013 – Is There Still a Role for Independent Regulators?

José Amado da Silva & Eduardo Cardadeiro
Notas Económicas (forthcoming)
Abstract

Although regulators have been around for three decades, their Independence is still not fully understood as an administrative institution in the governance of modern states. Neoclassic approaches support their existence, in addition to valuable contributions made from the perspective of transaction costs, institutional economics and political economy. To improve the trade-off between independence and accountability of regulators, several conditions for the appointment and functioning of regulators have been pu forward, but this remains a hot topic. The authors discuss the integration of regulators in the democratic organization of the State, address their legitimacy, and discuss the powers and duties inherent to independence, consistent with the requirements of legitimacy and accountability. Finally, they define the requirements for regulators to be appropriately integrated in State institutions and suggest a “triangle” to support independent regulators.

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