Delegating political powers to regulatory agencies does not guarantee better policy enforcement

A large number of independent regulatory agencies, which are detached from the electoral cycle, have been set up by governments to ensure sound, stable and impartial policy enforcement. But has their independence actually made a difference? Outlining results from a recent study, Mattia Guidi assesses the impact national competition agencies (NCAs) have had on two relevant indicators, foreign direct investment and inflation, finding that there is no correlation at all between these indicators and the independence of NCAs.