A changing market for PFI financing: Evidence from the financiers

Istemi Demirag, Iqbal Khadaroo, Pamela Stapleton

Research output: Contribution to journalArticlepeer-review

16 Citations (Scopus)


Responses to a questionnaire survey received from PFI financiers, and interviews with senior managers, show that as the credit crunch took hold banks became more risk averse. The prediction of Toms et al. that collusion between the state and the private sector might cease in the face of austerity does not appear to have occurred. Rather the state has intervened to benefit the private sector. We argue that two successive UK Governments intervened in the market to protect the role of private finance in PFIs but whether such interventions represent value for taxpayers' money is a question for future research.

Original languageEnglish
Pages (from-to)188-200
Number of pages13
JournalAccounting Forum
Issue number3
Publication statusPublished - Sept 1 2015
Externally publishedYes


  • Credit crunch
  • Financiers
  • PFI financing
  • Risk transfer
  • UK

ASJC Scopus subject areas

  • Accounting
  • Finance


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