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Long-term relationships between business firms and investment banks are pervasive in developed security markets and there is evidence that better monitoring and information result from these relationships. Therefore, security markets should allocate resources better when an investment banking industry exists. We study the necessary conditions for the emergence of sustainable relationships and explore whether policy can foster them. We show that policy can help alleviate the costs of relationships, but an investment banking industry will not emerge with only a small number of large firms.

Banks and Banking --- Corporate Finance --- Finance: General --- Financial Institutions and Services: General --- Firm Organization and Market Structure --- Investment Banking --- Venture Capital --- Brokerage --- Ratings and Ratings Agencies --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: General (includes Measurement and Data) --- Banking --- Finance --- Ownership & organization of enterprises --- Investment banking --- Securities markets --- Business enterprises --- Commercial banks --- Financial services --- Financial markets --- Economic sectors --- Financial institutions --- Competition --- Banks and banking --- Capital market --- United States

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Governments typically build and maintain public infrastructure, which they fund through taxes. But in the past twenty-five years, many developing and advanced economies have introduced public-private partnerships (PPPs), which bundle finance, construction, and operation into a long-term contract with a private firm. In this book, the authors provide a summary of what they believe are the main lessons learned from the interplay of experience and the academic literature on PPPs, addressing such key issues as when governments should choose a PPP instead of a conventional provision, how PPPs should be implemented, and the appropriate governance structures for PPPs. The authors argue that the fiscal impact of PPPs is similar to that of conventional provisions and that they do not liberate public funds. The case for PPPs rests on efficiency gains and service improvements, which often prove elusive. Indeed, pervasive renegotiations, faulty fiscal accounting, and poor governance threaten the PPP model.

Public-private sector cooperation. --- Private-public partnerships --- Private-public sector cooperation --- Public-private partnerships --- Public-private sector collaboration --- Cooperation