“…For Latin American countries, the study of the effect of development on the regulatory process has been explained as a function of the need of governments to demonstrate a credible commitment to overcoming threats to expropriate infrastructure and capital investments from domestic or international private stakeholders (Levy & Spiller, 1996). Other authors have highlighted the limited administrative capacity of states and the impact of this on their ability to ensure efficient implementation of their regulatory strategy and effective enforcement of the law, leaving the door open to corruption and regulatory capture (Estache & Wren‐Lewis, 2009; Laffont, 2005; Lodge & Stirton, 2002). Another approach to the study of how the characteristics of a developing country can affect regulatory policy design in post‐reform contexts involves analyzing how institutional and administrative legacies—and the features of a given political regime—are embedded within the regulatory policy process (Jordana, 2013; Lodge, 2003; Parrado & Salvador, 2011; Thatcher & Coen, 2008).…”