Is There Still a Role for Independent Regulators?

José Amado da Silva () and Eduardo Cardadeiro ()
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José Amado da Silva: Universidade Autónoma de Lisboa
Eduardo Cardadeiro: Universidade Autónoma de Lisboa, CICEE Economic and Business Sciences Departament

Notas Económicas, 2021, issue 53, 11-30

Abstract: Although regulators have been around for three decades, their Independence is still not fully understood as an administrative institution in the governance of modern states. Neoclassic approaches support their existence, in addition to valuable contributions made from the perspective of transaction costs, institutional economics and political economy. To improve the trade -off between independence and accountability of regulators, several conditions for the appointment and functioning of regulators have been put forward, but this remains a hot topic. The authors discuss the integration of regulators in the democratic organization of the State, address their legitimacy, and discuss the powers and duties inherent to independence, consistent with the requirements of legitimacy and accountability. Finally, they define the requirements for regulators to be appropriately integrated in State institutions and suggest a “triangle” to support independent regulators.

Keywords: Economic regulation; independent regulators; regulators’ accountability; regulators’ legitimacy. (search for similar items in EconPapers)
JEL-codes: H10 K23 L51 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:gmf:journl:y:2021:i:53:p:11:30

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