The Impact of Regulatory Governance and Privatization on Electricity Industry Generation Capacity in Developing Economies
研究了28个发展中经济体1980-2001年的数据，发现监管法律和高质量监管治理与人均发电能力显著正相关，且该效应随时间增强，对政策制定者评估监管改革有参考价值。
This article assesses whether a regulatory law and higher quality regulatory governance are associated with superior outcomes in the electricity industry. The analysis, for 28 developing economies over 1980–2001, draws on theoretical and empirical work on the impact of telecommunications regulators in developing economies. Controlling for privatization and competition and allowing for country-specific fixed effects, both regulatory law and higher quality regulatory governance are positively and significantly associated with higher per capita generation capacity. This positive impact increases for more than 10 years, as experience develops and regulatory reputation grows. The results are robust to estimating alternative dynamic specifications (including error correction models), to inclusion of economy governance political risk indicators, and to controlling for possible endogeneity biases. The article concludes with a short discussion of causality in panel data modeling of governance models and the policy implications for regulatory reform.