Regulation and Deregulation: The Process of Reform in Colombia, 1990–94
The constitutional and legal reforms undertaken from 1990 to 1994 drastically altered the roles of government and the private sector in the Colombian economy. These reforms aimed at strengthening the presence of government in long-neglected areas: security, justice and services for the poor. Meanwhile they sought to encourage the private sector to enter into and compete in previously protected markets, and expand its role in areas such as public utilities, social services and infrastructure. Within this context, two elements of these reforms stand out: a massive effort to deregulate vast areas of the economy, and a simultaneous decision to create new institutions for regulating the expanded private sector activities within a competitive environment.
KeywordsTotal Factor Productivity Foreign Exchange Regulatory Commission Public Utility Regulatory Institution
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