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Privatisation and Institutions: A Cross Country Analysis

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Author Info
Bernardo Bortolotti
Domenico Siniscalco ()
Marcella Fantini

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Abstract

Privatisation, i.e. the transfer of ownership and control of state-owned enterprises, is a worldwide phenomenon. Which political, economic and institutional factors are shaping this process? This paper addresses the issue presenting new evidence from a sample of 49 countries. From an empirical analysis of the period 1977-96, the decision to privatise and the choice of privatisation method appear to be influenced by the governing political majority and public sector budget constraints, while the success of privatisation in terms of revenues and stakes sold requires suitable institutions and developed capital markets.

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Publisher Info
Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number CESifo Working Paper No. 375.

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Date of creation: 2000
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Handle: RePEc:ces:ceswps:_375

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Related research
Keywords: Keywords: Privatisation; politics; budget deficit; investor protection; enforcement of law; capital markets JEL Classification: L33; D72; G15; H6; K22;

Cited by:
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  1. Máximo Torero & Lorena Alcazar & Eduardo Nakasone, 2007. "El suministro de servicios públicos y bienestar social para los pobres. Aprendizaje de la privatización incompleta del sector eléctrico en Perú," RES Working Papers 3233, Inter-American Development Bank, Research Department. [Downloadable!]
  2. Céline Chatelin, 2003. "Stakeholder Governance and Organizational Performance: Lessons from past privatizations;Gouvernance partenariale et performance organisationnelle:les enseignements des privatisations passées," Working Papers FARGO 1030102, Université de Bourgogne - Latec/Fargo (Research center in Finance,organizational ARchitecture and GOvernance). [Downloadable!]
  3. Hervé Alexandre & Gérard Charreaux, 2001. "Efficiency of French Privatizations:A Dynamic Vision," Working Papers FARGO 011001, Université de Bourgogne - Latec/Fargo (Research center in Finance,organizational ARchitecture and GOvernance), revised Oct 2001. [Downloadable!]
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  4. Máximo Torero, 2003. "Peruvian Privatization: Impacts On Firm Performance," RES Working Papers 3173, Inter-American Development Bank, Research Department. [Downloadable!]
    Other versions:
  5. Máximo Torero & Lorena Alcazar & Eduardo Nakasone, 2007. "Provision of Public Services and Welfare of the Poor: Learning from an Incomplete Electricity Privatization Process in Rural Peru," RES Working Papers 3232, Inter-American Development Bank, Research Department. [Downloadable!]
  6. Hervé Alexandre & Gérard Charreaux, 2001. "L'efficacité des privatisations françaises: une vision dynamique à travers la théorie de la gouvernance," Working Papers FARGO 1011002, Université de Bourgogne - Latec/Fargo (Research center in Finance,organizational ARchitecture and GOvernance), revised Oct 2001. [Downloadable!]
  7. Witold J. Henisz & Bennet A. Zelner, 2004. "Interest Groups, Veto Points And Electricity Infrastructure Deployment," William Davidson Institute Working Papers Series 2004-711, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
    Other versions:
  8. Pagano, Marco & Volpin, Paolo, 2002. "The Political Economy of Finance," CEPR Discussion Papers 3231, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  9. Narjess Boubakri & Jean-Claude Cosset & Omrane Guedhami, 2003. "Postprivatization Corporate Governance: the Role of Ownership Structure and Investor Protection," Working Papers 2003.37, Fondazione Eni Enrico Mattei. [Downloadable!]
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