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Author: Antonio Estache Publisher: ISBN: Category : Languages : en Pages : 24
Book Description
Information that private operators of infrastructure monopolies provide regulators can and should be used to address technical issues and monitor performance. But to reduce the risk of abusive behavior, the information should also be used to make both regulators and concessionaires accountable - for example, for passing any cost reductions along to consumers.Economists often characterize the regulation of monopolies as a game (between the regulator and the service provider) in which the two players do not share the same information. The regulator is assumed to have poorer information than the service provider about the scope of future efficiency gains and the size and timing of future investment plans. Over time, the regulator must increase its information base so that regulatory targets become more realistic - but this is a costly process.Burns and Estache examine the ways such information can and should be generated, especially through the accounting requirements a regulator can impose on private operators of infrastructure concessions. (They view concessioning and regulation as complementary, not substitute, activities.) Concessionaires should provide regulators with the information they need to:Compare outcomes with expectations.Evaluate the cost of adverse shocks that may warrant relaxed regulation.Evaluate whether lower costs than expected are the result of better performance or diminished output.Properly evaluate the asset base and charge for the consumption of capital.Information that regulators get from private operators of infrastructure monopolies should be used to make both regulators and concessionaires accountable. In Chile, for example, the privatization of monopolies led to significant efficiency gains, but it took a long time for these gains to be passed on to users because neither the firms nor the regulators were held accountable - until Congress expressed reluctance to endorse further privatization because earlier waves of privatization had not benefited consumers. In other words, information should be used to make regulatory decisions more transparent and to reduce the risk of the private providers capturing the regulators.This paper - a product of the Regulatory Reform and Private Enterprise Division, Economic Development Institute - is part of a larger effort in the institute to increase understanding of the importance of regulation for the success of infrastructure privatization.
Author: Antonio Estache Publisher: ISBN: Category : Languages : en Pages : 24
Book Description
Information that private operators of infrastructure monopolies provide regulators can and should be used to address technical issues and monitor performance. But to reduce the risk of abusive behavior, the information should also be used to make both regulators and concessionaires accountable - for example, for passing any cost reductions along to consumers.Economists often characterize the regulation of monopolies as a game (between the regulator and the service provider) in which the two players do not share the same information. The regulator is assumed to have poorer information than the service provider about the scope of future efficiency gains and the size and timing of future investment plans. Over time, the regulator must increase its information base so that regulatory targets become more realistic - but this is a costly process.Burns and Estache examine the ways such information can and should be generated, especially through the accounting requirements a regulator can impose on private operators of infrastructure concessions. (They view concessioning and regulation as complementary, not substitute, activities.) Concessionaires should provide regulators with the information they need to:Compare outcomes with expectations.Evaluate the cost of adverse shocks that may warrant relaxed regulation.Evaluate whether lower costs than expected are the result of better performance or diminished output.Properly evaluate the asset base and charge for the consumption of capital.Information that regulators get from private operators of infrastructure monopolies should be used to make both regulators and concessionaires accountable. In Chile, for example, the privatization of monopolies led to significant efficiency gains, but it took a long time for these gains to be passed on to users because neither the firms nor the regulators were held accountable - until Congress expressed reluctance to endorse further privatization because earlier waves of privatization had not benefited consumers. In other words, information should be used to make regulatory decisions more transparent and to reduce the risk of the private providers capturing the regulators.This paper - a product of the Regulatory Reform and Private Enterprise Division, Economic Development Institute - is part of a larger effort in the institute to increase understanding of the importance of regulation for the success of infrastructure privatization.
Author: Martin Rodriguez Pardina Publisher: World Bank Publications ISBN: 0821371800 Category : Business & Economics Languages : en Pages : 240
Book Description
This title provides a practical guide for regulators, policy-makers, and utility managers for establishing regulatory accounts that can be the cornerstone for better, more complete, and more reliable information. It sets out the essential accounting features of regulatory accounts and provides practical guidance on controversial areas such as cost allocation, asset valuation, and depreciation. It emphasizes the essential requirements for consistency with Generally Accepted Accounting Principles (GAAP).
Author: Antonio Estache Publisher: World Bank Publications ISBN: 9780821347218 Category : Business & Economics Languages : en Pages : 324
Book Description
The 1990s saw an increase in the liberalisation of transport policies and a strengthening of the role of private operators and investors in transport infrastructure worldwide. The search for sustained improvement in efficiency is probably secondary to the need to find additional financing, but it is improvement in services that is at the core of the new role of the government in transport. Governments must now become fair economic regulators of many of the privately operated transport services and infrastructures. This book examines the major challenges that governments are likely to face in taking on their new role in transport.
Author: José A. Gómez-Ibáñez Publisher: Harvard University Press ISBN: 9780674037809 Category : Business & Economics Languages : en Pages : 456
Book Description
In the 1980s and '90s many countries turned to the private sector to provide infrastructure and utilities, such as gas, telephones, and highways--with the idea that market-based incentives would control costs and improve the quality of essential services. But subsequent debacles including the collapse of California's wholesale electricity market and the bankruptcy of Britain's largest railroad company have raised troubling questions about privatization. This book addresses one of the most vexing of these: how can government fairly and effectively regulate "natural monopolies"--those infrastructure and utility services whose technologies make competition impractical? Rather than sticking to economics, José Gómez-Ibáñez draws on history, politics, and a wealth of examples to provide a road map for various approaches to regulation. He makes a strong case for favoring market-oriented and contractual approaches--including private contracts between infrastructure providers and customers as well as concession contracts with the government acting as an intermediary--over those that grant government regulators substantial discretion. Contracts can provide stronger protection for infrastructure customers and suppliers--and greater opportunities to tailor services to their mutual advantage. In some cases, however, the requirements of the firms and their customers are too unpredictable for contracts to work, and alternative schemes may be needed.
Author: Ioannis Nicolaos Kessides Publisher: World Bank Publications ISBN: Category : Business & Economics Languages : en Pages : 328
Book Description
Electricity, natural gas, telecommunications, railways, and water supply, are often vertically and horizontally integrated state monopolies. This results in weak services, especially in developing and transition economies, and for poor people. Common problems include low productivity, high costs, bad quality, insufficient revenue, and investment shortfalls. Many countries over the past two decades have restructured, privatized and regulated their infrastructure. This report identifies the challenges involved in this massive policy redirection. It also assesses the outcomes of these changes, as well as their distributional consequences for poor households and other disadvantaged groups. It recommends directions for future reforms and research to improve infrastructure performance, identifying pricing policies that strike a balance between economic efficiency and social equity, suggesting rules governing access to bottleneck infrastructure facilities, and proposing ways to increase poor people's access to these crucial services.
Author: J. Luis Guasch Publisher: World Bank Publications ISBN: 9780821357927 Category : Business & Economics Languages : en Pages : 212
Book Description
During the 1990s, infrastructure concessions were hailed as the solution to Latin America's endemic infrastructure deficit, by combining private sector efficiency with rent dissipation brought about by competition. This publication examines the design and implementation of over 1,000 examples of concession contracts, in order to identify the problems that have occurred in the process. It goes on to highlight lessons to be learned for the future, in order to realise the potential benefits of infrastructure reform and to contribute to economic growth and poverty reduction.
Author: Antonio Estache
Author: Antonio Estache
Author: Martin Rodriguez Pardina
Author: José A. Gómez-Ibáñez
Author: Min-chʼeng Lin
Author: Pierre Guislain
Author: Antonio Estache
Author: José A. Gómez-Ibáñez
Author: Ioannis Nicolaos Kessides
Author: J. Luis Guasch
Author: Emmanuelle Auriol