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By J. Luis Guasch
Little over a decade in the past, infrastructure concessions promised to unravel Latin America's endemic infrastructure deficit. presented in aggressive auctions, those concessions have been alleged to mix inner most quarter potency with lease dissipation caused by means of pageant. but whatever didn't cross really correct, as concessions have been plagued with opportunistic renegotiations, such a lot of them on the cost of taxpayers.
Granting and Renegotiating Infrastructure Concessions is a massive contribution towards realizing what went incorrect and what might be performed in a different way sooner or later to harvest the capability merits of infrastructure reform and personal participation in infrastructure provision. It starts by way of reading a wealthy facts set on greater than 1,000 infrastructure concessions, uncovering a sequence of complicated stylized evidence. It then considers replacement causes for the styles it has exposed, and concludes with a sequence of insightful coverage proposals geared toward averting universal blunders, permitting concessions to successfully give a contribution to financial development and poverty aid.
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Extra resources for Granting and Renegotiating Infrastructure Concessions: Doing it Right (Wbi Development Studies)
Sample text
If such renegotiation is not allowed, abandonment of the concession often follows—and if it is allowed, the benefits of competitive bidding are undermined. Two examples of each outcome follow. Anecdotal Evidence of the Drivers of Renegotiation 45 Abandoned Concessions The following two examples are typical of aggressive bids where the government did not agree to the operators’ contract renegotiation demands, and as result the operators abandoned the concessions, which were taken over by the countries’ governments.
With the other competitors gone, renegotiation then occurs in a noncompetitive atmosphere, and the operator and the government engage in bilateral renegotiation. In such negotiations governments are often in a disadvantaged position that grants significant leverage to the operators, enabling the operators to improve their positions (capture more rents) relative to their original bids. Bidding, Renegotiation, and Government Responses: Sanctity of the Bid In a regulated environment where firms are not free to adjust prices however they see fit, and in the event of adverse economic conditions that do not allow them to earn expected returns, expecting a change in contract terms to restore profitability—that is, renegotiation—is rational.
The result will be a contaminated process that has higher regulatory risk, translating into higher capital costs and higher tariffs. Thus government-led can be as damaging as operator-led renegotiation. Other Drivers of Renegotiation Governments also hold some blame for many problems with concessions. Governments have often behaved opportunistically and interfered with contract clauses—forcing renegotiation, cutting tariffs unilaterally, not authorizing tariff increases allowed in the contract, and so on.