Limodio, Nicola2012-03-192012-03-192011-02-01https://hdl.handle.net/10986/3333This paper contains a critical discussion of the opening of the highway concession to the private sector in Italy over the past 20 years. It describes the political context, legal mechanisms and regulatory settings; offers an analysis of the changes in the equity composition of concessionaires after the introduction of public-private partnerships, quality standards, and tariff dynamics; and provides some examples. The Italian experience reflects the typical problems of the "build-now-regulate-later" approach recognized in the highway public-private partnership literature. The Italian model is also characterized by the existence of an overly complex regulatory framework, as well as the lack of a single agent in charge of contract enforcement and independent data collection.CC BY 3.0 IGOACCIDENTSAGGREGATESALTERNATIVE ROUTEASPHALTAUCTION MECHANISMAUCTIONSAVERAGE TARIFFBALANCE SHEETBALANCE SHEETSBONDCAPITAL ACCOUNTCAPITAL REQUIREMENTSCAPITALIZATIONCARSCLAIMCOMPETITIVE AUCTIONCONCESSIONCONCESSION CONTRACTCONCESSION CONTRACTSCONCESSION SYSTEMCONCESSIONAIRESCONFLICT OF INTERESTSCONFLICTS OF INTERESTCONSUMER PRICE INDEXCONTRACT ENFORCEMENTCONTRACTUAL OBLIGATIONSDECISION-MAKING POWERDEPENDENTDIVIDENDDUE DILIGENCEENGINEEQUITY FUNDSEXPENDITUREFINAL JUDGMENTFINANCE CONSTRAINTSFINANCIAL CAPACITYFINANCIAL CRISISFINANCIAL RESPONSIBILITIESGOVERNMENT INTERVENTIONGOVERNMENT REGULATORSHIGHWAYHIGHWAY CONSTRUCTIONHIGHWAY NETWORKHIGHWAY SYSTEMHIGHWAYSHOLDINGINDEPENDENT REGULATIONINFLATIONINFLATION RATEINFRASTRUCTURE CAPACITYINFRASTRUCTURE CONCESSIONSINFRASTRUCTURESINSIDER TRADINGINTEREST RATESINTERNATIONAL BANKINVESTMENT PROJECTSISOJUDICIAL BODIESJUDICIARYLABOR FORCELEGAL MECHANISMSLEGAL SYSTEMMAINTENANCE COSTSMARKET STRUCTUREMOBILITYMORTALITY RATEMOTORWAYSNATIONAL DEBTNATIONAL INFRASTRUCTURENATURAL MONOPOLYNUMBER OF CUSTOMERSOPEN ACCESSORIGINAL CONTRACTPASSENGERSPAVINGPOLICEPOWERPRICE CAPPRIVATE EQUITYPRIVATE FINANCINGPRIVATE NEGOTIATIONPRIVATE SHAREHOLDERSPRIVATIZATIONPROCUREMENTPUBLIC DEBTPUBLIC FINANCEPUBLIC SECTORPUBLIC STOCKPUBLIC STREETSPUBLIC SUBSIDIESREGULATORY FRAMEWORKREGULATORY SYSTEMREORGANIZATIONRESERVERESERVESROUTESAFETYSHAREHOLDERSHAREHOLDERSSNOWSPEEDSPEED REGULATIONSTOCK MARKETTARIFF ADJUSTMENTTENDERSTOLLSTRAFFICTRANSPARENCYTRANSPORTTRANSPORT ECONOMICSTRANSPORT ECONOMISTSTRANSPORT POLICYTRANSPORTATIONTREASURYTREATIESTREATYTRUCKSTRUETUNNELUTILITIESWorld Bank10.1596/1813-9450-5567