The Cost of Using Private Finance for Roads in Spain and the UK

Basilio Acerete · Jean Shaoul · Anne Stafford · Pamela Stapleton

45 citations0/0 files storedAustralian Journal of Public Administration

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Public-Private Partnership Projects Transport and Economic Policies Fiscal Policy and Economic Growth

Abstract

Within the context of the growing worldwide tendency to fund road construction, operation and maintenance through a variety of private financing arrangements, this article explores the implications of recent road developments in Spain and England. Among other things, it shows that the use of private financing mechanisms is problematic in relation to the cost of risk transfer, and that the lack of information due to commercial sensitivity acts as a deterrent to objective assessment. The pessimistic conclusion is that, in these arrangements, downside risks are borne by the state, and the authors argue that using private financing for roads is another case of ‘privatising the benefits and nationalising the costs’.

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References

2002Evaluating the risks of public private partnerships for infrastructure projects 1994World Development Report 1994 1980Transport statistics, Great Britain 2005The Formation of Public-Private Partnerships: Lessons from Nine Transport Infrastructure Projects in The Netherlands 2005The challenge of public-private partnerships: Learning from international experience 2006Highway Robbery? A Financial Analysis of Design, Build, Finance and Operate (DBFO) in UK Roads 2002Private Financing of Transport Infrastructure An Assessment of the UK Experience 1999Past Abuses and Future Uses of Private Finance and Public Private Partnerships in Transport

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