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Privatisation massive, finances publiques et macroéconomie. Le cas de l'Argentine et du Chili

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  • Carlos D. Winograd
  • Guillermo Larrain R

Abstract

[fre] L'analyse des effets de la privatisation porte généralement sur des aspects microéconomiques. Néanmoins, lorsque la privatisation est massive, l'évaluation de l'impact macroéconomique présente un grand intérêt. Dans un environnement de crise économique chronique, la privatisation peut jouer un rôle de signal de changement de régime des politiques publiques. En Argentine, la privatisation est de grande ampleur et extrêmement rapide. Après l'épisode de l'hyperinflation, elle produit un effet positif considérable sur les finances publiques et contribue à la stabilisation monétaire. Au Chili, le processus de privatisation a été graduel et la restructuration des entreprises a été réalisé avant le transfert de propriété. L'impact sur les finances publiques a été ainsi négligeable. L'analyse économétri­que montre que la privatisation massive conduit à une appréciation du taux de change réel et contribue positivement à la croissance. [eng] Most of the existing literature on the impact of privatisation discusses microe-conomic aspects. However, in the case of "mass privatisation", a macroeconomic approach has a particular interest. In an environment of a protracted economic crisis, privatisation may play an important role as a signal of a regime change in public policy. In Argentina, privatisation is extensive and rapid. Under extreme monetary disorder and after the experience of hyperinflation, privatisation shows a significant positive impact on public finance, strongly contributing to price stability. In Chile, privatisation has been gradual and state enterprises' restructuring has taken place before divestiture. Hence, the impact on public finance is negligible. Econometric evidence shows that privatisation leads to an appreciation of the real exchange rate and has a positive impact on growth.

Suggested Citation

  • Carlos D. Winograd & Guillermo Larrain R, 1996. "Privatisation massive, finances publiques et macroéconomie. Le cas de l'Argentine et du Chili," Revue Économique, Programme National Persée, vol. 47(6), pages 1373-1408.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1996_num_47_6_409855
    DOI: 10.3406/reco.1996.409855
    Note: DOI:10.3406/reco.1996.409855
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    1. Vittorio Corbo & Stanley Fischer, "undated". "Lessons from the Chilean Stabilization and Recovery," Documentos de Trabajo 158, Instituto de Economia. Pontificia Universidad Católica de Chile..
    2. John Vickers & George Yarrow, 1988. "Privatization: An Economic Analysis," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262720116, December.
    3. Kiguel, Miguel A., 1991. "Inflation in Argentina: Stop and go since the Austral plan," World Development, Elsevier, vol. 19(8), pages 969-986, August.
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    Cited by:

    1. Thierry Verdier & Carlos Winograd, 1998. "Privatisation de masse et macroéconomie : un modèle théorique d'une petite économie ouverte," Revue Économique, Programme National Persée, vol. 49(1), pages 257-275.

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    More about this item

    JEL classification:

    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out
    • F31 - International Economics - - International Finance - - - Foreign Exchange

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