The main objective of this paper is to look at the effects of mandated sharing on investment in the telecommunications sector in Latin America and the Caribbean (LAC). Given the relevance of promoting suitable regulatory conditions to stimulate the huge investments required for the region to close its digital divide, this paper intends to provide inputs for the design of regulatory frameworks, particularly towards finding out the optimal levels of intervention. Our results suggest that sharing obligations have been linked with lower investment intensity in the region. Those results are robust to the addition of control variables which may also have an incidence on investment decisions, and to the treatment of possible endogeneity in the estimates. Further checks provide specific insights about the negative effect of mandated co-location obligations and mandated infrastructure sharing. As for local loop unbundling, it was found to have a negative effect on investment intensity only if introduced jointly with price regulation. As a result of the findings reported in this paper, we suggest that regulatory bodies in LAC should pursue light and flexible approaches in order to promote the much-needed investments. In particular, sharing decisions should be the result of voluntary agreements between those concerned, not because of imposed mandates.

中文翻译：

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拉丁美洲和加勒比地区的强制共享和电信投资

本文的主要目的是研究授权共享对拉丁美洲和加勒比地区（LAC）电信行业投资的影响。鉴于促进适当的监管条件以刺激该地区缩小其数字鸿沟所需的巨额投资具有相关性，本文旨在为监管框架的设计提供投入，尤其是寻找最佳干预水平。我们的结果表明，分担义务与该地区较低的投资强度有关。这些结果对于增加可能也会影响投资决策的控制变量以及处理估计中可能的内生性具有鲁棒性。进一步的检查提供了有关强制托管地址和强制基础架构共享的负面影响的特定见解。至于本地环路的捆绑销售，只有与价格管制一起引入时，才发现对投资强度有负面影响。根据本文报告的研究结果，我们建议拉丁美洲和加勒比地区的监管机构应采取轻便而灵活的方法，以促进急需的投资。特别是，共享决策应该是有关各方之间自愿协议的结果，而不是由于强制执行的任务。我们建议拉丁美洲和加勒比地区的监管机构应采取轻便灵活的方法，以促进急需的投资。特别是，共享决策应该是有关各方之间自愿协议的结果，而不是由于强制执行的任务。我们建议拉丁美洲和加勒比地区的监管机构应采取轻便灵活的方法，以促进急需的投资。特别是，共享决策应该是有关各方之间自愿协议的结果，而不是由于强制执行的任务。