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Regulation and Investment

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Author Info
Alberto Alesina
Silvia Ardagna
Giuseppe Nicoletti
Fabio Schiantarelli ()

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Abstract

One commonly held view about the difference between continental European countries and other OECD countries, especially the United States, is that the heavy regulation of Europe reduces its growth. Using newly assembled data on regulation in several sectors of many OECD countries, we provide substantial and robust evidence that various measures of regulation in the product market, concerning in particular entry barriers, are negatively related to investment. The implications of our analysis are clear: regulatory reforms, especially those that liberalise entry, are very likely to spur investment ...

Régulation and investissement

Une opinion largement diffuse met en relation le moindre taux de croissance des pays européens vis-à-vis d’autres pays de l’OCDE, et en particulier les États-Unis, avec une plus forte régulation des marchés en Europe. A l’aide d’une nouvelle base de données concernant la régulation sectorielle de plusieurs pays de l’OCDE, nous montrons que certaines mesures de la régulation dans les marchés des biens, surtout celles qui imposent des barrières à l’entrée dans les marchés potentiellement concurrentiels, ont un effet négatif et significatif sur la formation de capital. Les implications de notre analyse sont claires: il est très probable que les réformes de la réglementation, spécialement celles qui tendent à libéraliser l’accès aux marchés, puissent stimuler l’investissement ...

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Paper provided by OECD Economics Department in its series OECD Economics Department Working Papers with number 352.

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Date of creation: 25 Mar 2003
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Handle: RePEc:oec:ecoaaa:352-en

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Related research
Keywords: investment investissement panel data données de panel regulation régulation

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Find related papers by JEL classification:
C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data
E22 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
K23 - Law and Economics - - Regulation and Business Law - - - Regulated Industries and Administrative Law
L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation
L9 - Industrial Organization - - Industry Studies: Transportation and Utilities

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  1. Takayama, Akira, 1969. "Behavior of the Firm under Regulatory Constraint," American Economic Review, American Economic Association, vol. 59(3), pages 255-60, June. [Downloadable!] (restricted)
  2. Andrew B. Abel & Olivier J. Blanchard, 1983. "An Intertemporal Model of Saving and Investment," NBER Working Papers 0885, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. Boeri, Tito & Nicoletti, Giuseppe & Scarpetta, Stefano, 2000. "Regulation And Labour Market Performance," CEPR Discussion Papers 2420, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  4. Giuseppe Nicoletti & Stefano Scarpetta & Olivier Boylaud, 2000. "Summary Indicators of Product Market Regulation with an Extension to Employment Protection Legislation," OECD Economics Department Working Papers 226, OECD Economics Department. [Downloadable!]
  5. Peltzman, Sam, 1971. "Pricing in Public and Private Enterprises: Electric Utilities in the United States," Journal of Law & Economics, University of Chicago Press, vol. 14(1), pages 109-47, April.
  6. Andrea Bassanini & Ekkehard Ernst, 2002. "Labour Market Institutions, Product Market Regulation, and Innovation: Cross-Country Evidence," OECD Economics Department Working Papers 316, OECD Economics Department. [Downloadable!]
  7. Nickell, Stephen J, 1996. "Competition and Corporate Performance," Journal of Political Economy, University of Chicago Press, vol. 104(4), pages 724-46, August. [Downloadable!] (restricted)
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  8. Giuseppe Nicoletti & Andrea Bassanini & Ekkehard Ernst & Sébastien Jean & Paulo Santiago & Paul Swaim, 2001. "Product and Labour Markets Interactions in OECD Countries," OECD Economics Department Working Papers 312, OECD Economics Department. [Downloadable!]
  9. Nicoletti, Giuseppe & Scarpetta, Stefano, 2003. "Regulation, productivity, and growth : OECD evidence," Policy Research Working Paper Series 2944, The World Bank. [Downloadable!]
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  10. Simeon Djankov & Rafael La Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 2002. "The Regulation Of Entry," The Quarterly Journal of Economics, MIT Press, vol. 117(1), pages 1-37, February. [Downloadable!] (restricted)
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  11. Alberto Alesina & Silvia Ardagna & Roberto Perotti & Fabio Schiantarelli, 2000. "Fiscal Policy, Profits, and Investment," Boston College Working Papers in Economics 504, Boston College Department of Economics. [Downloadable!]
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  12. Olivier Blanchard & Francesco Giavazzi, 2001. "Macroeconomic Effects of Regulation and Deregulation in Goods and Labor Markets," NBER Working Papers 8120, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  13. Blanchard, Olivier & Wolfers, Justin, 2000. "The Role of Shocks and Institutions in the Rise of European Unemployment: The Aggregate Evidence," Economic Journal, Royal Economic Society, vol. 110(462), pages C1-33, March. [Downloadable!] (restricted)
    Other versions:
  14. Paul Joskow & Nancy L. Rose, 1987. "The Effects of Economic Regulation," Working papers 447, Massachusetts Institute of Technology (MIT), Department of Economics.
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  15. H. Craig Petersen, 1975. "An Empirical Test of Regulatory Effects," Bell Journal of Economics, The RAND Corporation, vol. 6(1), pages 111-126, Spring. [Downloadable!] (restricted)
  16. Winston, Clifford, 1993. "Economic Deregulation: Days of Reckoning for Microeconomists," Journal of Economic Literature, American Economic Association, vol. 31(3), pages 1263-89, September. [Downloadable!] (restricted)
  17. William J. Baumol & Alvin K. Klevorick, 1970. "Input Choices and Rate-of Return Regulation: An Overview of the Discussion," Bell Journal of Economics, The RAND Corporation, vol. 1(2), pages 162-190, Autumn. [Downloadable!] (restricted)
  18. Uzawa, H, 1969. "Time Preference and the Penrose Effect in a Two-Class Model of Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 77(4), pages 628-52, Part II, . [Downloadable!] (restricted)
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