Remedies to the PPP Crisis in the Covid-19 Pandemic: Lessons from the 2008 Global Financial Crisis
Publication: Journal of Management in Engineering
Volume 38, Issue 3
Abstract
The COVID-19 pandemic has triggered a global economic crisis and is leading multiple local, regional, and national governments to increase public debt to unprecedented levels. This situation endangers current and future road public-private partnership (PPP) programs, given their dependence on user fees and/or government availability payments. Accordingly, this study aims to explore recovery measures to address short- and long-term road PPP-related challenges associated with the COVID-19 pandemic, by considering recuperation actions implemented during the 2008 global financial crisis (GFC). To do so, this research examines the PPP-crisis literature through the lens of social network analysis (SNA) and concepts linked to network modularity and community detection techniques. The analysis focuses on unraveling semantic relationships between PPP-related keywords in order to understand lessons learned from the GFC and to propose suitable remedies for overcoming the consequences of the global economic crisis derived from the COVID-19 pandemic. Findings show that the PPP-crisis literature forms a comprehensive self-contained interwoven network that can be organized into five semantic communities according to concepts related to risk, financing, governance, procurement, and institutional environment. Based on such communities, the analysis suggests five recovery measures and highlights two implementation challenges (i.e., global supply chain disruptions and quantitative easing policies). Future research is required to examine effective ways to apply the proposed PPP remedies in the long-term.
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Data Availability Statement
Some or all data, models, or codes that support the findings of this study are available from the corresponding author upon reasonable request.
Acknowledgments
This work was supported by Universidad de los Andes under Fondo de Apoyo para Profesores FAPA.
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Journal of Management in Engineering
Volume 38 • Issue 3 • May 2022
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© 2022 American Society of Civil Engineers.
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Received: Jun 30, 2021
Accepted: Dec 30, 2021
Published online: Mar 9, 2022
Published in print: May 1, 2022
Discussion open until: Aug 9, 2022
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