This study examines how institutional change affects public-private partnership (PPP) market maturity. Using a novel Time Differencing Qualitative Comparative Analysis (QCA) method, the institutional settings of 19 different PPP markets across Latin America and the Caribbean (LAC) were analysed between 2009 and 2014. The results show enhancing the regulatory framework and institutional knowledge are necessary in order to increase PPP market maturity in most cases. However, a deteriorating investment climate coupled with a weaker regulatory framework led to declines in PPP market maturity. This suggests that the influence of institutional change on PPP market maturity is not symmetrical.
Read the paper