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Effects of Regulation on the Competitiveness of a Nation in OECD Countries

  • Journal of Regulation Studies
  • 2006, 15(1), pp.3-25
  • Publisher : 한국규제학회
  • Research Area : Social Science > Public Administration

CHOI, Jin-Wook 1

1고려대학교

Accredited

ABSTRACT

An assessment of the competitiveness of a nation is in most cases based on the survey results of such international institutions as the IDM and the WEF. Yet this assessment does not accurately indicate the causality between regulation and the national competitiveness because it simply compares a regulation index with other survey indices within a country or between countries. Utilizing a cross-sectional regression analysis, this article aims at identifying the impacts of regulation on national competitiveness in OECD countries. Results show that national competitiveness measured by the IMD's WCI is affected by a composite index of regulation together with GDP per capita and R&D investment. Further analyses that decompose the regulation index into specific regulatory areas and policies show that regulation of the capital market, price controls, and restrictions on starting a new business have significant impacts on national competitiveness. These results imply that reforming anti-competition policies and utilizing more market-friendly policies are critical to improve national competitiveness in OECD countries.

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