Calibrating Regulations

This article was published in The August 2014 issue of The Gulf Magazine Regulations and regulatory reforms are in vogue these days. The GCC has been witnessing a swathe of regulatory reforms in various sectors. How important is it to calibrate and balance reforms and regulations? This question has become hugely important in this setting. Broadly speaking, regulations have the following characteristics: 1. Counter-cyclical nature: We see that policy makers wake up only when there is a disaster in the making! The global financial crisis of 2008 is a great example, post which, a wave of regulations evolved that was mainly aimed at the financial sector. We hardly see regulators active whe

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