Abstract
Private toll roads have experienced a notable worldwide expansion in the last two decades. In the early 1990s, many countries began to offer motorway concessions to private investors, most notably in Latin America, Central and Eastern Europe. In the late 1990s and 2000s, the innovation spread to countries in Asia, North America and Western Europe. The Spanish construction companies have been awarded many more concessions than their main rivals together, and they have become prominent in many of the countries with the most significant toll road programs. This paper analyses the competitive advantages that the Spanish companies have enjoyed in the international toll road industry in the last two decades. We argue that they have benefited from the fact that their home country was a pioneer in offering motorway concessions; from a cultural advantage in dealing with Latin America; and from their decision to integrate construction, concession, and investor functions in a single company. The paper also analyses to what extent the road concessions the Spaniards have won are generally profitable. Santrauka Per pastaruosius porą dešimtmečių privačių mokamųjų kelių pagausėjo visame pasaulyje. XX a. paskutinio dešimtmečio pradžioje daug šalių privatiems investuotojams pradėjo siūlyti autostradų koncesijas, ypač Lotynų Amerikoje ir Centrinėje bei Rytų Europoje. XX a. paskutinio dešimtmečio pabaigoje ir per pirmąjį XXI a. dešimtmetį ši naujovė išplito Azijos, šiaurės Amerikos ir Vakarų Europos šalyse. Ispanijos statybų imonės gavo daugiau koncesijų nei visos pagrindinės jos konkurentės kartu ir dabar yra gerai žinomos daugelyje šalių, taikančių reikšmingiausias mokamųjų kelių programas. Šiame darbe nagrinėjami pastaruosius du dešimtmečius tarptautiniame mokamųjų kelių sektoriuje Ispanijos įmonių turėti konkurenciniai pranašumai. Jos pasinaudojo tuo, kad jų gimtoji šalis pirmoji pradėjo siūlyti autostradų koncesijas, kultūriniu pranašumu dirbant Lotynų Amerikoje ir savo sprendimu vienoje įmonėje sujungti statybų, koncesijų ir investuotojo funkcijas. Be to, darbe nagrinėjama, kiek ispanų gautos kelių koncesijos yra pelningos bendrąja prasme.
Highlights
During the last decades many developed, middle-income and developing countries began to offer concessions to private companies to build, finance, maintain, and toll limited-access high-performance highways, called motorways in Europe and expressways in the United States
In the decade that followed from the late 1990s and 2000s, other countries in Western Europe and Asia launched motorway concessions, while Latin America remained a prominent region (FHWA 2009; Yescombe 2007)
In the last two decades the toll road industry has witnessed a notable expansion of the Spanish companies in the countries with prominent toll road programs, in Latin America and Western Europe
Summary
During the last decades many developed, middle-income and developing countries began to offer concessions to private companies to build, finance, maintain, and toll limited-access high-performance highways, called motorways in Europe and expressways in the United States. The countries that pioneered private toll roads were Spain and France, which started their programs in the late 1960s and in the early 1970s, respectively (Gómez-Ibañez, Meyer 1993). In the late 1980s and early 1990s, a number of other countries began to offer private toll road concessions. Other countries that started private toll road programs in those years include the United States, Australia and Malaysia. In the decade that followed from the late 1990s and 2000s, other countries in Western Europe and Asia launched motorway concessions, while Latin America remained a prominent region (FHWA 2009; Yescombe 2007)
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