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Water Infrastructure Financing In Spain: Potential For Securitization

Author

Listed:
  • Xavier Ponce-Alifonso

    (Research Centre on Industrial and Public Economics (CREIP) and Department of Economics, Faculty of Business and Economics, Universitat Rovira i Virgili)

  • Susana Sardá García

    (Department of Business Management, Faculty of Business and Economics, Universitat Rovira i Virgili)

Abstract

Water scarcity is a persistent problem in Spain. There has consequently been a long-standing debate about the role that the public sector must play in water policies, as well as that of market-based instruments. In this paper we analyze the advantages and disadvantages associated with public and private financing of water infrastructure projects. For this purpose, we discuss how water infrastructure financing has evolved in Spain over the past century and analyze the possibilities of using securitization to finance water infrastructure projects. We present an optimization program that could facilitate public securitization processes to determine the optimum volume of cash transfer in each period, and we solve this using fuzzy programming.

Suggested Citation

  • Xavier Ponce-Alifonso & Susana Sardá García, 2015. "Water Infrastructure Financing In Spain: Potential For Securitization," Fuzzy Economic Review, International Association for Fuzzy-set Management and Economy (SIGEF), vol. 0(2), pages 31-43, November.
    • Handle: RePEc:fzy:fuzeco:v:xx:y:2015:i:2:p:31-43
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    More about this item

    Keywords

    water policy; water infrastructures; financing; securitization; optimization; fuzzy programming;
    All these keywords.

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • L95 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Gas Utilities; Pipelines; Water Utilities

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