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Privatization in Austria: Some Theoretical Reasons and First Results About the Privatization Proceeds

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  • Ansgar Belke
  • Friedrich Schneider

Abstract

The issues of privatization (and sometimes deregulation) have been reviewed in a large literature on the various aspects of privatization, that has emphasized the potential efficiency gains. Hence, the goal of this paper is twofold: First to provide some theoretical reasoning why privatization is useful as well as profitable for an economy and second to empirically present the extent of privatization in Austria and other European Union countries. Therefore, the reasons why privatization is necessary are elaborated. Then the specific pattern privatization proceeds for Austria relative to other EU and OECD countries is presented. Moreover, some important idiosyncratic extensions for the Austrian case are elaborated. We argue that in the Austrian case, any discussion of privatization cannot be reduced to observing cash flows, the employment performance and the stock-exchange ratings of the privatized formerly stateowned enterprises. Since polito-economic aspects relating to income distribution and ideology play an important role in explaining the way, the extent, the speed and the economic effects of privatization, they have to be considered as well.

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Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 1123.

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Date of creation: 2004
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Handle: RePEc:ces:ceswps:_1123

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Keywords: Austria; partisan approach; privatization; state-owned enterprises; public choice;

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References

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  1. Eduard HOCHREITER & Georg WINCKLER, 1993. "The Advantages of Tying Austria's Hands: The Success of the Hard Currency Strategy," Vienna Economics Papers, University of Vienna, Department of Economics vie9307, University of Vienna, Department of Economics.
  2. Perotti, Enrico C, 1995. "Credible Privatization," American Economic Review, American Economic Association, American Economic Association, vol. 85(4), pages 847-59, September.
  3. Bartel, Rainer & Schneider, Friedrich, 1991. " The "Mess" of the Public Industrial Production in Austria: A Typical Case of Public Sector Inefficiency?," Public Choice, Springer, Springer, vol. 68(1-3), pages 17-40, January.
  4. Wendy Carlin & Steven Fries & Mark Schaffer & Paul Seabright, 2001. "Competition and Enterprise Performance in Transition Economies: Evidence from a Cross-country Survey," William Davidson Institute Working Papers Series 376, William Davidson Institute at the University of Michigan.
  5. Karl Aiginger, 1999. "The Privatisation Experiment in Austria," Austrian Economic Quarterly, WIFO, vol. 4(4), pages 261-270, October.
  6. Sanford J Grossman & Oliver D Hart, 2001. "An Analysis of the Principal-Agent Problem," Levine's Working Paper Archive 391749000000000339, David K. Levine.
  7. Jeffrey M. Davis & Thomas J. Richardson & Rolando Ossowski & Steven Barnett, 2000. "Fiscal and Macroeconomic Impact of Privatization," IMF Occasional Papers 194, International Monetary Fund.
  8. Bruno Biais & Enrico Perotti, 2002. "Machiavellian Privatization," American Economic Review, American Economic Association, American Economic Association, vol. 92(1), pages 240-258, March.
  9. Boardman, Anthony E & Vining, Aidan R, 1989. "Ownership and Performance in Competitive Environments: A Comparison of the Performance of Private, Mixed, and State-Owned Enterprises," Journal of Law and Economics, University of Chicago Press, University of Chicago Press, vol. 32(1), pages 1-33, April.
  10. Ansgar Belke & Rainer Fehn & Neil Foster, 2001. "Venture Capital Investment and Labor Market Performance: A Panel Data Analysis," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim, Department of Economics, University of Hohenheim, Germany 197/2001, Department of Economics, University of Hohenheim, Germany.
  11. Jones, Steven L. & Megginson, William L. & Nash, Robert C. & Netter, Jeffry M., 1999. "Share issue privatizations as financial means to political and economic ends," Journal of Financial Economics, Elsevier, Elsevier, vol. 53(2), pages 217-253, August.
  12. Niskanen, William A, 1975. "Bureaucrats and Politicians," Journal of Law and Economics, University of Chicago Press, University of Chicago Press, vol. 18(3), pages 617-43, December.
  13. Venilde Jeronimo & Jose A. Pagan & Gokce Soydemir, 2000. "Privatization and European Economic and Monetary Union," Eastern Economic Journal, Eastern Economic Association, vol. 26(3), pages 321-333, Summer.
  14. Nordhaus, William D, 1975. "The Political Business Cycle," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 42(2), pages 169-90, April.
  15. Maria K. Boutchkova & William L. Megginson, 2000. "Privatization and the Rise of Global Capital Markets," Financial Management, Financial Management Association, Financial Management Association, vol. 29(4), Winter.
  16. Klaus Gugler, 1998. "Corporate Ownership Structure in Austria," Empirica, Springer, Springer, vol. 25(3), pages 285-307, January.
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Citations

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Cited by:
  1. Ansgar Belke & Lars Wang, 2005. "The Costs and Benefits of Monetary Integration Reconsidered: How to Measure Economic Openness," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim, Department of Economics, University of Hohenheim, Germany 262/2005, Department of Economics, University of Hohenheim, Germany.
  2. Woojin Kim & Michael S. Weisbach, 2005. "Motivations for Public Equity Offers: An International Perspective," NBER Working Papers 11797, National Bureau of Economic Research, Inc.
  3. Woojin Kim & Michael Weisbach, 2005. "Do Firms Go Public to Raise Capital?," NBER Working Papers 11197, National Bureau of Economic Research, Inc.
  4. Ansgar Belke & Daniel Gros, 2005. "Is A Unified Macroeconomic Policy Necessarily Better for a Common Currency Area?," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim, Department of Economics, University of Hohenheim, Germany 266/2005, Department of Economics, University of Hohenheim, Germany.
  5. Friedrich Schneider & Ansgar Belke, 2004. "Privatization in Austria: Some theoretical reasons and performance measures," Economics working papers, Department of Economics, Johannes Kepler University Linz, Austria 2004-04, Department of Economics, Johannes Kepler University Linz, Austria.
  6. Ansgar Belke & Friedrich Schneider, 2005. "Privatisation in Austria: Response to Internal and External Pressures," CESifo DICE Report, Ifo Institute for Economic Research at the University of Munich, Ifo Institute for Economic Research at the University of Munich, vol. 3(1), pages 26-32, 04.

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