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Regulatory Policy in Chile

Government Capacity to Ensure High-Quality Regulation

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One of Chile’s biggest strengths is its very sound macroeconomic framework that reinforces its economic resilience. This is partly based on a prudent regulatory and supervisory framework governing the financial system. Furthermore, the government’s Agenda for Productivity, Innovation and Growth, co-ordinated by the Ministry of Economy with the participation of other ministries and state services, constitutes a good opportunity to use regulatory policy as a driver to reform the policymaking framework of Chile. For example, Chile has already made substantive progress in making regulations more accessible and communicating administrative requirements. However, while in Chile national regulations provide the general framework for administrative procedures and an efficient state administration, the lack of a comprehensive regulatory reform programme has reduced the possibility of achieving even better economic outcomes and unleashing resources to boost productivity. The regulatory policymaking framework lacks some key features seen in other OECD countries (e.g. stakeholder engagement, regulatory impact assessment, oversight body) that would make sure that regulations are designed in the best way. Good practices in rule-making procedures are also rather limited. This review presents the way forward for improving the government’s capacity to ensure high-quality regulation in Chile.

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Ex post regulatory evaluation in Chile

Chapter 7 describes the importance of designing and implementing an ex post regulatory evaluation for norms. The evaluation of existing policies through ex post impact analysis is necessary to ensure that regulations are effective and efficient. In some circumstances, the formal processes of ex post impact analysis may be more effective than ex ante analysis in informing an ongoing policy debate. The chapter expresses the rationale of why this practice should be considered early in the policy cycle, and introduced in the regulatory cycle by the government of Chile. Furthermore, it presents the idea of broadening the scope of evaluation towards programmes and institutions.

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