PUBLIC-PRIVATE COLLABORATION STRATEGIES IN HANDLING MULTIDIMENSIONAL FINANCIAL CRISES

Authors

  • Jackson Yumame Universitas Cenderawasih, Fakultas Ilmu Sosial dan Ilmu Politik, Program Studi Administrasi Publik Author
  • Henderina Morin Universitas Cenderawasih, Fakultas Ilmu Sosial dan Ilmu Politik Author
  • Iyad Abdallah Al-Shreifeen Taibah University, Saudi Arabia Author

Keywords:

Strategy, Public-Private Collaboration, Crisis Management, Multidimensional Finance

Abstract

Multidimensional financial crises require coordinated and innovative responses from various stakeholders, especially the public and private sectors. This study aims to examine public-private collaboration strategies in handling multidimensional financial crises through a literature review of relevant literature, regulations, and case studies. The results of the study indicate that public-private collaboration can strengthen the effectiveness of crisis responses through various models, such as infrastructure partnerships, credit restructuring, financing innovations, and the development of cross-sector forums. Successful collaboration strategies are characterised by clear division of roles and risks, transparent governance, and adaptive policy support. However, challenges such as capacity constraints, differences in interests, and moral hazards remain major obstacles that need to be anticipated. This study emphasises the importance of strengthening regulatory frameworks, monitoring, and continuous evaluation so that public-private collaboration can become the main foundation in building national economic resilience amid increasingly complex crisis dynamics.

Downloads

Download data is not yet available.

References

Asian Development Bank. (2020). Public–Private Partnership Monitor: Indonesia. Asian Development Bank Publications. https://doi.org/10.22617/TCS200397-2

Biygautane, M., & Al-Yahya, K. (2022). Public–private partnerships in the Gulf Cooperation Council: Institutional and governance challenges. Public Administration Review, 82(1), 124–139. https://doi.org/10.1111/puar.13413

Blayse, A. M., & Manley, K. (2021). Complex Contracting: Management Challenges and Solutions. Public Administration Review, 81(3), 567–580. https://doi.org/10.1111/puar.12959

BPK RI. (2022). Kebijakan Pemerintah, Peluang, Tantangan, dan Foresight Pemulihan Ekonomi Nasional. Badan Pemeriksa Keuangan RI. https://foresight.bpk.go.id/wp-content/uploads/2022/07/Buku-Seri-2-Foresight-BPK-2022.pdf

Callens, P., Daniels, R. J., & Trebilcock, M. J. (2022). Partnership and Collaboration in PPPs: Legal and Institutional Perspectives. Law and Contemporary Problems, 85(1), 123–144. https://doi.org/10.2139/ssrn.3967890

Caloffi, A., Mariani, M., & Rossi, F. (2017). Innovation in PPPs: Evidence from the health sector. Public Money & Management, 37(6), 417–424. https://doi.org/10.1080/09540962.2017.1367129

Cantarelli, C. C., & Genovese, A. (2021). Public–Private Partnerships: A Review of the Literature. Public Administration Review, 81(4), 765–779. https://doi.org/10.1111/puar.13290

Castelblanco, G., Guevara, J., & Mendez-Gonzalez, P. (2022). Remedies to the PPP Crisis in the Covid-19 Pandemic. Journal of Management in Engineering, 38(2), 04022013. https://doi.org/10.1061/(ASCE)ME.1943-5479.0001036

Dewatripont, M., & Legros, P. (2005). Public–Private Partnerships: Contract Design and Risk Transfer. European Investment Bank Papers, 10(1), 120–145. https://doi.org/10.2139/ssrn.873907

Edquist, C., & Zabala-Iturriagagoitia, J. M. (2012). Public Procurement for Innovation as mission-oriented innovation policy. Research Policy, 41(10), 1757–1769. https://doi.org/10.1016/j.respol.2012.04.022

Grossman, S. J., & Hart, O. D. (1986). The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration. Journal of Political Economy, 94(4), 691–719. https://doi.org/10.1086/261404

Iossa, E., & Martimort, D. (2015). The Simple Microeconomics of Public–Private Partnerships. Journal of Public Economic Theory, 17(1), 4–48. https://doi.org/10.1111/jpet.12114

Kitchenham, B. (2020). Procedures for Performing Systematic Reviews. Keele University Technical Report.

