Infrastructure services (such as transport, telecommunications, or water services) crucially affect competitiveness and efficiency. However, though infrastructure investments are essential in modern economies, they usually require important amounts of public funds. In decentralized countries, regional governments cannot usually afford large infrastructure projects, so co-financing with the central government is required. The aim of this paper is to demonstrate the influence of the central government financing mechanisms on the contract offered by the regional government for the construction, maintenance, and operation of the infrastructure. In particular, we prove that if the central government uses certain financing mechanisms, the regional government may have no incentives to offer an efficient contract to the firm.

中文翻译：

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大型基础设施投资：权力下放国家的融资机制和激励措施1

基础设施服务（如运输、电信或供水服务）对竞争力和效率至关重要。然而，尽管基础设施投资在现代经济中必不可少，但它们通常需要大量的公共资金。在权力下放的国家，地方政府通常负担不起大型基础设施项目，因此需要与中央政府共同融资。本文旨在论证中央政府融资机制对地方政府提供的基础设施建设、维护和运营合同的影响。特别是，我们证明，如果中央政府使用某些融资机制，地方政府可能没有动力向公司提供有效合同。