Rabu, 23 Januari 2013

[A752.Ebook] Get Free Ebook Regulation, Deregulation and Reregulation: Institutional Perspectives (Advances in New Institutional Analysis)From Edward Elgar Pub

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Regulation, Deregulation and Reregulation: Institutional Perspectives (Advances in New Institutional Analysis)From Edward Elgar Pub

Regulation, Deregulation and Reregulation: Institutional Perspectives (Advances in New Institutional Analysis)From Edward Elgar Pub



Regulation, Deregulation and Reregulation: Institutional Perspectives (Advances in New Institutional Analysis)From Edward Elgar Pub

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Regulation, Deregulation and Reregulation: Institutional Perspectives (Advances in New Institutional Analysis)From Edward Elgar Pub

In this book, leading scholars explore avenues in the field of regulation opened and developed by Oliver Williamson. Building on his original analysis, the contributors introduce new ideas, different perspectives and provide tools for better understanding changes in the approach to regulation, the reform of public utilities, and the complex problems of governance. They draw largely upon a transaction cost approach, highlighting the challenges faced by major economic sectors and identifying critical flaws in prevailing views on regulation. Deeply rooted in sector analysis, the book conveys a central message of new institutional economics: that theory should be continuously confronted by facts, and reformed or revolutionized accordingly. With its emphasis on the institutional embeddedness of regulatory issues and the problems generated by the 'benign neglect' of institutional factors in the reform of major public utilities, this book will provide a wide-ranging audience with challenging views on the dynamics of regulatory approaches. Economists, political scientists, postgraduate students, researchers and policy-makers with an interest in institutional economics and economic organization will find the book to be a stimulating and enlightening read.

  • Sales Rank: #9821437 in Books
  • Published on: 2009-09
  • Original language: English
  • Number of items: 1
  • Dimensions: 9.50" h x 6.50" w x 1.25" l, 1.10 pounds
  • Binding: Hardcover
  • 389 pages

Review
'After 25 years of industry restructuring, regulatory reform and deregulation across many industrial sectors in many countries, it is an appropriate time to take stock of the impacts of these reforms on consumers, producers and overall economic performance. This book contains the latest thinking on these issues by a distinguished international group of scholars. It's a collection of essays for our time that is well worth reading.' - Paul L. Joskow, Massachusetts Institute of Technology (MIT), US 'The most exciting development in the study of regulation in the past quarter century is research on the incentives that are created by the details of the procedures for creating and enforcing regulatory rules. This book brings together a rich collection of studies that collectively advance our understanding of the effect of regulatory governance on the performance of regulated firms, with important lessons about how to design more effective regulatory instruments and processes.' - Roger G. Noll, Stanford University, US 'Cycles of poorly-designed or weakly-enforced regulation, disappointing performance and political over-reaction are now familiar to students of regulated industries. Nourished by recent developments in the economics of incentives, including their transaction costs and property rights dimensions, and written by renowned experts in the field, Regulation, Deregulation, Reregulation is a must-read for all those interested in the economics and politics of regulation. A timely book, the publication of which coincides with the designing of a post-subprime regulatory framework for the financial industry.' - Jean Tirole, Toulouse School of Economics, France

About the Author
Edited by Claude M�nard, Professor of Economics, University of Paris (Panth�on-Sorbonne), France and Michel Ghertman, University of Nice-Sophia Antipolis and GREDEG, France

Most helpful customer reviews

0 of 0 people found the following review helpful.
Ending the Cycle of Regulation, Deregulation & Reregulation
By JamesMcRitchie
While not directly focused on developing a post-subprime regulatory framework in the financial industry, the book does reflect the latest thinking by a respected group of scholars for understanding theory and practice in regulatory approaches.

Andres, Guasch and Azumendi develop indexes of regulatory governance from cross-country data and shows that regulatory involvement improves results in utility performance. Another study by Delmas, Russo, Montes-Sancho and Tokat finds that deregulation has a negative impact on efficiency and a positive impact on the provision of renewable energy. ne way to create willingness to pay for public goods is to bundle them with private goods. Consumers are willing to pay a premium for non-toxic cleaners because they see the likelihood of direct impacts on their own health.

More to the point for those concerned with reform of the financial industry, Romano discusses how SOX's use of a "one-size-fits-all" approach is oblivious to the microanalytic approach of firms matching governance structures and processes to specific organizational developments and requirements. Rulemaking expansions often occur after business crises galvanize public opinion and action by legislators around sometimes ill-conceived compromise solutions supported by powerful and vocal interest groups. In contrast, refinement of poorly conceived regulatory schemes generally takes many years and requires substantial research.

If nothing else, be sure to read the essay by Ghertman who outlines Stigler's 1971 article, the "Economic Theory of Regulation," which recognized that many rules are advocated by incumbent firms as barriers to entry. Stigler generally favored market-oriented deregulation... the road we took for decades. Ghertman goes on to discuss refinements offered by subsequent scholars that discuss variables such as group cohesion, political balance, and unintended incentives and transaction costs.

"Explanations of movements away from and back toward a dominating policy paradigm (regulation or deregulation) benefit from the dynamic properties of political science for third order changes (the paradigm), the dynamic properties of transaction cost theory for second order changes (regulatory instruments), and the behavioral theory of the firm and the contractual design view for first-order changes (regulatory mechanisms)."

Transaction cost economies are better grounded than a simple Stigler-based assertion that "regulation (or government) IS the problem" would warrant. Finding appropriate proxies to measure transaction attributes is problematic, especially across industries and jurisdictions, but is essential. We need to focus more on ex ante choices and less on ex post empirical tests if we are to move beyond the cycle of regulation, deregulation and reregulation.

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