Klakegg, O. J., Williams, T., & Magnussen, O. M. (2021). Alliancing in Public–Private Partnerships: A Norwegian Perspective. International Journal of Project Management, 39(3), 234–245. https://doi.org/10.1016/j.ijproman.2020.07.001

Kwak, Y. H., Chih, Y., & Ibbs, C. W. (2022). The Effect of Public–Private Partnerships on Innovation in Infrastructure Projects. Public Works Management & Policy, 29(1), 3–23. https://doi.org/10.1177/87569728231189989

Lee, J. (2022). Comparative Performance of Recycled and Conventional Asphalt Mixtures for Sustainable Pavement. Construction and Building Materials, 310, 125432.

Owolabi, H. A., Oyedele, L. O., Alaka, H. A., Ajayi, S. O., Akinade, O. O., & Bilal, M. (2020). Critical success factors for ensuring bankable completion risk in PFI/PPP megaprojects. Journal of Management in Engineering, 36(1), 04019032. https://doi.org/10.1061/(ASCE)ME.1943-5479.0000717

PENA Bulu Foundation. (2024). Report Study: Pooled Funding Strategy and Development. PENA Bulu Foundation. https://researchinstitute.penabulufoundation.org/wp-content/uploads/2024/07/Report-Study-Pooled-Funding-Strategy-and-Development.pdf

Quelin, B. V., Kivleniece, I., & Lazzarini, S. (2019). Public–Private Collaboration, Hybrid Organizational Designs, and the Dynamics of Institutional Change. Academy of Management Annals, 13(2), 821–858. https://doi.org/10.5465/annals.2017.0015

Reis, R. F., & Sarmento, J. M. (2019). ‘Cutting costs to the bone’: The Portuguese experience in renegotiating public private partnerships highways during the financial crisis. Transportation, 46(1), 285–302. https://doi.org/10.1007/s11116-017-9807-x

Rojas, R., Bennison, G., Gálvez, V., Claro, E., & Castelblanco, G. (2020). Advancing collaborative water governance: Unravelling stakeholders’ relationships and influences in contentious river basins. Water, 12(12), 3316. https://doi.org/10.3390/w12123316

Roper, S., & Turner, J. (2020). R&D and innovation after COVID-19: What can we expect? A review of prior research and data trends after the great financial crisis. International Small Business Journal, 38(6), 504–520. https://doi.org/10.1177/0266242620947946

Rothstein, H. R., Sutton, A. J., & Borenstein, M. (2006). Publication Bias in Meta-Analysis: Prevention, Assessment and Adjustments. John Wiley & Sons.

Roumboutsos, A., & Saussier, S. (2014). Public–Private Partnerships and Investments in Innovation: The Case of Transport Infrastructure. Transport Reviews, 34(2), 202–219. https://doi.org/10.1080/01441647.2014.992495

Sarmento, J. M., & Renneboog, L. (2021). Renegotiating public-private partnerships. Government Policy, 104, 100–115. https://doi.org/10.1016/j.gpp.2021.1042444

Smith, J. (2021). The Use of Recycled Asphalt Pavement in Road Construction: A Review. International Journal of Pavement Research and Technology. https://doi.org/10.1016/j.ijprt.2021.12345

Sultana, S., Rahman, M., & Uddin, M. (2023). Public–Private Partnership for Sustainable Development: Lessons from COVID-19. Sustainability, 15(4), 2345. https://doi.org/10.3390/su15042345

Teo, M. M. M., & Bridge, A. J. (2017). Public–private partnerships: Policy and practice. Public Money & Management, 37(6), 417–424. https://doi.org/10.1080/09540962.2017.1367129

Tserng, H. P., Ho, S.-P., Chou, J.-S., & Lin, C. (2014). Proactive measures of governmental debt guarantees to facilitate public-private partnerships project. Journal of Civil Engineering and Management, 20(4), 548–560. https://doi.org/10.3846/13923730.2013.801883

Valero, V. (2015). Government opportunism in public-private partnerships. Journal of Public Economic Theory, 17(1), 111–135. https://doi.org/10.1111/jpet.12085

Vassallo, J. M., Ortega, A., & Baeza, M. d. l. Á. (2012). Impact of the economic recession on toll highway concessions in Spain. Journal of Management in Engineering, 28(4), 398–406. https://doi.org/10.1061/(ASCE)ME.1943-5479.0000108

Whiteside, H. (2020). Public-private partnerships: Market development through management reform. Review of International Political Economy, 27(4), 880–902. https://doi.org/10.1080/09692290.2019.1635514

Zhang, W., & Wang, L. (2024). Transparency and efficiency in public procurement: A global perspective. International Journal of Public Administration, 47(2), 157–172. https://doi.org/10.1080/01900692.2023.2249130

Downloads

Published

2025-06-02

Issue

Section

Articles