Formation of the institutional environment of investment activity on the basis of the state-private partnership
Journal Title: Економіка. Фінанси. Право - Year 2019, Vol 7, Issue
Abstract
In the article the normative-legal and methodological foundations of formation of the institutional environment of investment activity on the basis of public-private partnership are highlighted. An important area of public-private partnership implementation is the creation of an institutional environment that is considered as a set of fundamental political, social, legal and economic rules that define the framework for the behavior of partners and form the basis for production, exchange and distribution. Public-private partnerships can take many forms depending on the degree of involvement of the private and public sectors and, accordingly, the level of risk borne by the parties. Based on international experience, opportunities and prerequisites for the development of public-private partnership are considered. The concession in international practice is the most common form of public-private partnership. The concession stipulates that the state or self-government bodies shall, on a fee and on a time basis, transfer to the business entity (concessionaire) the right to create or substantially improve the object of the concession and manage it. The recommendations for solving the issue of financing public-private partnership projects are given. It is proved that the two-level system of legal regulation of concession relations complicates considerably the use of the Law of Ukraine "On Concessions" in practice. More reasonable is the approach in which concession is a separate institution, and concession relations and public-private partnership relations are regulated by different laws. The directions of reforming concession legislation are substantiated, which will include: systematization of the current laws of Ukraine that regulate the implementation of concession activities and harmonization with the law on public-private partnership with the implementation of best international experience.
Authors and Affiliations
Olena Volodymyrіvna Makoveiеva
Keywords
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