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The missing shock: the macroeconomic impact of British Privatizations

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Author Info
Emanuele Bacchiocchi
Massimo Florio
Mara Grasseni

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Abstract

In this paper the impact of privatization on macroeconomic performance in the United Kingdom is tested using quarterly data from 1979 to 1999. Privatization proceeds have been included in a simple analytical framework dealing with both demand and supply-side of the economy. Multivariate cointegration techniques have been used in order to consider the nonstationarity of the time series involved. The empirical results show that privatizations have no long-run effects on output in the UK. This result is consistent with microeconomic evidence that shows that in the UK ownership change per se had little impact on long term productivity trends. Moreover it is found that privatization proceeds have contributed to sustaining public expenditures.

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Article provided by Taylor and Francis Journals in its journal Applied Economics.

Volume (Year): 37 (2005)
Issue (Month): 14 (August)
Pages: 1585-1596
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Handle: RePEc:taf:applec:v:37:y:2005:i:14:p:1585-1596

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
  2. Massimo Florio & Mara Grasseni, 2003. "The missing shock: the macroeconomic impact of British privatisation," Departemental Working Papers 2003-21, Department of Economics University of Milan Italy. [Downloadable!]
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  3. Johansen, Soren, 1991. "Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models," Econometrica, Econometric Society, vol. 59(6), pages 1551-80, November. [Downloadable!] (restricted)
  4. Mackenzie, George A, 1997. "The Macroeconomic Impact of Privatization," IMF Papers on Policy Analysis and Assessments 97/9, International Monetary Fund. [Downloadable!]
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  5. Johansen, Soren & Juselius, Katarina, 1994. "Identification of the long-run and the short-run structure an application to the ISLM model," Journal of Econometrics, Elsevier, vol. 63(1), pages 7-36, July. [Downloadable!] (restricted)
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  1. Emanuele Bacchiocchi & Massimo Florio & Mara Grasseni, 2005. "The missing shock: the macroeconomic impact of British Privatizations," Applied Economics, Taylor and Francis Journals, vol. 37(14), pages 1585-1596, August. [Downloadable!] (restricted)
    Other versions:
  2. Orietta DESSY & Massimo FLORIO, 2004. "Workers' earnings in the UK before and after privatisation: a study of five industries," Departemental Working Papers 2004-13, Department of Economics University of Milan Italy. [Downloadable!]
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