Regulatory Governance: Criteria for Assessing the Performance of Regulatory Systems

London Business School Regulation Initiative Working Paper No. 20

35 Pages Posted: 10 Nov 2003

See all articles by Jon Stern

Jon Stern

City, University of London - Centre for Competition and Regulatory Policy - Department of Economics

Stuart Holder

National Economic Research Associates Inc. (NERA)

Date Written: May 1999

Abstract

In section 1 we discuss the need for economic regulation in infrastructure industries and how this need is met in state-owned and privately owned utilities. In section 3 we discuss regulatory commitment and its implications for regulatory governance as well as the potential role of concession contracts for regulatory commitment. Section 4 provides an exposition of regulatory governance its implications for institutional design and regulatory processes and practices and the concepts of formal and informal accountability. Ftom this discussion we derive our six criteria for appraising regulatory systems. Section 5 concludes the paper with an application of these appraisal criteria to 12 infrastructure industries in developing Asian economies. We report the main results and discuss trens including trends towards convergence of regulatory frameworks and the implications for private investment in Asian developing countries' infrasture.

Suggested Citation

Stern, Jon and Holder, Stuart, Regulatory Governance: Criteria for Assessing the Performance of Regulatory Systems (May 1999). London Business School Regulation Initiative Working Paper No. 20. Available at SSRN: https://ssrn.com/abstract=321421 or http://dx.doi.org/10.2139/ssrn.321421

Jon Stern (Contact Author)

City, University of London - Centre for Competition and Regulatory Policy - Department of Economics ( email )

Northampton Square
London, EC1V 0HB
United Kingdom

Stuart Holder

National Economic Research Associates Inc. (NERA) ( email )

50 Main Street, 14th Floor
White Plains, NY 10606
United States

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