Estache, AntonioJuan, EllisTrujillo, Lourdes2012-06-082012-06-082007-12https://hdl.handle.net/10986/7602This paper summarizes the evidence on the evolution of transport PPPs over the last 15 years or so. In the process, it provides a primer on the associated policy issues, including of the central role of project finance in the implementation of PPP policies and the debates on risk allocation in the design of PPPs. The paper also offers a discussion of the increasingly well recognized residual roles for the public sector in transport, with an emphasis on the regulatory debates surrounding the adoption of PPPs.CC BY 3.0 IGOACCOUNTINGACQUISITION OF RIGHT-OF-WAYAFFILIATEAFFORDABILITYAIRPORTAIRPORTSAMOUNT OF DEBTAMOUNT OF RISKARBITRATIONAUCTIONSAUTOMATIC TOLL COLLECTIONBAILOUTSBALANCE SHEETBALANCE SHEETSBANK DEBTBANKRUPTCYBIDBIDSBONDBORDER CROSSINGSBORROWING COSTSBORROWINGSBOTTLENECKSCAPITAL EXPENDITURESCAPITAL FLOWSCAPITAL INVESTMENTSCAPITAL STRUCTURESCASH FLOWSCENTRAL BANKCOLLATERALCOMMERCIAL BANKSCOMMERCIAL LENDINGCONGESTIONCONTRACT DISPUTESCONTRACT RENEGOTIATIONSCONTRACTUAL OBLIGATIONSCOST OF CAPITALCREDIBILITYCREDIT AGENCIESCREDIT RISKCREDITORSCREDITSCURRENCY RISKCURRENCY RISKSDEBT CAPITALDEBT FINANCEDEBT FINANCINGDEBT RATIOSDEBT RESTRUCTURINGDEBT SERVICEDEBT SERVICINGDEBTSDERIVATIVEDERIVATIVE PRODUCTSDEVELOPING COUNTRIESDEVELOPMENT FINANCEDEVELOPMENT FINANCE INSTITUTIONSDISPUTE RESOLUTIONDOMESTIC CAPITALDOMESTIC CAPITAL MARKETSDRIVINGDUE DILIGENCEECONOMIC ACTIVITYELASTICITYEMERGING BOND MARKETSEMERGING MARKETSEQUIPMENTEQUITY CONTRIBUTIONEQUITY CONTRIBUTIONSEQUITY FINANCEEQUITY INVESTMENTEQUITY INVESTORSESCROWEXCHANGE RATEEXCHANGE RATESEXPENDITURESEXPROPRIATIONEXTERNALITIESFINANCESFINANCIAL CRISESFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL MARKETSFINANCIAL RISKFINANCIAL STATEMENTSFINANCIAL SUPPORTFOREIGN CAPITALFOREIGN CURRENCYFOREIGN EXCHANGEFOREIGN EXCHANGE RISKSFOREIGN FINANCINGFORGIVENESSFREIGHTFREIGHT RAILFREIGHT TRANSPORTFUNDING SOURCEGOVERNMENT GUARANTEESGOVERNMENT SUPPORTHIGHWAYHOST GOVERNMENTHUMAN CAPITALHUMAN RESOURCESINCOME ELASTICITYINCOME LEVELSINFLATIONINFRASTRUCTURE CONCESSIONINFRASTRUCTURE CONCESSIONSINFRASTRUCTURE PROJECTSINSTITUTIONAL CAPACITYINSTRUMENTINSURANCEINSURANCE COMPANIESINTEREST PAYMENTSINTEREST RATEINTEREST RATE RISKINTEREST RATESINTERNATIONAL BANKINTERNATIONAL MARKETSINVESTMENT BANKERSINVESTMENT BANKSINVESTMENT CHOICEINVESTMENT DECISIONSINVESTMENT REQUIREMENTSLABOR COSTSLAND TRANSPORTLAND VALUESLAWSLEGAL INSTRUMENTSLEGISLATIONLENDERLENDERSLEVEL OF CONFIDENCELEVEL OF RISKLEVEL OF RISKSLIABILITYLIQUIDITYLIQUIDITY CRISISLOANLOCAL CURRENCYLOCAL INVESTORSLONG-TERM DEBTMACROECONOMIC CONDITIONSMACROECONOMIC RISKMANDATESMEZZANINE CAPITALMORTGAGEMUNICIPALITIESMUTUAL FUNDSOPERATING COSTSOPPORTUNITY COSTPASSENGER RAILPASSENGER TRANSPORTPENSIONPENSION ASSETSPOLITICAL ECONOMYPOLITICAL RISKPOLITICAL RISKSPOLLUTIONPORT AUTHORITIESPORTFOLIOPOTENTIAL EXPOSUREPRIVATE CAPITALPRIVATE FINANCEPRIVATE FINANCINGPRIVATE INVESTORSPRIVATE ROADSPRIVATIZATIONPRODUCTIVITYPROFITABILITYPUBLIC BUDGETPUBLIC FACILITIESPUBLIC FINANCEPUBLIC FUNDSPUBLIC PARTICIPATIONPUBLIC POLICYPUBLIC SECTOR BORROWINGPUBLIC SERVICESPUBLIC TRANSPORTPUBLIC UTILITIESPUBLIC WORKSPUBLIC-PRIVATE PARTNERSHIPSRAILRAIL SERVICESRAILWAYSRATE OF RETURNRATES OF RETURNREGIONAL DEVELOPMENT BANKSREGULATORY OVERSIGHTRENEGOTIATIONREPAYMENTRESERVESRETURNRETURN ON EQUITYRETURN ON INVESTMENTRETURNSREVENUE SHARINGRISK EXPOSURERISK MANAGEMENTRISK PREMIUMSRISK SHARINGROAD DEVELOPMENTROAD PROJECTSROAD SECTORROAD TOLLSROLLING STOCKSHAREHOLDERSSHORT-TERM DEBTSUBORDINATED DEBTTAXTELECOMMUNICATIONSTOLLTOLL ROADTOLL ROADSTOLLSTRAFFICTRAFFIC GROWTHTRAFFIC LEVELTRAFFIC LEVELSTRAFFIC RISKTRAFFIC VOLUMESTRANSACTIONTRANSACTION COSTSTRANSITTRANSPORTTRANSPORT ACTIVITIESTRANSPORT INFRASTRUCTURETRANSPORT INFRASTRUCTURESTRANSPORT POLICYTRANSPORT PROJECTSTRANSPORT SECTORTRANSPORT SERVICESTRANSPORTATIONTRIPSTRUEURBAN TRANSPORTVEHICLEWorld Bank10.1596/1813-9450-4436