Advanced Search
MyIDEAS: Login

The Gains from Privatization in Transition Economies: Is "Change of Ownership" Enough?

Contents:

Author Info

  • Clifford Zinnes

    (International Monetary Fund)

  • Yair Eilat

    (International Monetary Fund)

  • Jeffrey Sachs

    (International Monetary Fund)

Registered author(s):

    Abstract

    This paper seeks to clarify what factors contributed to the macroeconomic gains and losses from privatization in transition economies over the past decade. In contrast to the original "Washington Consensus," which had a tendency to equate change-of-title with privatization, we find that economic performance gains come only from "deep" privatization, that is, when change-of-title reforms occur once key institutional and "agency"-related reforms have exceeded certain threshold levels. We also find that as a result of different initial conditions the economic performance responses of countries to the same policies are different. Copyright 2002, International Monetary Fund

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://www.imf.org/External/Pubs/FT/staffp/2001/04/pdf/zinnes.pdf
    File Function: main text
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

    Bibliographic Info

    Article provided by Palgrave Macmillan in its journal IMF Staff Papers.

    Volume (Year): 48 (2001)
    Issue (Month): 4 ()
    Pages: 7

    as in new window
    Handle: RePEc:pal:imfstp:v:48:y:2001:i:4:p:7

    Contact details of provider:
    Web page: http://www.palgrave-journals.com/

    Order Information:
    Postal: Palgrave Macmillan Journals, Subscription Department, Houndmills, Basingstoke, Hampshire RG21 6XS, UK
    Email:
    Web: http://www.palgrave-journals.com/pal/subscribe/index.html

    Related research

    Keywords:

    References

    No references listed on IDEAS
    You can help add them by filling out this form.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as in new window

    Cited by:
    1. Eteri Kvintradze, 2010. "Russia's Output Collapse and Recovery: Evidence from the Post-Soviet Transition," IMF Working Papers 10/89, International Monetary Fund.
    2. Babetskii, Ian & Campos, Nauro F, 2007. "Does Reform Work? An Econometric Examination of the Reform-Growth Puzzle," IZA Discussion Papers 2638, Institute for the Study of Labor (IZA).
    3. Fabian Gouret, 2004. "The Macroeconomics of Massive Giveaways," Development and Comp Systems 0403001, EconWPA.
    4. Fabian Gouret, 2003. "Méthodes de privatisation et évolution de l'output dans les économies en transition," Cahiers de la Maison des Sciences Economiques j04028, Université Panthéon-Sorbonne (Paris 1).
    5. Michael Andrews, 2005. "State-Owned Banks, Stability, Privatization, and Growth: Practical Policy Decisions in a World Without Empirical Proof," IMF Working Papers 05/10, International Monetary Fund.
    6. J. David Brown & John Earle & Almos Telegdy, 2004. "Does Privatization Raise Productivity? Evidence from Comprehensive Panel Data on Manufacturing Firms in Hungary, Romania, Russia, and Ukraine," CERT Discussion Papers 0410, Centre for Economic Reform and Transformation, Heriot Watt University.
    7. Omran, Mohammed, 2009. "Post-privatization corporate governance and firm performance: The role of private ownership concentration, identity and board composition," Journal of Comparative Economics, Elsevier, vol. 37(4), pages 658-673, December.
    8. Karsten Staehr, 2005. "Reforms and Economic Growth in Transition Economies: Complementarity, Sequencing and Speed," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 2(2), pages 177-202, December.
    9. KURTISHI-KASTRATI Selma, 2013. "The Effects of Foreign Direct Investments for Host Country’s Economy," European Journal of Interdisciplinary Studies, Bucharest Economic Academy, issue 01, March.
    10. Gouret, Fabian, 2007. "Privatization and output behavior during the transition: Methods matter!," Journal of Comparative Economics, Elsevier, vol. 35(1), pages 3-34, March.
    11. Monika Schnitzer, 2003. "Privatisierung in Osteuropa: Strategien und Ergebnisse," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 4(3), pages 359-378, 08.
    12. Birdsall, Nancy & Nellis, John, 2003. "Winners and Losers: Assessing the Distributional Impact of Privatization," World Development, Elsevier, vol. 31(10), pages 1617-1633, October.
    13. Fang, Yiwei & Hasan, Iftekhar & Marton, Katherin, 2014. "Institutional development and bank stability: Evidence from transition countries," Journal of Banking & Finance, Elsevier, vol. 39(C), pages 160-176.
    14. Fungacova, Zuzana & Hanousek, Jan, 2006. "A castle built on sand: The effects of mass privatization on stock market creation in transition economies," BOFIT Discussion Papers 14/2006, Bank of Finland, Institute for Economies in Transition.

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:pal:imfstp:v:48:y:2001:i:4:p:7. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Elizabeth Gale).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.