Véron, AdrienCellier, Jacques2014-03-282014-03-282010-03https://hdl.handle.net/10986/17453Today, Brazil has the second longest highway network under private concessions in the world. This paper analyzes Brazil's experience under the two first phases of the federal road concession program, and highlights some of the program's strengths and areas for further development. Despite the unfolding world financial and economic crisis, the potential for further private participation in the sector appears very good. This paper essentially argues that it may be time for Brazil to revamp its current models for private participation in the sector, which may soon reach their limit in terms of being able to meet efficiently the needs of a growing economy. In summary, Brazil could: 1) diversify its toll road model to allow for more innovative public-private partnership structures; 2) update its toll regulatory and contractual framework to overcome some of the design problems that have led to relatively inefficient tolling; 3) consolidate the institutional framework for road concessions to give a stabilized basis for further developments; 4) develop a policy framework adapted to the current Brazilian environment, taking into account the need to ensure harmonized levels of service and tolls across the country; and 5) adapt the sector financing framework to the rising capacity of private markets.en-USCC BY 3.0 IGOACCELERATIONACCESS TO INFORMATIONACCIDENTSALLOCATION OF RISKALTERNATIVE ROUTEASSET CONDITIONAUCTIONAUCTIONSAUTOMOBILEAVERAGE TARIFFSAVERAGE TRAFFIC SPEEDSAVERAGE TRAVEL SPEEDSAXLESBIDDING PROCESSBOOK VALUEBOTTLENECKBRIDGEBUDGET CONSTRAINTSBUSESCAPITAL COSTSCAPITAL INVESTMENTCAPITAL INVESTMENTSCAPITAL MARKETSCAPITAL WORKSCARCARRIAGEWAYCARSCOLLECTION SYSTEMSCOMPETITIVE BIDDINGCOMPETITIVE BIDDING PROCESSCONCESSION CONTRACTCONCESSION CONTRACTSCONCESSION FRAMEWORKCONCESSION MODELCONCESSIONAIRESCONCESSIONSCONGESTIONCONSTRUCTIONCONTRACT AWARDCONTRACT DESIGNCONTRACTUAL ARRANGEMENTSCONTRACTUAL OBLIGATIONSCOST OF CAPITALCOST OF ROAD USECOST OF TRANSPORTCOST RECOVERYCOSTS OF ROAD USECOSTS OF TRANSPORTCOUNTRY RISKDAILY TRIPSDEMAND FOR TRANSPORTDISCOUNT RATEDRIVERSDUAL CARRIAGEWAYSDUE DILIGENCEDUE DILIGENCE PROCESSECONOMIC CRISISECONOMIC DEVELOPMENTECONOMIC GROWTHEXPENDITURESEXPRESSWAY NETWORKEXPROPRIATIONFINANCIAL EQUILIBRIUMFINANCIAL PERFORMANCEFINANCIAL RESPONSIBILITYFINANCIAL RETURNSFINANCIAL RISKFINANCIAL RISKSFINANCIAL VIABILITYFIXED COSTSFOOTBRIDGESFOREIGN FIRMSFUELFUEL PRICESFUTURE CONCESSIONSGENERATIONGLOBALIZATIONGOVERNMENT PAYMENTSHEAVY VEHICLEHEAVY VEHICLESHIGHWAYHIGHWAY CAPACITYHIGHWAY NETWORKHIGHWAY NETWORKSHIGHWAY PROGRAMHIGHWAYSINCOMEINFRASTRUCTURE INVESTMENTSINITIAL PRICESINTERNAL RATE OF RETURNINTERNATIONAL BANKINTERNATIONAL COMPETITIVENESSINTERURBAN ROADINVESTMENT COSTSINVESTMENT GRADEINVESTMENT OBLIGATIONSINVESTMENT PROGRAMINVESTMENT REQUIREMENTSLAND ACQUISITIONLAND TRANSPORTLANESLOGISTICS COSTSLONG DISTANCELONG DISTANCE TRAFFICLONG-DISTANCELOW TARIFFSMAIN ROADMAIN ROADSMAINTENANCE COSTSMARGINAL COSTSMINIMUM REVENUE GUARANTEEMINISTRY OF TRANSPORTMOTORWAYSNATIONAL INFRASTRUCTURENATIONAL TRANSPORTORIGINAL CONTRACTPASSENGERPASSENGER CARSPASSENGERSPAVEMENTPAVEMENT STRUCTUREPAVEMENTSPAYMENT OBLIGATIONSPERFORMANCE INDICATORSPERFORMANCE TARGETSPORTFOLIOPOTHOLESPOWERPRESENT VALUEPRIVATE CAPITALPRIVATE FINANCINGPRIVATE INVESTMENTSPRIVATE OPERATORSPUBLIC PARTICIPATIONPUBLIC PRIVATE PARTNERSHIPSPUBLIC SECTORPUBLIC SECTOR PARTICIPATIONPUBLIC SPENDINGPUBLIC WORKSRATE OF RETURNRATE STRUCTUREREGULATORY GOVERNANCERENEGOTIATIONRISK ALLOCATIONROADROAD CAPACITYROAD CONCESSIONROAD CONCESSIONSROAD CONDITIONSROAD DEVELOPMENTROAD INFRASTRUCTUREROAD INVESTMENTSROAD MAINTENANCEROAD NETWORKROAD PROJECTSROAD QUALITYROAD REHABILITATIONROAD SAFETYROAD SECTORROAD SERVICESROAD SURFACEROAD TRANSPORTROAD USERROAD USERSROADSROADWAYROUGHNESSROUTEROUTESSECONDARY MARKETSERVICE LEVELSSHADOW TOLLSSHARE OF REVENUESSHARINGSPEEDSTOCK EXCHANGESTOCK EXCHANGE LISTINGSTREETSSTRUCTURESTARIFF REVISIONSTARIFF STRUCTURETEMPERATURETENDER PROCESSTHROUGH TRAFFICTOLLTOLL COLLECTIONTOLL ESCALATIONTOLL PLAZATOLL PLAZASTOLL RATE FOR CARSTOLL RATESTOLL REVENUESTOLL ROADTOLL ROAD CONCESSIONSTOLL ROADSTOLL STRUCTURETOLL SYSTEMTOLLSTRAFFICTRAFFIC DEMANDTRAFFIC FORECASTSTRAFFIC GROWTHTRAFFIC LEVELTRAFFIC LEVELSTRAFFIC RISKTRAFFIC SAFETYTRAFFIC VOLUMETRAFFIC VOLUMESTRAFFIC ­LEVELSTRANSITTRANSPARENCYTRANSPORTTRANSPORT COSTSTRANSPORT DEMANDTRANSPORT INFRASTRUCTURETRANSPORT INVESTMENTSTRANSPORT MODETRANSPORT PLANNINGTRANSPORT POLICIESTRANSPORT REGULATIONTRANSPORT SECTORTRUCKSTRUETUNNELSUNDERPINNINGURBAN SPRAWLURBAN TRAFFICUSER TARIFFUTILITIESUTILITY REGULATIONVEHICLE CATEGORYVEHICLE TYPESVIADUCTSVOLUME OF TRAFFIC10.1596/17453