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Regulación económica de industrias de redes: ¿contractual o administrativa?
(Pontificia Universidad Católica del Perú. Departamento de Economía, 2015)
Concession or Private Public Partnership (PPP) contracts have been extensively employed as a device for promoting and attracting private investment to network industries. Recent literature (Stern (2003), Spiller (2008)) has emphasized that the use of such contracts has permitted the mitigation of the risks associated with the administrative intervention of governments on private investment. PPP or concession contracts have been commonly associated with the private provision of public services, however the economic regulation of tariffs, access or interconnection rates and quality of service, could be either specified in the contract or approved through administrative rules. This paper presents empirical evidence from Peru that identifies the factors that influence the decision to incorporate economic regulations in concession or PPP contracts, from a sample of 65 transport infrastructure, energy and telecommunications projects. The results demonstrate that factors such as the risks of demand, the scale of the projects, the sources of financing and technology have significantly influenced government’s decisions to include economic regulation provisions in concession or PPP contracts. Finally, based in Stern and Holder (1999), we analyze the strengths and weaknesses of contractual versus administrative regulation in the case of Peru, formulating some recommendations for a necessary revision of the regulatory agenda, during the next years.

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