Economic policy reform in energy markets: balancing market efficiency with institutional realities

Erkan Erdogdu

Journal of Economic Policy Reform, 2025, vol. 28, issue 4, 529-552

Abstract: This paper critically examines economic policy reforms in energy markets, focusing on developing economies. It highlights that while standard reform models provide valuable guidelines, they often fail in less-developed institutional environments, leading to mixed results. By analyzing two decades of Turkish reforms, the study emphasizes the need to adapt strategies to local contexts, ensuring regulatory stability, transparency, and complete information. Additionally, the paper includes an econometric analysis of oil smuggling, offering empirical insights. The conclusion stresses that partial reforms do not yield proportional benefits, underscoring the importance of full implementation.

Date: 2025
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DOI: 10.1080/17487870.2025.2541593

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