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Independent regulators: Theory, evidence and reform proposals

Author

Listed:
  • Trillas, Francesc

    (IESE Business School)

Abstract

Regulatory independence has been proposed as a mechanism to alleviate the commitment problem associated with the sunk nature of investments in network industries. This paper summarizes the author's and others' work in this field (to take stock of several years of research) and, in addition, includes a new exercise that uses instrumental variables to endogenize both de jure and de facto regulatory independence. The institution of regulatory independence has costs as well as benefits; the positive, significant impact on industry performance is, however, most likely to be quantitatively modest. As a result of the empirical evidence and the assessment of the literature, a number of reform proposals are made to improve the institution's effectiveness.

Suggested Citation

  • Trillas, Francesc, 2010. "Independent regulators: Theory, evidence and reform proposals," IESE Research Papers D/860, IESE Business School.
    • Handle: RePEc:ebg:iesewp:d-0860
    as

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    File URL: http://www.iese.edu/research/pdfs/DI-0860-E.pdf
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    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. El gobierno del PP y la regulación independiente
      by Francesc Trillas in Progrés Real/Progreso Real on 2017-08-21 20:59:00

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
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    Cited by:

    1. Trillas, Francesc & Xifré, Ramon, 2016. "Institutional reforms to integrate regulation and competition policy: Economic analysis, international perspectives, and the case of the CNMC in Spain," Utilities Policy, Elsevier, vol. 40(C), pages 75-87.
    2. Antonio Estache, 2016. "Institutions for Infrastructure in Developing Countries: What We Know and the Lot We still Need to Know," Working Papers ECARES ECARES 2016-27, ULB -- Universite Libre de Bruxelles.
    3. Lehr, William & Sicker, Douglas, 2017. "Communications Act 2021," 28th European Regional ITS Conference, Passau 2017 169478, International Telecommunications Society (ITS).
    4. Joanne Evans & Paul Levine & Neil Rickman & Francesc Trillas, 2011. "Delegation to Independent Regulators and the Ratchet Effect," School of Economics Discussion Papers 0911, School of Economics, University of Surrey.
    5. Chris Hunt, 2017. "Independence with accountability: financial system regulation and the Reserve Bank," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 80, December.
    6. Trillas, Francesc, 2013. "The Institutional Architecture of Regulation and Competition: Spains's 2012 Reform," IESE Research Papers D/1067, IESE Business School.

    More about this item

    Keywords

    regulation; independence; strategic delegation;
    All these keywords.

    JEL classification:

    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation

    NEP fields

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