Regulatory Governance for Development and Growth : Malaysia's Experience with Good Regulatory Practices

World Bank Group

World Bank, Malaysia

关键词: REGULATION;    PRIVATE SECTOR DEVELOPMENT;    GOVERNANCE;    STAKEHOLDER CONSULTATION;    OVERSIGHT;   

RP-ID  :  142014

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Good Regulatory Practices (GRP) are asystematic application of tools, institutions, andprocedures that governments can mobilize to ensure thatregulatory outcomes are effective, transparent, inclusive,and sustained. Other terms used for GRP include ‘regulatorygovernance’ and ‘better regulation.’ Among the most commonGRP tools used by governments are: public consultation, exante regulatory impact analysis (RIA), ex post review ofexisting regulations, administrative simplification, accessto laws and regulations, forward regulatory planning, andregulatory oversight functions. This report focuses on GRPbecause by improving the regulatory environment, they canboost conditions for sustainable growth and investment. Thisis evidenced, among others, in the World Bank Group’s GlobalInvestment Competitiveness Report 2017-2018, which surveyed750 investors in developing and transition economies. Thereport found that next to ‘political stability andsecurity’, the ‘legal and regulatory environment’ was themost important consideration of senior executives whenmaking investment decisions (WBG, 2018). Similarly, evidenceshows a positive relationship between the improvement of theregulatory environment and aggregate investment (andeconomic growth), suggesting that countries stand to gainfrom a broad push for streamlining regulations andprocedures affecting business (Eifert, 2009). The reportreflects on Malaysia’s formal experience with GRP because,although launched only relatively recently, results havebeen remarkable. Malaysia has demonstrated that morebusiness-friendly regulations and a more favorableregulatory environment can contribute to economic growth andinvestment. Moreover, Malaysia’s regulatory reform successhas been reflected in many international indicators, such asthe Global Indicators of Regulatory Governance, WorldwideGovernance Indicators, Doing Business, (all produced by theWBG) and those from the World Economic Forum that measurethe burden of government regulations and transparency of thepolicymaking process. International indicators measuring GRPperformance show that Malaysia is converging withhigh-income OECD countries.