Observatorio de I+D+i UPM

Memorias de investigación
Research Publications in journals:
Risk allocation in toll highway concessions in Spain: lessons from the economic recession
Year:2012
Research Areas
  • Engineering,
  • Transport
Information
Abstract
Spain has a long tradition of encouraging toll highways by granting concessions to private companies. Concessions in Spain have been characterized by a willingness to transfer considerable risk to the private sector. Traffic demand, acquisition of the right-of-way, and financial risk have often been allocated to the private sector. From 1996 to 2011, 16 toll highway concessions, covering a total distance of 835 km, were awarded by the central government of Spain with this approach. Some of those highways started their operations just before the economic recession began. The recession had negative consequences for Spain's economy. The gross domestic product per capita plummeted, and the unemployment rate increased from 9% to 20% of the working population in just 2 years. The recession also had severe consequences for the economic performance of toll highway concessions. Traffic levels declined at a much greater rate than did the gross domestic product. In addition, the conditions imposed by the financial markets on borrowers became much stricter because of the liquidity crisis. This study analyzes the impact that the economic recession ultimately had on the performance of toll highway concessions in Spain and the actions that the government adopted to avoid the bankruptcy of the concessionaires. It was found that the economic recession helped identify some deficiencies in how risk had been allocated in Spain. The measures that both Spain and the European Union are adopting so as to improve risk allocation are discussed.
International
Si
JCR
Si
Title
Transportation Research Record
ISBN
0361-1981
Impact factor JCR
0,471
Impact info
Volume
Journal number
2297/2012
From page
80
To page
87
Month
ENERO
Ranking
Participants
  • Autor: Jose Manuel Vassallo Magro (UPM)
  • Autor: Alejandro Ortega Hortelano (UPM)
  • Autor: María de los Ángeles Baeza Muñoz (Universidad de Granada)
Research Group, Departaments and Institutes related
  • Creador: Grupo de Investigación: Planificación del Transporte
  • Centro o Instituto I+D+i: Centro de Investigación del Transporte
S2i 2020 Observatorio de investigación @ UPM con la colaboración del Consejo Social UPM
Cofinanciación del MINECO en el marco del Programa INNCIDE 2011 (OTR-2011-0236)
Cofinanciación del MINECO en el marco del Programa INNPACTO (IPT-020000-2010-22)