A growing number of roads are currently financed by the private sector via Build-Operate-and -Transfer (BOT) schemes. When the franchised road has no close substitute, the government must regulate tolls. Yet when there are many ways of getting from one point to another, regulation may be avoided...

Public-private partnerships are used to procure public infrastructure. Despite involving private investors and concessionaires, they impact the public budget like traditional provision and create fiscal risks. This paper develops a conceptual framework to assess whether and how public-private...