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Kiel Institute for World Economics Kiel Working Papers, Kiel Institute for World Economics

No 977:
Regulation of Europe's Network Industries: The Perspective of the New Economic Theory of Federalism

Frank Bickenbach

Abstract: The paper starts with a description of major reforms of EU policy in the network industries. Based on the normative economics of regulation, it then points out generic information and transaction cost problems of regulatory policy making. An appropriate allocation of regulatory competencies may help mitigate these problems. Focusing on the ‘federal’ allocation of competencies it is argued that traditional economic theories of federalism should be complemented by contract-theoretic and transaction-cost-political approaches. There has been some progress in recent years in developing such a ‘new economic theory of federalism’. Basic ideas and some insights of this theory are discussed with regard to the appropriate ‘federal’ allocation of competencies for the regulation of the European network industries.

Keywords: Network industries, regulation, asymmetric information, incomplete contracts, economic models of federalism; (follow links to similar papers)

JEL-Codes: D7; D82; H11; H77; L43; L51; (follow links to similar papers)

46 pages, April 2000

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