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
Date Written: May 1999
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.
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