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Twenty years ago, as the United Kingdom was getting ready to launch the privatization of its public services, Professor Littlechild developed and operationalized the concept of price caps as a regulatory regime to control for residual monopoly conditions in those services. Ten years later, Latin American countries, as they embarked into their own infrastructure reforms, also adopted the price cap regulatory model. Relying on a large data base on the factors driving contract renegotiation in the region and a survey of the literature on efficiency gains, the authors assess the impact of this regulatory regime in Latin America. They show that while the expected efficiency gains were amply achieved, these gains were seldom passed on to the users. Instead they were shared by the government and the firms. Moreover, the adoption of price caps implied higher costs of capital and hence, tariffs, and brought down levels of investment.

Privatization

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Twenty years ago, as the United Kingdom was getting ready to launch the privatization of its public services, Professor Littlechild developed and operationalized the concept of price caps as a regulatory regime to control for residual monopoly conditions in those services. Ten years later, Latin American countries, as they embarked into their own infrastructure reforms, also adopted the price cap regulatory model. Relying on a large data base on the factors driving contract renegotiation in the region and a survey of the literature on efficiency gains, the authors assess the impact of this regulatory regime in Latin America. They show that while the expected efficiency gains were amply achieved, these gains were seldom passed on to the users. Instead they were shared by the government and the firms. Moreover, the adoption of price caps implied higher costs of capital and hence, tariffs, and brought down levels of investment.

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"Drawing on a range of global case studies, Market Distortions in Privatisation Processes illustrates the ways in which market distortions damaged the ability of privatisation processes to yield concrete benefits to consumers. The book compares and contrasts privatisations of state-owned enterprises around the world where competition informed the regulatory design and thus liberated consumer welfare. In particular, the cases are drawn from the electricity and gas sector, the telecoms industry, and postal services - each of which have been frequently privatised in different context. For each industry, the book explores the UK and US experiences as well as looking at international cases from both developed and developing countries including, where appropriate, Japan, Colombia, Romania and Mexico. The emphasis is on analysing the impact that market distortions have had on the outcomes of those privatisations. The book also looks at how public service objectives were achieved and how they too can be designed in pro-competitive or anti-competitive ways. This book will be of significant interest to readers in international business, economics, and law"--

Privatization

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Privatization --- Privatization --- Privatization --- Privatization

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Privatization -