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Independent agencies, political

interference, and firm investment:

evidence from the European Union

A discussion by

Michiel Bijlsma

Head Competition and Regulation

(2)
(3)

Comments

• Effect of institutions on investment highly relevant

problem

• Analysis potentially suffers from endogeneity

• Decision whether or not to erect IRA is endogenous.

• Example in paper: governments signal commitment

(4)

Comments

• The paper claims ‘To tackle this problem, we use instrumental

variable methods that exploit the cross-country variation in the political and legal endowments that may ensure credibility to the regulatory institution (…).’

• In practice, they

– apply SYS-GMM, i.e., using first-differenced lagged variables as instruments

– Use external instruments such as ‘checks and balances and ‘rule of law.

• I am no expert on GMM, but a bit like von Munchhausen • Somewhat unconvincing that rule of law and check and

(5)

Comments

• Timing of IRA also endogenous

• Decision to instigate IRA may coincide with other

events.

– Opening up of national markets

– Privatization

– Buoyant stock markets

• If privatization drives effect, this may explain

lower effect IRA under right-wing governments

• Include privatization dummies, GDP growth into

Referenties

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