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This paper analyses the determinants of aggregate per-capita investments into the telecom sector. We provide results of panel econometric estimates for EU and OECD countries covering the period from 2005 to 2013. The findings show a positive effect of infrastructure-based competition between xDSL broadband and cable-TV broadband subscriptions on investments. We use cross-country variance in open access regulations to examine their effect on investments and find a negative effect for bitstream regulations. The regression results are used to assess the magnitude of these factors, thereby providing valuable inputs to the policy debate on broadband promotion.