Impact of the Economic Recession on Toll Highway Concessions in Spain

Vassallo Magro, José Manuel and Ortega Hortelano, Alejandro and Baeza Muñoz, Mª de los Ángeles (2012). Impact of the Economic Recession on Toll Highway Concessions in Spain. "Journal of Management in Engineering", v. 28 (n. 4); pp. 398-406. ISSN 0742-597X.

Description

Title: Impact of the Economic Recession on Toll Highway Concessions in Spain
Author/s:
  • Vassallo Magro, José Manuel
  • Ortega Hortelano, Alejandro
  • Baeza Muñoz, Mª de los Ángeles
Item Type: Article
Título de Revista/Publicación: Journal of Management in Engineering
Date: 1 October 2012
ISSN: 0742-597X
Volume: 28
Subjects:
Freetext Keywords: Economic recession; toll road; traffic estimates; concession contract; Spain; public-private partnership.
Faculty: E.T.S.I. Caminos, Canales y Puertos (UPM)
Department: Ingeniería Civil: Transportes [hasta 2014]
Creative Commons Licenses: Recognition - No derivative works - Non commercial

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Abstract

After joining the European Union in 1986, Spain experienced steady economic growth that enabled the country to grow at a greater pace than other European countries. During this period, the government of Spain opted for major investments in public infrastructure by taking advantage both of the funding provided by the European Union and of several types of public-private-partnership (PPP) approaches. Within this framework, the government of Spain between 1996 and 2004 procured a series of toll highway concessions. These concessions entered into operation a few years before the global economic recession made itself felt in Spain. The concession contracts signed between the government and some private consortia allocated most of the risks (expropriation, construction, and traffic) to the private sector. In this paper the impact that the economic recession has had on the business performance of the concessionaires is assessed, and the effectiveness of the measures adopted by the government to help the concessionaire to avoid bankruptcy is analyzed. It was found that some of the guarantees offered by the legal framework to the concessionaires in case of bankruptcy are prompting an outcome that could negatively affect the users. In addition to that, some suggestions as to how to better allocate risk in toll highway concessions in the future are provided.

More information

Item ID: 15219
DC Identifier: http://oa.upm.es/15219/
OAI Identifier: oai:oa.upm.es:15219
Deposited by: Memoria Investigacion
Deposited on: 13 Jan 2014 15:49
Last Modified: 21 Apr 2016 15:13
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