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Effective Market Power: the domestic institutional roots of international market regulation
Unformatted Document Text:  given issue area. At a minimum, developing and projecting an international regulatory strategy requires staff with sufficient training to identify areas of concern within the domestic economy and then develop strategies to transpose policy solutions to third countries. Ceteris paribus, the more qualified staff, the greater a regulator’s ability to project its standards internationally. Comprehensive budgetary resources, experience due to years in existence, and a high level of professional staffing thus all demonstrate regulatory expertise. 30 Regulators with few internal resources and minimal staff find it difficult to formulate international initiatives and press their agenda. Those with substantial experience and staffing, by contrast, are likely to have the institutional knowledge and expertise to play the role of policy entrepreneur. Regulatory capacity also depends on the coherence of regulatory authority in a policy domain. All else being equal, the more coherent regulatory authority is, the easier it is to formulate externalization strategies and the more credible the commitment to monitoring and enforcement. In general, regulatory capacity should be greater when regulatory authority has been delegated to a specific regulatory body that has authority and resources to shape and enforce market rules. Finally, a critical determinant of regulatory capacity is the extent of statutory authority that regulators command. As noted above, regulatory capacity depends on the lead regulator’s ability to punish those that do not comply. While regulatory expertise may be employed to shame those that breach regulations, the most straightforward means to punish non-compliance is to ban market entry, that is, to selectively exclude from the incompliant foreign firms from the domestic market. The political and institutional ability to leverage market access to achieve international compliance is thus critical. When authority over market access has been delegated to a regulatory agency and the agency has statutory authority and sufficient resources to keep 30 For promising efforts to measure regulator’s power along these and other dimensions, see Gilardi 2002. 15

Authors: Bach, David. and Newman, Abraham.
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given issue area. At a minimum, developing and projecting an international regulatory strategy
requires staff with sufficient training to identify areas of concern within the domestic economy
and then develop strategies to transpose policy solutions to third countries. Ceteris paribus, the
more qualified staff, the greater a regulator’s ability to project its standards internationally.
Comprehensive budgetary resources, experience due to years in existence, and a high level of
professional staffing thus all demonstrate regulatory expertise.
resources and minimal staff find it difficult to formulate international initiatives and press their
agenda. Those with substantial experience and staffing, by contrast, are likely to have the
institutional knowledge and expertise to play the role of policy entrepreneur.
Regulatory capacity also depends on the coherence of regulatory authority in a policy
domain. All else being equal, the more coherent regulatory authority is, the easier it is to
formulate externalization strategies and the more credible the commitment to monitoring and
enforcement. In general, regulatory capacity should be greater when regulatory authority has
been delegated to a specific regulatory body that has authority and resources to shape and enforce
market rules.
Finally, a critical determinant of regulatory capacity is the extent of statutory authority
that regulators command. As noted above, regulatory capacity depends on the lead regulator’s
ability to punish those that do not comply. While regulatory expertise may be employed to
shame those that breach regulations, the most straightforward means to punish non-compliance is
to ban market entry, that is, to selectively exclude from the incompliant foreign firms from the
domestic market. The political and institutional ability to leverage
market access to achieve
international compliance is thus critical. When authority over market access has been delegated
to a regulatory agency and the agency has statutory authority and sufficient resources to keep
30
For promising efforts to measure regulator’s power along these and other dimensions, see Gilardi 2002.
15


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