Credibilidade regulatória versus volume de investimentos

Abstract

Along the decade of the 90's, Brazil went through a process of reorganization in its national infrastructure sector. By means of this process, the Brazilian state transferred to the hands of private concessionaires the shareholding control of its main state-owned companies, as well as the control of highways and some services of public utility. In order to organize the economic dynamics derived from the entrance of these new agents, had been constituted regulating agencies that would have the role of establishing and applying claer rules, which would propitiate an allocation of wealth adjusted between suppliers and consumers too much. Investments that the Brazilian state would no loger have the capacity to carry through in the amount demanded for such sectors. In the context, credibility of these agencies is questioned, therefore if it does not know until point they withhold an endorsement legal politician and to take the decisions that come to consider necessary, thus propitianting an environment adjusted for the accomplishment of investments of long state period of maturation. This uncertainty tends to generate consequences on the investors of the sector, who can increase the hesitation in carrying through investments, what he comes provoking serius consequences for the Brazilian economy and the expansion and modernization of the national infrastructure. This hesitation can be felt in the different levels of investment and each specific sector.