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How to Move Product Market Regulation in New Zealand Back Towards the Frontier

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  • Paul Conway

Abstract

From the mid-1980s, New Zealand was widely considered to be a leader in liberalising product market regulation (PMR). However, the reform of PMR has lost momentum over recent years. Many areas of PMR are still consistent with best practice, but New Zealand is no longer assessed to be at the forefront of regulatory policy making. Although economic geography clearly offers a partial explanation for the relative underperformance of the NZ economy, restrictive policies in some areas are also likely to be constraining growth in GDP per capita. Indeed, it is likely that being small and distant exacerbates the negative impact of restrictive product market policies on New Zealand’s economic performance. This implies a genuine need to shift the regulatory framework back towards the OECD frontier. Ongoing improvements in regulatory governance, minimising the government’s influence in competitive markets and lowering barriers to trade and FDI, including ongoing policy harmonisation and mutual recognition with trading partners where appropriate, would all help in this regard. This Working Paper relates to the 2011 Economic Survey of New Zealand (www.oecd.org/eco/surveys/NewZealand). Replacer la réglementation des marchés de produits en Nouvelle-Zélande à la pointe des pays de l'OCDE Depuis le milieu des années 80, la Nouvelle-Zélande a été considérée comme le leader dans la libéralisation de la réglementation des marchés de produits (RMP). Cependant, la réforme des RMP s’est essoufflée au cours de ces dernières années. Dans nombre de domaines, les PMR sont encore en phase avec les meilleures pratiques mais la Nouvelle-Zélande n’est plus considérée comme étant à l’avant-garde de la politique de réglementation. Certes, la géographie économique explique en partie la relative sous-performance de l’économie néo-zélandaise, mais des politiques restrictives dans certains domaines sont susceptibles de brider la croissance du PIB par habitant. Le fait d’être un petit pays excentré aggrave probablement l’impact négatif d’une réglementation restrictive des marchés de produits sur la performance économique néo-zélandaise. La Nouvelle-Zélande a donc le plus grand besoin de ramener son cadre réglementaire vers la frontière des pays de l’OCDE. Continuer d’améliorer la gouvernance de la réglementation, réduire autant que possible l’influence de l’État sur les marchés concurrentiels et abaisser les obstacles aux échanges et à l’IDE, notamment par une plus grande harmonisation des politiques et, le cas échéant, par des accords de reconnaissance mutuelle avec les partenaires commerciaux sont autant d’actions qui seraient utiles à cet égard. Ce document se rapporte à l’Étude économique de l’OCDE de la Nouvelle-Zélande 2011 (www.oecd.org/eco/etudes/Nouvelle-Zélande).

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File URL: http://dx.doi.org/10.1787/5kg89j3gd2r8-en
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Bibliographic Info

Paper provided by OECD Publishing in its series OECD Economics Department Working Papers with number 880.

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Date of creation: 13 Jul 2011
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Handle: RePEc:oec:ecoaaa:880-en

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Keywords: productivity; institutions; product market regulation; New Zealand; indicators; réformes; productivité; institutions; indicateurs; réglementation des marchés de produits; Nouvelle-Zélande;

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