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The Privatization of Financial Institutions

In: Collected Works of Domenico Mario Nuti, Volume I

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  • Domenico Mario Nuti

    (University of Rome)

Abstract

The privatization of state financial institutions is partly the same as for other state enterprises, namely the expectation—backed by recent literature on principal agent relations—of higher efficiency, through the subjection of state managers to bankruptcy rules and stock market discipline; the raising of budget revenue to contain or pay off government debt, or to allow a less severe deflationary stance than otherwise might be necessary; and the search for a model of property-owning democracy. However, the privatization of state financial institutions raises special issues, and, in particular, issues in the transformation of centrally planned socialist economies into private property market economies (see Nuti 1991). Alongside privatization of state assets and institutions, the growth of a private financial sector in any system is further increased by newly founded private activities.

Suggested Citation

  • Domenico Mario Nuti, 2023. "The Privatization of Financial Institutions," Studies in Economic Transition, in: Saul Estrin & Milica Uvalic (ed.), Collected Works of Domenico Mario Nuti, Volume I, chapter 21, pages 513-518, Palgrave Macmillan.
    • Handle: RePEc:pal:stuchp:978-3-031-12334-4_21
    DOI: 10.1007/978-3-031-12334-4_21
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