Las instituciones como factor competitivo: un análisis comparativo del sector eléctrico con distintos procesos de integración
Abstract (Summary)This thesis studies the importance of institutions to promote economic development and competition in the electricity sector under two different contexts of integration, that of Spain within the European Union and Mexico under the North American Free Trade Agreement. It is analyzed the conditions that determine the reforms in these two countries and assessed the effects of several institutional factors on performance indicators of a set of 101 countries. This raises two approaches. First, are analized the determinants of institutional change. It examines the impact of judicial independence and regulatory authorities, the dominant ideology, the distributive conflict, and economic integration through supranational institutions on the ownership structure and competition . In the case of Spain both the property and competition have been determined largely as a result of joining the European Union and its effect on the liberalization of the economy and the electricity sector. In the case of Mexico has played an important role in restructuring its economy which happened as a result of the debt crisis in the early eighties and the consequent adjustment that involved, the economic opening and a program of economic reforms that led to a new law for the electricity sector in 1992. However, this process has stalled due largely to political action by interest groups that have impeded the full integration and liberalization of markets in North America. In order to assess the impact of reforms on electrical performance indicators of the industry, it was carried out initially a multivariate analysis that seeks to explain a set of variables of performance from a group of institutional factors. The analysis was done for four countries, Argentina, Chile, Spain and Mexico. In general, is expected that privatization of electricity generation and vertical disintegration of generation and transmission improve performance and lead to a more efficient pricing structure. The empirical analysis found that differences in performance indicators of the electricity industry can be attributed to the institutional factors considered. The reform variable explains most of the differences in the performance of the electric industry among the countries surveyed. The existence of a wholesale electricity market is also very important. The type of property produces a positive impact on operational efficiency. Privatization of electricity generation, accompanied by the disintegration of the industry, leads to a decrease in electricity losses in transmission and distribution, and increased per capita consumption of electricity. However, this improvement in efficiency does not necessarily translate into a better pricing structure. The result of privatization on prices, both industrial and domestic, is not entirely clear. Both vertical disintegration between generation and transmission as well as the separation between companies have significant effects on electricity losses in transmission and distribution, and per capita consumption of electricity. To contrast the previous results and corroborate the importance of institutions, it was developed a cross-sectional linear regression model of in the second part of the empirical analysis, in which electricity losses transmission and distribution is explained by a set of institutional and a set of control variables. The sample included 101 countries. The result of this analysis confirms the hypothesis raised and shows the importance of law enforcement and control of corruption on the dependent variable.
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Advisor:Bacaria Colom, Jordi
Source Type:Master's Thesis
Keywords:434 departament de sociologia
Date of Publication:12/18/2008