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Regional Economics: Theory and Practice
 

Public-private partnership development: An institutional analysis of infrastructure project transaction costs

Vol. 21, Iss. 4, APRIL 2023

Received: 2 March 2023

Received in revised form: 19 March 2023

Accepted: 26 March 2023

Available online: 17 April 2023

Subject Heading: SUSTAINABLE DEVELOPMENT OF REGIONS

JEL Classification: C38, D02, Y10

Pages: 729–750

https://doi.org/10.24891/re.21.4.729

Svetlana V. PANIKAROVA Institute of Economics and Management, Ural Federal University named after the First President of Russia B.N. Yeltsin (UrFU), Yekaterinburg, Russian Federation
panikarova_s@mail.ru

ORCID id: not available

Mikhail L. KUKLINOV Institute of Economics and Management, Ural Federal University named after the First President of Russia B.N. Yeltsin (UrFU), Yekaterinburg, Russian Federation
mkuklinov@mail.ru

https://orcid.org/0000-0003-3663-7292

Subject. This article discusses the role of the private sector of the economy in the development of regional infrastructure.
Objectives. The article aims to define and disclose the functions of the institutional environment of public-private partnership.
Methods. For the study, we used general scientific research methods.
Results. The article describes the functions of the institutional environment of public-private partnership and their content. The article also presents a classification of transaction costs and the concept of an online platform that helps solve various problems of the development of public-private partnership in the Sverdlovsk Oblast.
Conclusions. Institutional and budget constraints hinder the unlocking of the private sector's potential in the development of regional infrastructure.

Keywords: PPP, institutional environment, regional infrastructure, institutional constraints, transaction costs

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