New Developments and Empirical Evidence
Edited by Michael Faure and Xinzhu Zhang
Although ‘regulation’ used to be a ‘dirty’ word to some economists during the high-tide of the deregulatory movement, starting in the late 1970sand extending to the late 1990s in the developed economies, regulatory reform has always been a serious issue in policy discussions among OECD countries amid continuing and far-reaching market liberalization since the 1980s. This is because market liberalization requires new and sophisticated regulatory regimes and thus makes regulatory reform a ubiquitous component of this overall economic reform program. The ubiquity of regulation has once again been recognized by even more people, from economists to politicians, after the near financial meltdown in the USA in 2008 which can be attributed to the laxity of regulation in runaway financial innovation. The prevailing consensus now is that regulation has to go side by side with market competition so as to make the market function properly. Out of the same logic, regulation has also become an issue of growing importance and prominence in China over the past two decades as China is moving towards an open and market-based economy. Regulatory reform in OE CD countries was initiated for revitalizing economies by relaxing some of the old fashioned regulations and replacing them with newer ones more adaptable to the changing technological and institutional environment.
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