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The Role of Government in Water Markets

The Role of Government in Water Markets

Author: Vanessa Casado-Perez
Publisher: Routledge
ISBN: 9781138655744
Published In: December 2016
Format: Hardback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
Contents

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Water is an increasingly scarce resource in developed regions all over the world. Current methods to allocate it are not economically or environmentally efficient, but water markets offer one potential solution in the form of a regulatory response to water scarcity. The debate on water markets is often polarized. Proponents of water markets portray them as systems where government is out of the picture, but some oppose markets because they believe water should not be commodified but administered by public agencies. Casado-Perez argues that both sides of the debate are misguided, and that water markets require a deeper and more varied governmental intervention than markets for other goods. Drawing on economic theories of regulation based on market failure, she offers an explanation of the different roles government should play to ensure a functioning water market, and suggests that governments might have to take a leading role if a water market is to work properly. To analyse what impact roles government actually have on water markets operation, Casado-Perez examines case studies of California and Spain to assess the success of their water markets. She explores in depth why water markets have been more extensively institutionalized in California than in Spain in the ten years since they were introduced, and how the role of government in each study impacts water market operation. This unique analysis of governmental role in water markets, alongside quantitative studies of California and Spain, offers valuable scholarship in this increasingly important topic and will be of interest to students, practitioners and policymakers in water law.

Acknowledgements

Most frequently Used Acronyms

Chapter 1. Scarcity, droughts, and the gap to be filled by water markets

1.1. Introduction: a Toolkit for Governing Scarcity

1.2. Water Scarcity, an All-Too-Common Problem

1.3. Potential Solutions to Water Scarcity

1.3.1. Supply side strategies

1.3.2. Demand side strategies

1.3.3. Markets

1.4. Water Governance Models

1.5. Centralized Administrative Systems

1.6. Water Markets

1.6.1. Definition

1.6.2. Typology

1.7. Critiques of Centralized Administrative Systems and Advantages of Water Markets

1.7.1. Markets as information aggregators: pricing water at its real value

1.7.2. Markets as innovation spurs

1.7.3. Markets as uncertainty management tools

1.7.4. Markets as a shield from politically-driven decisions

Chapter 2. Market failures and Governmental Roles

Introduction

The Case for Water Markets: A Literature Review

A normative debate

Policy oriented literature

Governmental Roles: Market Failures

Definition of Property Rights

Property rights as public goods

Variables in the property rights definition

Instream flow protection

Enforcement of Property Rights or Externalities

Definition

Different mechanisms to ensure that the effects on third parties or the environment resulting from a transaction are internalized

Externalities on communities: a contested concept and a political necessity

Infrastructure

Provision

Management of water infrastructure: third party access

Market Maker

Information and Recording

Match-making

Fungibility

Guaranty

Chapter 3.Roadmap to the Case Studies

3.1.Introduction

3.2. the Master and the Purported Disciple: California and Spain

3.3. Dependent Variable: Market Success and Market Activity

3.3.1. Data sources

3.3.2. Proxies for the Dependent Variable

3.4. Timeline

3.5. Explanatory Variables

3.5.1. General analysis

3.5.2. Scarcity

3.5.3. Governmental Roles: operationalizing the variable

3.5.4. A note on interest group pressure as a precursor of governmental action

Chapter 4.California’s Water Markets

4.1. Introduction

4.2. Overview of Water Management and Water Rights in California

4.2.1. Types of water rights

4.2.2. California’s allocation of power over water management

4.3. Overview of the Evolution of Water Market Regulations

4.4. Market Activity from 1991 to 2000

4.5. The Role of Natural and Regulatory Scarcity

4.6. Governmental Roles

4.6.1. The uncontested governmental role in water markets: definition of property rights

4.6.2. Externalities

4.6.3. Infrastructure: provision and management

4.6.4. Market maker

4.7. Conclusions

Chapter 5. Spanish Water Markets

5.1. Introduction

5.2. Spanish Allocation of Power Over Water Management

5.3. Water Rights in Spain: Administrative Concessions

5.3.1.General overview of the property rights over water

5.3.2.Concessions for water use

5.3.3.Private property rights

Irrigation rights in irrigation areas of public initiative

5.4. Evolution of Water Market Regulations, Prompted by Scarcity

5.4.1. Content of the amendment

5.4.2. Political debate on the amendment

5.4.3. Evolution of water market regulation

5.5. Transaction Figures: Were Water Markets in Spain Active?

5.5.1. Data shortcomings

5.5.2. Not so active markets and the mediated role of scarcity

5.6. Governmental Roles

5.6.1. The uncontested governmental role in water markets: definition of property rights

5.6.2. Externalities: apparently not a major concern

5.6.3. Infrastructure: insufficient common carrier duty

5.6.4. Market maker role

5.7. Conclusions

Chapter 6. Comparison Between Water Markets in California and in Spain

6.1. Introduction

6.2. Dependent Variable: Water Market Activity

6.3. Fulfillment of Governmental Roles: Comparison and Critique

6.3.1. Definition of property rights

6.3.2. Enforcement of property rights or externalities

6.3.3. Infrastructure management

6.3.4. Market maker

6.4. Concluding Remarks

INDEX

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