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Processes, information, and accounting gaps in the regulation of Argentina's private railways

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  • Campos-Mendez, Javier
  • Estache, Antonio
  • Trujillo, Lourdes

Abstract

Almost a decade after Argentina began privatizing its railways, resolution of conflicts between regulators, users, and operators continues to take longer, and to be more difficult, than expected. The authors contend that many of these conflicts arose because there are no rules for interactions between the key stakeholders: government, regulators, users, unions, and the media. One result of inexperience in setting up concession agreement has been that the agreements did not clearly define the information needed for oversight and regulation. Argentine rail concession contracts were supposed to be specific about the way tariffs, quality, investment, exclusivity, and so on, would change over time. And the newly created regulatory bodies were given some discretion about adjusting the contracts in the face of unforeseen developments. However, initial privatization were carried out in such a way that there was no time to refine terms, so many loopholes remained. Those unforeseen events have happened, and the regulatory agency, the National Commission for Transport Regulation (CNRT), has had to adapt its procedures and decisions to available information. In some cases, alleged modifications of the operating environment have led to renegotiations. Changes have been introduced in the approach to furnishing information to the government for oversight and regulatory accounting. The changes center on clearer definitions in connection with four major issues: a) The measurement of efficiency; b) access prices; and c) the financial model. Circumstances in the Argentine rail industry early in 2001 did not favor dramatic changes, but current renegotiations could be used to adjust information requirements to reflect what has been learned through six yearsof experience.

Suggested Citation

  • Campos-Mendez, Javier & Estache, Antonio & Trujillo, Lourdes, 2001. "Processes, information, and accounting gaps in the regulation of Argentina's private railways," Policy Research Working Paper Series 2636, The World Bank.
  • Handle: RePEc:wbk:wbrwps:2636
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    References listed on IDEAS

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    1. Laffont, Jean-Jacques & Tirole, Jean, 1994. "Access pricing and competition," European Economic Review, Elsevier, vol. 38(9), pages 1673-1710, December.
    2. Tim Coelli & Antonio Estache & Sergio Perelman & Lourdes Trujillo, 2003. "A Primer on Efficiency Measurement for Utilities and Transport Regulators," World Bank Publications - Books, The World Bank Group, number 15149.
    3. Antonio Estache, 2001. "Privatization and Regulation of Transport Infrastructure in the 1990s'," ULB Institutional Repository 2013/43998, ULB -- Universite Libre de Bruxelles.
    4. Javier Campos, 2013. "Air transport," Chapters, in: Mattias Finger & Torben Holvad (ed.), Regulating Transport in Europe, chapter 2, pages 36-60, Edward Elgar Publishing.
    5. Tim Coelli & Sergio Perelman, 2000. "Technical efficiency of European railways: a distance function approach," Applied Economics, Taylor & Francis Journals, vol. 32(15), pages 1967-1976.
    6. J. Gregory Sidak & William Baumol, 1994. "Toward Competition in Local Telephony," Books, American Enterprise Institute, number 52984, September.
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    1. Alberto Chong & Florencio de, 2003. "The Truth about Privatization in Latin America," Yale School of Management Working Papers ysm436, Yale School of Management.
    2. Estache, Antonio & Gonzalez, Marianela & Trujillo, Lourdes, 2002. "What Does "Privatization" Do for Efficiency? Evidence from Argentina's and Brazil's Railways," World Development, Elsevier, vol. 30(11), pages 1885-1897, November.

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