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Public-Private Partnerships in Roads: Economic and Policy Analyses

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Public-Private Partnerships in Roads: Economic and Policy Analyses Public-Private Partnerships in Roads: Economic and Policy Analyses Paula Bel-Piñana ADVERTIMENT. La consulta d’aquesta tesi queda condicionada a l’acceptació de les següents condicions d'ús: La difusió d’aquesta tesi per mitjà del servei TDX (www.tdx.cat) i a través del Dipòsit Digital de la UB (diposit.ub.edu) ha estat autoritzada pels titulars dels drets de propietat intel·lectual únicament per a usos privats emmarcats en activitats d’investigació i docència. No s’autoritza la seva reproducció amb finalitats de lucre ni la seva difusió i posada a disposició des d’un lloc aliè al servei TDX ni al Dipòsit Digital de la UB. No s’autoritza la presentació del seu contingut en una finestra o marc aliè a TDX o al Dipòsit Digital de la UB (framing). Aquesta reserva de drets afecta tant al resum de presentació de la tesi com als seus continguts. En la utilització o cita de parts de la tesi és obligat indicar el nom de la persona autora. ADVERTENCIA. La consulta de esta tesis queda condicionada a la aceptación de las siguientes condiciones de uso: La difusión de esta tesis por medio del servicio TDR (www.tdx.cat) y a través del Repositorio Digital de la UB (diposit.ub.edu) ha sido autorizada por los titulares de los derechos de propiedad intelectual únicamente para usos privados enmarcados en actividades de investigación y docencia. No se autoriza su reproducción con finalidades de lucro ni su difusión y puesta a disposición desde un sitio ajeno al servicio TDR o al Repositorio Digital de la UB. No se autoriza la presentación de su contenido en una ventana o marco ajeno a TDR o al Repositorio Digital de la UB (framing). Esta reserva de derechos afecta tanto al resumen de presentación de la tesis como a sus contenidos. En la utilización o cita de partes de la tesis es obligado indicar el nombre de la persona autora. WARNING. On having consulted this thesis you’re accepting the following use conditions: Spreading this thesis by the TDX (www.tdx.cat) service and by the UB Digital Repository (diposit.ub.edu) has been authorized by the titular of the intellectual property rights only for private uses placed in investigation and teaching activities. Reproduction with lucrative aims is not authorized nor its spreading and availability from a site foreign to the TDX service or to the UB Digital Repository. Introducing its content in a window or frame foreign to the TDX service or to the UB Digital Repository is not authorized (framing). Those rights affect to the presentation summary of the thesis as well as to its contents. In the using or citation of parts of the thesis it’s obliged to indicate the name of the author. 2018 PhD in Economics Public-Private Partnerships in Roads: Economic and Policy Analyses Paula Bel-Piñana Paula Bel-Piñana s onomic c PhD in E PhD in Economics Thesis title: Public-Private Partnerships in Roads: Economic and Policy Analyses PhD student: Paula Bel-Piñana Advisor: Daniel Albalate Date: April 2018 Als meus pares, Miguel i Maru Agraïments Realitzar una tesi doctoral és un procés que necessitat molta il·lusió i persistència i de la qual dediques uns quants anys de la teva vida. Moltes vegades m'he imaginat com seria aquest moment i finalment ha arribat l'hora de dipositar. Tot i que en aquestes circumstàncies són moltes les inseguretats que he deixat enrere, tot i que altres encara subsisteixen, del que estic completament segura és que aquest pas no hagués estat possible sense el suport i consell de tota la gent que m'envolta. El primer agraïment el vull dedicar al meu director de tesis Daniel Albalate. Aprecio enormement el coneixement que m'ha transmès durant tots aquests anys, la generositat amb la que ho ha fet i la paciència que m'ha tingut. Els bons consells i recomanacions del Daniel han fet possible que arribes aquest gran moment. Moltes gràcies. També m'agradaria donar les gràcies al Germà Bel. En el meu cas només puc dir que ha estat un plaer el consell acadèmic i suport que m'ha brindat durant tots aquests anys i un goig personal haver pogut treballar junts. Gràcies Germà. Així mateix, a diferents companys de la secció de Polítiques Públiques de la Universitat de Barcelona. La meva estança a la Torre 6 Planta 3, m'ha permès conèixer a persones magnífiques que tant d'una manera com d'una altra també han fet possible que arribés aquest moment. Marta Gonzalez, Joan-Ramon Borrell, Joan Calzada, Antón Costas, Marc Esteve, Álex Estruch, Lídia Farré, Xavier Fageda, Albert Gragera, Raquel Insa, Eric Jané, Stephan Joseph, Jordi Teixidor, Montse Termes, Rosa Nonell, Sebastian Palacios, Miquel Serra i Carme Vicents. Moltes gràcies a tots. Menció particular tenen els meus companys de promoció del màster Alberto Antoran, Jordi Rosell, Ángela