The Contribution of Institutional Economics to the Definition of New Regulatory Frameworks
Article from: OGEL 3 (2004), in Energy, Institutional Reforms and Development in Latin America
English Summary
This introductory paper to the colloquium focusses on the contribution of institutional economics to the debate on the adequacy of market reforms in energy industries in the particular institutional environments of each country and their level of economic development. Understanding that 'institutions matter' has been the great discovery in the development of economics in the last decade. In the network industries such as the oil industry, the reforms must take into account the capabilities of the administration, the credibility of the regulation and the political stability for enforcing ...