Financing transport infrastrucure projects in Italy: a critical analysis of the main approaches
This paper aims at analysing the methodology used for financing large infrastructure projects in Italy. In particular, it focuses on the Italian highway sector, where in the last years many projects have been launched using new financial instruments. The paper discusses three of these “instruments”. The first one is the Project Financing, discussed starting from a general review, analyzing also the different typologies used, the risks involved and their allocation among the various subjects that take part in the PF mechanism. A special case concerns the recently introduced model used for the Italian highways, known as “PF with takeover compensation”. There are two other important mechanisms used for financing infrastructure projects in Italy: the exploitation of road demand rigidity and the spreading of the investment over the entire network, favouring larger concessions. We conclude that all these three mechanisms present deep flaws in terms of transparency and of contradiction with economic feasibility criteria (that have to dominate the public investment rationale).
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- Beria Paolo & Ponti Marco, 2009. "Lo stato della regolazione dei trasporti in Italia," Economia dei Servizi, Società editrice il Mulino, issue 3, pages 465-484.
- Anna Matas & José-Luis Raymond, 2002. "The demand elasticity on tolled motorways," Working Papers wp0203, Department of Applied Economics at Universitat Autonoma of Barcelona.
- Olivier Debande, 2002. "Private Financing of Transport Infrastructure: An Assessment of the UK Experience," Journal of Transport Economics and Policy, University of Bath, vol. 36(3), pages 355-387, September.
- André de Palma & Nathalie Picard & Laetitia Andrieu, 2007.
"Risk in Transport investments,"
THEMA Working Papers
2007-22, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
- André De Palma & Nathalie Picard & Laetitia Andrieu, 2012. "Risk in Transport Investments," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00719698, HAL.
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