Conflicts, Interest Groups, and Politics in Structural Reforms
研究了影响结构性改革采纳的各方力量平衡，发现监管者之间的冲突和利益集团的反对会降低改革通过概率，且导致改革平均耗时10年。
The present study is, to my knowledge, the first to examine the balance of power among all players influencing the adoption of structural reforms: politicians, regulators, and interest groups. Special attention is devoted to the effect of conflicts between regulators. Professional conflicts signal to politicians that there is a high level of risk in implementing a given reform, thereby weakening their confidence in it. Conflicts also benefit interest groups, increasing their effectiveness vis-à-vis politicians. Using a unique data set on 32 attempts to reform Israel’s financial market, I find that the greater the extent of conflicts among regulators and the greater the intensity of the opposition of interest groups, the lower the probability that a reform will be approved. These conflicts, together with the strength of interest groups, have led to repeated attempts to introduce reforms, so that it takes, on average, 10 years for a reform to be adopted.