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Author: Franck Bousquet
Publisher: World Bank Publications
ISBN:
Category : Concessions
Languages : en
Pages : 54
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Book Description
Europe has a wealth of experience with motorway concessions and the issues associated with concession contracts and other infrastructure funding systems, toll charges and other parts to remuneration, and risk sharing between concession authorities and concession companies.
Author: Franck Bousquet
Publisher: World Bank Publications
ISBN:
Category : Concessions
Languages : en
Pages : 54
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Book Description
Europe has a wealth of experience with motorway concessions and the issues associated with concession contracts and other infrastructure funding systems, toll charges and other parts to remuneration, and risk sharing between concession authorities and concession companies.
Author: Frank Bousquet
Publisher:
ISBN:
Category :
Languages : en
Pages : 47
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Book Description
Author: Franck Bousquet
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
September 2001 Europe has a wealth of experience with motorway concessions and the issues associated with concession contracts and other infrastructure funding systems, toll charges and other paths to remuneration, and risk sharing between concession authorities and concession companies. In a road infrastructure concession, a public authority grants specific rights to a private or semi-public company to construct, overhaul, maintain, and operate infrastructure for a given period. By contract, the public authority charges that company with making the investments needed to create the service at its own cost and to operate it at its own risk. The price paid to the company comes from the service's users, the public authority, or both. In 1999, out of roughly 51,000 kilometers of European motorways, about 17,000 kilometers (33 percent) were concessioned--16,400 kilometers by toll and 670 kilometers by shadow toll (design, build, finance, and operate arrangements). Of these, 73 percent are managed by the public sector and 27 percent by private companies. State-owned companies have been important in European motorway concessions. Systems vary among countries, for example, in how they share risks between the concession authority and the concession company. As the motorway network has grown denser, attributing commercial risk has become more difficult. Increasingly, public authorities must play a greater regulatory role. Already, bad experiences have made the private sector reluctant to bear the commercial risk. And the commercial risk is sometimes too great to be carried by the concession company alone. Commercial risk should be controlled by mechanisms incorporated in the contract, but control of the commercial risk must not eliminate incentives. In addition to safeguarding the community's interests, the public concession authority must increase citizen awareness about concession decisions, to ensure their social acceptability. Formulas for determining toll charges differ through Europe. So do criteria for selecting concession companies. In 1999, the main criteria used were these: * The amount of public subsidy required. * The credibility of the financial arrangements. * The project's technical quality. * The operating strategy and price policy. * The reputation of the concession company (whether it has a construction company among its shareholders, for example). The increasingly frequent use of private funding must be taken into account when defining the training required by personnel responsible for monitoring the concessions. This paper--a product of the Governance, Regulation, and Finance Division, World Bank Institute--is part of a larger effort in the institute to promote best practice in the regulation of privatized infrastructure. The authors may be contacted at
[email protected] or
[email protected].
Author: Giorgio Ragazzi
Publisher: Elsevier
ISBN: 0080460690
Category : Technology & Engineering
Languages : en
Pages : 263
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Book Description
This volume raises many challenging and controversial issues surrounding motorway procurement and finance in Europe. A somewhat surprising outcome is that a general appraisal bias can be identified in the following sense: Experts from countries which have introduced concession schemes for managing and financing of their motorways are very critical of these schemes, stressing their shortcomings and caveats. Some even conclude that public management under a regime of welfare maximisation would be desirable as a sustainable option. Experts from countries which have been sticking to public procurement and tax finance of motorways strongly attack the inefficiency of public planning regimes and the general tendency to allocate the revenues from special transport related taxes to the public budget, eventually spending them on other purposes rather than transport. A typical feature of the latter regime seems to be the chronic lack of funds for infrastructure investment. Although a single ideal country concept for motorway procurement and finance obviously cannot be identified, every paper gives some insights into possible future improvements. Therefore, beyond the rich documentation of national solutions it is the perspective on workable future concepts which makes the book a valuable guide through the jungle of manifold options for public/private partnerships. This book is a selection of papers presented to the international conference "Highways: Costs and Regulation in Europe", held in Bergamo on the 26th - 27th of November 2004. The Conference was organised by the University of Bergamo, and sponsored by the European Investment Bank.
Author: Congress of Industrial Organizations (U.S.). Dept. of Education and Research
Publisher: World Bank Publications
ISBN:
Category : Agricultural education
Languages : en
Pages : 54
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Book Description
Author: Simon J. Evenett
Publisher: World Bank Publications
ISBN:
Category : Antitrust law
Languages : en
Pages : 38
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Book Description
Enforcement against international cartels surged in the late 1990s. Despite this enforcement activity, there are good reasons to doubt that national laws sufficiently deter cartel formation.
Author: David P. Ellerman
Publisher: World Bank Publications
ISBN:
Category :
Languages : en
Pages : 32
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Book Description
This paper inaugurates the mathematical treatment of property theory, proving the two fundamental theorems for the property system that correspond to the two fundamental theorems for the competitive price system.
Author: Philippe Auffret
Publisher: World Bank Publications
ISBN:
Category : Crecimiento economico
Languages : en
Pages : 28
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Book Description
Following Lucas's (1987) standard approach, welfare gains from international risk-sharing have been measured as the percentage increase in consumption levels that leaves individuals indifferent between, autarky and risk-sharing. The author proposes to measure welfare gains as the increase in consumption growth, instead of consumption levels. When the consumption process is non-stationary, the author's proposed measure has several attractive features: it does not depend on the horizon, and it is robust to alternative specifications of the consumption stochastic processes (from geometric Brownian processes, to Orstein-Ulhenbeck mean-reverting processes), and preferences (from constant relative risk aversion preferences to Kreps-Porteus preferences). The author then uses this measure to estimate potential welfare gains from international risk-sharing for a representative U.S. consumer. The author finds that if international risk-sharing leads only to a complete elimination of aggregate consumption volatility (with no impact on consumption growth), it represents gains to a U.S. consumer of only $ 12 a year on average. But if international risk-sharing also permits an increase in consumption growth, it may have a sizable impact on welfare. Each 0.5 percentage point increase in consumption growth, represents gains to a U.S. consumer of about $ 160 a year on average.
Author: Scott J. Wallsten
Publisher: World Bank Publications
ISBN:
Category : Government monopolies
Languages : en
Pages : 38
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Book Description
For many countries, recent reforms in telecommunications represent a restoration of the private provision and competition that prevailed in the early part of the 20th century. At that time, just as today, telephone service in countries with competing private providers was superior to service in countries with a state-owned monopoly.
Author: Kenneth M. Chomitz
Publisher: World Bank Publications
ISBN:
Category : Agricultura - Brasil
Languages : en
Pages : 48
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Book Description
Nearly 90 percent of agricultural land in the Brazilian Amazon is used for pasture, or has been cleared and left unused. Pasture on average is used with very low productivity. Analysis based on census tract data shows that agricultural conversion of forested areas in the wetter western Amazon would be even less productive, using current technologies.
