Space and Environment
- P-ISSN1225-6706
- E-ISSN2733-4295
- KCI
ISSN : 1225-6706
Financializing the Procurement of Infrastructure by Public-Private-Partnership? A Perspective of Financial Geography
Abstract
For the last two decades, Korean government has utilized Public-Private-Partnership(PPP) program in order to provide large-scale infrastructures such as road,railway, harbor, etc. The development of PPP program is related to the discourseof financialization, or the dynamic integration between spatial and capital by usingnew financial methods including project finance. In terms of financialization, thispaper aims to introduce concepts of financial geography and to illustrate the basicstructure of project finance. By reviewing previous approaches on financialization,I employ the perspective of Marxian view on the relationship between capital andspace in what Harvey contributed through his analysis of capitalism. I also emphasizethe perspective of financial geography on basis of valuation methods in order tounderstand the dynamics between capital and space. Consequently, it is revealedthrough a valuation analysis that the South Korean government should have beenpaid for a large amount of subsidy for minimum guarantee revenue even in thePPP programs.
- keywords
- 프로젝트 파이낸스, 민간투자사업, 금융화, 금융지리, 공간적 조정, project finance, PPP, infrastructure, SOC, financialization, financial geography
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