Skip to main content

Independent Regulatory Authorities

  • Reference work entry
  • First Online:
  • 45 Accesses

Abstract

Independent regulatory agencies are now considered to be the sign of modern economic regulatory systems. They proliferated since the 1980s, and it is believed that they are enhancing the efficiency of regulation. In this entry, I will use law and economics to develop some rationale to explain their diffusion and emergence.

This is a preview of subscription content, log in via an institution.

Buying options

Chapter
USD   29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD   819.00
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Hardcover Book
USD   1,099.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Learn about institutional subscriptions

References

  • Alesina A, Tabellini G (1988) Credibility and politics. Eur Econ Rev 32:542–550

    Article  Google Scholar 

  • Çetin T, Sobaci MZ, Nargeleçekenler M (2016) Independence and accountability of independent regulatory agencies: the case of Turkey. Eur J Law Econ 41(3):601–620

    Article  Google Scholar 

  • Coase R (1960) The problem of social cost. J Law Econ 3:1–44

    Article  Google Scholar 

  • Cukierman A, Edwards S, Tabellini G (1992) Seignorage and political instability. Am Econ Rev 82(3):537–555

    Google Scholar 

  • Dixit A (1996) The making of economic policy. A transaction-cost politics perspective. The MIT Press, Cambridge, MA

    Book  Google Scholar 

  • Eberlein B (2000) Institutional change and continuity in German infrastructure management: the case of electricity reform. Ger Polit 9(3):81–104

    Article  Google Scholar 

  • Elster J (2000) Ulysses and the Sirens. Studies in the rationality and irrationality. Cambridge University Press, Cambridge

    Google Scholar 

  • Epstein D, O’Halloran S (1999) Delegating powers: a transaction cost politics approach to policy making under separation of powers. Cambridge University Press, Cambridge

    Book  Google Scholar 

  • Gilardi F (2005) The institutional foundations of regulatory capitalism: the diffusion of independent regulatory agencies in Western Europe. Ann Am Acad Pol Soc Sci 598:84–101

    Article  Google Scholar 

  • Gilardi F, Maggetti M (2010) The independence of regulatory authorities. In: Levi-Faur D (ed) Handbook of regulation. Edward Elgar, Cheltenham, pp 201–214

    Google Scholar 

  • Glaeser EL, Shleifer A (2003) The rise of the regulatory state. J Econ Lit 41(2):401–442

    Article  Google Scholar 

  • Hägg PG (1997) Theories on the economics of regulation: a survey of the literature from a European perspective. Eur J Law Econ 4(4):337–370

    Article  Google Scholar 

  • Jacobzone S (2005) Independent regulatory authorities in OECD countries: an overview. In: OECD (2005) Designing independent and accountable regulatory authorities for high quality regulation. https://www.oecd.org/gov/regulatory-policy/35028836.pdf

  • Jakee K, Allen L (1998) Destructive competition or competition destroyed? Regulatory theory and the history of Irish road transportation legislation. Eur J Law Econ 5(1):13–50

    Article  Google Scholar 

  • Jordana J, Levi-Faur D (2005) The diffusion of regulatory capitalism in Latin America: sectoral and national channels in the making of a new order. Ann Am Acad Pol Soc Sci 598:102–124

    Article  Google Scholar 

  • Kydland F, Prescott EC (1977) Rules rather than discretion: the inconsistency of optimal plans. J Polit Econ 85(1):73–491

    Google Scholar 

  • Law M, Kim S (2011) The rise of the American regulatory state: a view from the progressive era. In: Levi-Faur D (ed) Handbook of regulation. Edward Elgar, Cheltenham, pp 113–128

    Google Scholar 

  • Maggetti M (2012) The media accountability of independent regulatory agencies. Eur Polit Sci Rev 4(3):385–408

    Article  Google Scholar 

  • Majone G (1996) Temporal consistency and policy credibility: why democracies need non-majoritarian institutions, EUI working paper, RSC no. 96/57, European University Institute, San Domenico di Fiesole

    Google Scholar 

  • Majone G (2001) Two logics of delegation. Agency and fiduciary relations in EU governance. Eur Union Polit 2(1):103–121

    Article  Google Scholar 

  • Moe TM (1990) The politics of structural choice: towards a theory of public bureaucracy. In: Williamson OE (ed) Organization theory: from Chester Barnard to the present and beyond. Oxford University Press, New York, pp 116–153

    Google Scholar 

  • Mullin WP (2000) Railroad revisionists revisited: stock market evidence from the progressive era. J Regul Econ 17(1):25–47

    Article  Google Scholar 

  • Peltzman S (1976) Toward a more general theory of regulation. J Law Econ 19:211–240

    Article  Google Scholar 

  • Pollitt C, Bouckaert G (2000) Public sector management reform: a comparative analysis. Oxford University Press, Oxford

    Google Scholar 

  • Posner RA (1974) Theories of economic regulation. Bell J Econ Manag Sci 5:335–358

    Article  Google Scholar 

  • Prager RA (1989) Using stock price data to measure the effects of railroad regulation: the Interstate Commerce Act and the railroad industry. RAND J Econ 20(2):280–290

    Article  Google Scholar 

  • Shapiro M (1988) Who guards the guardians? Judicial control of administration. University of Georgia Press, Athens

    Google Scholar 

  • Stigler GJ (1971) The theory of economic regulation. Bell J Econ Manag Sci 2:3–21

    Article  Google Scholar 

  • Veljanovski C (1991) The regulation game. In: Veljanovski C (ed) Regulation and the market. IEA, London

    Google Scholar 

  • Vibert F (2007) The rise of the non-elected, democracy and the new separation of power. Cambridge University Press, Cambridge

    Google Scholar 

Download references

Author information

Authors and Affiliations

Authors

Corresponding author

Correspondence to Régis Lanneau .

Editor information

Editors and Affiliations

Rights and permissions

Reprints and permissions

Copyright information

© 2019 Springer Science+Business Media, LLC, part of Springer Nature

About this entry

Check for updates. Verify currency and authenticity via CrossMark

Cite this entry

Lanneau, R. (2019). Independent Regulatory Authorities. In: Marciano, A., Ramello, G.B. (eds) Encyclopedia of Law and Economics. Springer, New York, NY. https://doi.org/10.1007/978-1-4614-7753-2_647

Download citation

Publish with us

Policies and ethics