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This paper contains a critical discussion of the opening of the highway concession to the private sector in Italy over the past 20 years. It describes the political context, legal mechanisms and regulatory settings; offers an analysis of the changes in the equity composition of concessionaires after the introduction of public-private partnerships, quality standards, and tariff dynamics; and provides some examples. The Italian experience reflects the typical problems of the "build-now-regulate-later" approach recognized in the highway public-private partnership literature. The Italian model is also characterized by the existence of an overly complex regulatory framework, as well as the lack of a single agent in charge of contract enforcement and independent data collection.

Bankruptcy and Resolution of Financial Distress --- Debt Markets --- Host Country --- Infrastructure Economics --- Output --- Political Economy --- Private Entities --- Private Sector Development --- Roads & Highways --- Rule of Law --- Transport Economics Policy & Planning

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Combining administrative data on credit, internet penetration and a land reform in Rwanda, this paper shows that the complementarity between technology and law can overcome financial frictions. Leveraging quasi-experimental variation in 3G availability from lightning strikes and incidental coverage, we show that mobile connectivity steers borrowers from microfinance to commercial banks and improves loan terms. These effects are partly due to the role of 3G internet in facilitating the acquisition of land titles from the reform, used as a collateral for bank loans and mortgages. We quantify that the collateral's availability mediates 35% of the overall effect of mobile internet on credit and 80% for collateralized loans.

Bank credit --- Banking --- Banks and Banking --- Banks and banking --- Banks --- Commercial banks --- Communications Equipment --- Computers --- Credit --- Currency crises --- Depository Institutions --- Diffusion Processes --- Economic & financial crises & disasters --- Economics of specific sectors --- Economics --- Economics: General --- Finance --- Finance: General --- Financial inclusion --- Financial institutions --- Financial Instruments --- Financial Markets and the Macroeconomy --- Financial markets --- Financial services industry --- Industries: Financial Services --- Informal sector --- Institutional Investors --- Loans --- Macroeconomics --- Micro Finance Institutions --- Microelectronics --- Mobile and Wireless Communications --- Mobile internet --- Monetary economics --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Money and Monetary Policy --- Money --- Mortgages --- Non-bank Financial Institutions --- Pension Funds --- Technological Change: Choices and Consequences --- Technology --- Wap (wireless) technology --- Wireless Internet