2015
Simona GHERGHINA, A Legal Definition for Public Investments
Abstract: Although largely used by both lawyers and
economists, the concept of „public investment” lacks a legal definition of
general application. The quite few regulations addressing the issue refer
mainly to investments of public interest financed from public budgets and are
to be found in various normative act, which renders difficult their composition
into a coherent legal regime. A definition of public investments from a legal
perspective should use the single legal criterion of the ultimate owner of the
resulting asset, irrespective of their financing from public or private funds.
Consequently, they should include all actions undertaken by the state or by
local authorities or by public undertakings acting on their behalf for the
construction or rehabilitation of assets to be used for the public interest and
that will enter their ownership according to the law or to the contract
underlying such actions. This definition may further be the foundation for a
comprehensive legal regime of public investments.
Key-words: public investments, public funds, private
financing, prioritisation, public-private partnerships
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