The Deepwater Horizon oil spill in 2010, and the 2008 financial meltdown—whose aftershocks are still reverberating globally—have at least one trait in common: they reflected breakdowns in the regulatory process. This is not to say that the principal industry actors in both catastrophes were mere bystanders, but with better regulatory oversight, the disasters could have been prevented.
On the eve of the launch of the OECD Regulatory Policy Outlook, Bill Below looks at the world of intertemporal policy trade-offs and why it can be difficult for politicians to focus on longer-term regulatory projects.
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This study provides a critical literature review of the theory and quantitative evidence of the impact of regulatory policy. It surveys the literature on existing attempts at measuring the contribution of regulatory policy to improved performance.