Regulatory governance in infrastructure industries

Carlos Pereira, Bernardo Mueller

"With more than US$100 billion in private investments during the 1990s, the success of infrastructure reforms in Brazil seemed inevitable. However, the current prospects for private participation in infrastructure are far less optimistic and regulatory risk, or at least its perception among private investors, appears to have increased." "Regulatory governance, broadly understood as the conditions for the enforcement of laws and contracts by regulators, is an important component of regulatory risk. Market-friendly legislation and well-designed contracts may be innocuous if regulators are poorly equipped or face the wrong incentives for appropriate enforcement. Between 1997 and 2005, at least 28 regulatory agencies were established in Brazil, either at the federal or state level. Yet, only limited assessment of the state of regulatory governance in Brazil is available so...

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