Concessions of infrastructure in Latin America: Government‐led renegotiation
拉丁美洲基础设施特许经营：政府主导的重新谈判
Abstract This paper analyzes government‐led renegotiations in infrastructure concession contracts in Latin America, based on the same sample used in Guasch, Laffont and Straub (2003) to examine firm‐led renegotiations. After extending the theoretical framework to a multiple‐period context in which both Pareto‐improving and rent‐shifting renegotiations at the initiative of the government can occur, we develop an original instrumental variable strategy to address the issue of…