Mediavilla i Leire Murua per tots els moments que hem compartit molts d’aquests a la facultat i altres tants en viatges. Ha sigut una gran etapa. Aquesta tesi tampoc hagués estat possible sense el suport dels meus estimats amics de doctorat Valeria, Tania, Max i especialment Carlitos amb els qui a part de discutir freqüentment sobre els temes tractats en aquesta tesi també he compartit fantàstics moments personals. Moltes gràcies a tots, sou genials. v També m'agradaria donar les gràcies a Richard Geddes per haver-me acollit al Cornell Program of Infrastructure Policy a la Universitat de Cornell durant la primavera del 2013. La primera part del segon capítol d'aquesta tesi, neix fruit d'aquesta estança. Moltes gràcies per brindar-me aquesta oportunitat. No vull finalitzar aquests agraïments sense recordar a les meves amigues del poble, especialment a la Vanesol, Jes, Ju, Aina i Neus, ni tampoc a la secció del Raval: Lara, Gemma i Belén. Molts gràcies a vosaltres també per acompanyar- me durant tots aquests anys. Menció especial es mereix la meva estimada iaia Felisa i la meva tia Cinta. Malauradament no podran estar a la defensa de la tesi però sense elles res hagués estat igual. Moltes gràcies per tota l’amor que m’heu brindat. Finalment, dedico la tesi als meus pares Miguel i Maru per tot el seu suport, ànims i recolzament que m'han donat tota la vida. Sou uns pares meravellosos, no canvieu mai. Moltes gràcies. vi Contents Chapter 1 Introduction .............................................................................................................. 1 1. The Role of PPPs in Road Infrastructures ..................................................... 1 1.1 Optimal Distribution of Risk in Road PPP ...................................................... 4 1.2 Advantages of Road PPPs ................................................................................ 6 1.3 Disadvantages of Road PPPs ............................................................................ 7 2. Road PPPs in Spain’s Toll Motorways .......................................................... 10 3. Structure and Objectives of this Thesis ........................................................ 17 References ............................................................................................................. 19 Chapter 2 PART I: Risk Mitigation and Sharing in Motorway PPPs: A Comparative Policy Analysis of Alternative Approaches ..................................................... 25 1. Introduction ...................................................................................................... 26 2. Theoretical Framework ................................................................................... 27 3. Risk Mitigation and Sharing: International Experience .............................. 30 3.1 Spain ............................................................................................................ 30 3.2 France ........................................................................................................... 33 3.3 Chile ............................................................................................................. 35 3.4 Brazil ............................................................................................................ 37 3.5 Poland ........................................................................................................... 39 3.6 Argentina....................................................................................................... 40 4. Discussion ......................................................................................................... 42 4.1 Risk Mitigation and Private Capital Attraction .............................................. 42 4.2 The Likelihood of Renegotiations .................................................................... 46 5. Conclusion ......................................................................................................... 48 References ............................................................................................................. 49 vii PART II: Stumbling Twice on the Same Stone: Bankruptcy of Toll Motorways and Costs for Taxpayers and Users ........................................... 53 1. Introduction ...................................................................................................... 54 2. PPPs and Optimal Distribution of Risk ....................................................... 56 3. Summary of the Results of the Evolution of Regulatory Frameworks in Spain ....................................................................................................................... 60 4. Crisis and Bailout of the Toll Motorway Concessions ............................... 63 4.1 The Development of New Projects ...................................................................
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