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Jacobs and Associates Growth, Flexibility and Protection: The Results of Regulatory Reform in OECD Countries Scott H. Jacobs Jacobs and Associates, An.

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Presentation on theme: "Jacobs and Associates Growth, Flexibility and Protection: The Results of Regulatory Reform in OECD Countries Scott H. Jacobs Jacobs and Associates, An."— Presentation transcript:

1 Jacobs and Associates Growth, Flexibility and Protection: The Results of Regulatory Reform in OECD Countries Scott H. Jacobs Jacobs and Associates, An international firm specializing in regulatory reform With partners in the Americas, Europe, and East Asia

2 Jacobs and Associates OECD Regulatory Reform Principle Regulatory quality, not deregulation, is the driving principle behind reform today l Deregulation where markets work better than governments l Re-regulation and new regulatory institutions where markets cannot work without governments l More efficient government and social regulations to achieve high standards of health, safety and environmental protection at lower economic cost

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5 I. Benefits of Regulatory Reform  Boosts consumer benefits  reducing prices for services and products such as electricity, transport, and health care, and by increasing choice and service quality.  Improves competitiveness  Reducing the cost structure of exporting and upstream sectors in regional and global markets.  Fosters flexibility and innovation  Reduces risk of crisis due to external shocks  Increases job creation  by creating new job opportunities, and by doing so reducing fiscal demands on social security, particularly important in aging populations.  Maintains and increases regulatory protections  in areas such as health and safety, the environment, and consumer interests by introducing more flexible and efficient regulatory and non- regulatory instruments, such as market approaches.  Supports sustainable, non-inflationary growth

6 Jacobs and Associates Sectoral effects of regulatory reforms Price reductions in real terms (%) Road transport Germany30France20 Mexico25United States19 Airlines United Kingdom33Spain30 United States33Australia20

7 Jacobs and Associates Price reductions in real terms (%) Electricity Norway (spot market) 18-26.2 United Kingdom9-15.3 Financial services United Kingdom70.4 United States30-62.4 Telecommunications Finland66.5 Japan41.6 United Kingdom63.6 Mexico21.5 Korea10-30.7 Sectoral effects of regulatory reforms

8 Jacobs and Associates I. Benefits of Regulatory Reform  Boosts consumer benefits  reducing prices for services and products such as electricity, transport, and health care, and by increasing choice and service quality.  Improves competitiveness  Reducing the cost structure of exporting and upstream sectors in regional and global markets.  Fosters flexibility and innovation  Reduces risk of crisis due to external shocks  Increases job creation  by creating new job opportunities, and by doing so reducing fiscal demands on social security, particularly important in aging populations.  Maintains and increases regulatory protections  in areas such as health and safety, the environment, and consumer interests by introducing more flexible and efficient regulatory and non- regulatory instruments, such as market approaches.  Supports sustainable, non-inflationary growth

9 Jacobs and Associates Economy-wide effects of regulatory reform GDP, long term effects (%) USA0.9 Japan5.6 Korea8.6 Germany4.9 Netherlands3.5 France 4.8 Greece9-11 Sweden3.1 UK3.5 Spain 5.6 Source: OECD: various reports, 1997-2000

10 Jacobs and Associates Product market regulation: inward oriented policies

11 Jacobs and Associates Understanding regulatory reform Reform, well co-ordinated and planned, is not an ideological act, nor simply a concession to stronger markets that accelerates painful structural change. Instead, it is a means of managing necessary change so as to ease disruption and develop new opportunities for economic and social progress.


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