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Regulatory agencies : impact on firm performance and social welfare

Author

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  • Estache, Antonio
  • Rossi, Martin A.

Abstract

The authors explore the relation between the establishment of a regulatory agency and the performance of the electricity sector. The authors exploit a unique dataset comprising firm-level information on a representative sample of 220 electric utilities from 51 development and transition countries for the years 1985 to 2005. Their results indicate that regulatory agencies are associated with more efficient firms and with higher social welfare.

Suggested Citation

  • Estache, Antonio & Rossi, Martin A., 2008. "Regulatory agencies : impact on firm performance and social welfare," Policy Research Working Paper Series 4509, The World Bank.
  • Handle: RePEc:wbk:wbrwps:4509
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    References listed on IDEAS

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    1. Bagdadioglu, Necmiddin & Waddams Price, Catherine M. & Weyman-Jones, Thomas G., 1996. "Efficiency and ownership in electricity distribution: A non-parametric model of the Turkish experience," Energy Economics, Elsevier, vol. 18(1-2), pages 1-23, April.
    2. J. Luis Guasch, 2004. "Granting and Renegotiating Infrastructure Concessions : Doing it Right," World Bank Publications, The World Bank, number 15024, July.
    3. Jeffry M. Netter & William L. Megginson, 2001. "From State to Market: A Survey of Empirical Studies on Privatization," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 321-389, June.
    4. Estache, Antonio & Rossi, Martin A., 2005. "Do regulation and ownership drive the efficiency of electricity distribution? Evidence from Latin America," Economics Letters, Elsevier, vol. 86(2), pages 253-257, February.
    5. Marianne Bertrand & Esther Duflo & Sendhil Mullainathan, 2004. "How Much Should We Trust Differences-In-Differences Estimates?," The Quarterly Journal of Economics, Oxford University Press, vol. 119(1), pages 249-275.
    6. Andres, Luis & Foster, Vivien & Guasch, Jose Luis, 2006. "The impact of privatization on the performance of the infrastructure sector : the case of electricity distribution in Latin American countries," Policy Research Working Paper Series 3936, The World Bank.
    7. Estache, Antonio & Goicoechea, Ana, 2005. "How widespread were private investment and regulatory reform in infrastructure utilities during the 1990s?," Policy Research Working Paper Series 3595, The World Bank.
    8. James J. Heckman & Hidehiko Ichimura & Petra E. Todd, 1997. "Matching As An Econometric Evaluation Estimator: Evidence from Evaluating a Job Training Programme," Review of Economic Studies, Oxford University Press, vol. 64(4), pages 605-654.
    9. Dal Bo, Ernesto & Rossi, Martin A., 2007. "Corruption and inefficiency: Theory and evidence from electric utilities," Journal of Public Economics, Elsevier, vol. 91(5-6), pages 939-962, June.
    10. Ioannis N. Kessides, 2005. "Infrastructure Privatization and Regulation: Promises and Perils," World Bank Research Observer, World Bank Group, vol. 20(1), pages 81-108.
    11. Kumbhakar, Subal C. & Hjalmarsson, Lennart, 1998. "Relative performance of public and private ownership under yardstick competition: electricity retail distribution," European Economic Review, Elsevier, vol. 42(1), pages 97-122, January.
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    Cited by:

    1. Graziano Abrate & Fabrizio Erbetta & Giovanni Fraquelli & Davide Vannoni, 2015. "The cost of corruption in the Italian solid waste industry," Industrial and Corporate Change, Oxford University Press, vol. 24(2), pages 439-465.
    2. repec:tur:wpapnw:4 is not listed on IDEAS
    3. repec:spr:epolin:v:45:y:2018:i:1:d:10.1007_s40812-017-0086-5 is not listed on IDEAS
    4. Pollitt, Michael & Stern, Jon, 2011. "Human resource constraints for electricity regulation in developing countries: Developments since 2001," Utilities Policy, Elsevier, vol. 19(2), pages 53-60, June.
    5. Corton, Maria Luisa & Berg, Sanford V., 2009. "Benchmarking Central American water utilities," Utilities Policy, Elsevier, vol. 17(3-4), pages 267-275, September.
    6. Andres, Luis & Guasch, Jose Luis & Azumendi, Sebastian Lopez, 2008. "Regulatory governance and sector performance : methodology and evaluation for Electricity distribution in Latin America," Policy Research Working Paper Series 4494, The World Bank.
    7. Kate Bayliss, 2009. "Private Sector Participation in African Infrastructure: Is it Worth the Risk?," Working Papers 55, International Policy Centre for Inclusive Growth.
    8. Santiago Levy & Michael Walton, 2009. "No Growth without Equity? Inequality, Interests, and Competition in Mexico," World Bank Publications, The World Bank, number 13263, July.

    More about this item

    Keywords

    Infrastructure Regulation; Privatization; Energy Production and Transportation; Emerging Markets; Regulatory Regimes;

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation
    • L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities

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