J. Strong (1999)
The Long and Winding Path to Private Financing and Regulation of Toll RoadsInternational Finance eJournal
Howard Sosin (1980)
On the Valuation of Federal Loan Guarantees to CorporationsJournal of Finance, 35
R.A. Brealey, S.C. Myers
Principles of Corporate Finance
E. Engel, R. Fischer, Alexander Galetovic (1997)
Privatizing roads : a new method for auctioning highways
A. Mody
Contingent liabilities in infrastructure: lessons from the East Asian financial crisis
S. Ye, R. Tiong (2000)
NPV-at-Risk Method in Infrastructure Project Investment EvaluationJournal of Construction Engineering and Management-asce, 126
E. Saliby, Flavio Pacheco (2002)
An empirical evaluation of sampling methods in risk analysis simulation: quasi-Monte Carlo, descriptive sampling, and latin hypercube samplingProceedings of the Winter Simulation Conference, 2
Vladimir Bohun (2000)
Developing Best Practices for Promoting Private Sector Investment in Infrastructure: Power
World Bank and The Ministry of Construction of Japan
Asian toll road development program: review of recent toll road experiences in selected countries and preliminary tool kit for toll road development
Host governments often provide guarantees in build‐operate‐transfer (BOT) infrastructure projects to attract private sector investors. Problems arise because the governments often do not know the full extent of contingent liabilities when issuing guarantees, and because they account and record guarantee costs only when guarantees come due. This paper discusses the guarantees' financial impact from the perspectives of the government and the project sponsor. A typical Indonesian BOT toll road project is taken as the case study. Stochastic simulation using Latin Hypercube technique is applied on the cash flow model with and without guarantees. Several types of guarantees including minimum revenue guarantee, maximum interest rate guarantee, debt guarantee, tariff guarantee and minimum traffic guarantee are discussed. Simulation results reveal that guarantees can reduce risk but are not free of cost. If compared with equivalent subsidies, however, some guarantees can be more effective in lessening the extent of project risk.
Engineering Construction & Architectural Management – Emerald Publishing
Published: Dec 1, 2004
Keywords: Indonesia; Project management; Capital projects; Government; Private sector organizations; Construction industry; Loan guarantee scheme
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