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Privatisation and Institutions: A Cross Country Analysis

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  • Bernardo Bortolotti
  • Domenico Siniscalco
  • Marcella Fantini

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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File URL: http://www.cesifo-group.de/portal/page/portal/DocBase_Content/WP/WP-CESifo_Working_Papers/wp-cesifo-2000/wp-cesifo-2000-11/cesifo_wp375.pdf
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Bibliographic Info

Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 375.

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

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Keywords: Keywords: Privatisation; politics; budget deficit; investor protection; enforcement of law; capital markets;

References

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  1. Rafael La Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 1999. "Corporate Ownership Around the World," Journal of Finance, American Finance Association, American Finance Association, vol. 54(2), pages 471-517, 04.
  2. Grossman, Sanford J. & Hart, Oliver D., 1986. "The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration," Scholarly Articles 3450060, Harvard University Department of Economics.
  3. Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, . "Law and Finance," Working Paper 19451, Harvard University OpenScholar.
  4. Ross Levine, 1997. "Financial Development and Economic Growth: Views and Agenda," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 35(2), pages 688-726, June.
  5. Christodoulakis, Nikos & Katsoulacos, Yannis, 1993. "Privatization, Public Deficit Finance, and Investment in Infrastructure," CEPR Discussion Papers, C.E.P.R. Discussion Papers 831, C.E.P.R. Discussion Papers.
  6. Rock, Kevin, 1986. "Why new issues are underpriced," Journal of Financial Economics, Elsevier, Elsevier, vol. 15(1-2), pages 187-212.
  7. Shleifer, Andrei & Vishny, Robert W, 1994. "Politicians and Firms," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 109(4), pages 995-1025, November.
  8. Pagano, Marco, 1993. "The flotation of companies on the stock market : A coordination failure model," European Economic Review, Elsevier, Elsevier, vol. 37(5), pages 1101-1125, June.
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Citations

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Cited by:
  1. Lorena Alcázar & Eduardo Nakasone & Máximo Torero, 2007. "Provision of Public Services and Welfare of the Poor: Learning from an Incomplete Electricity Privatization Process in Rural Peru," IDB Publications 40078, Inter-American Development Bank.
  2. Hervé Alexandre & Gérard Charreaux, 2004. "L'efficacité des privatisations françaises. Une vision dynamique à travers la théorie de la gouvernance," Revue économique, Presses de Sciences-Po, Presses de Sciences-Po, vol. 55(4), pages 0-0.
  3. Maw, James, 2002. "Partial privatization in transition economies," Economic Systems, Elsevier, Elsevier, vol. 26(3), pages 271-282, September.
  4. Marco Pagano & Paolo Volpin, 2001. "The Political Economy of Finance," CSEF Working Papers, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy 76, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
  5. Céline Chatelin, 2003. "Stakeholder Governance and Organizational Performance: Lessons from past privatizations;Gouvernance partenariale et performance organisationnelle:les enseignements des privatisations passées," Working Papers CREGO, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations 1030102, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
  6. Henisz, Witold J. & Zelner, Bennet A., 2006. "Interest Groups, Veto Points, and Electricity Infrastructure Deployment," International Organization, Cambridge University Press, Cambridge University Press, vol. 60(01), pages 263-286, January.
  7. Gérard, Charreaux & Alexandre, Hervé, 2004. "Efficiency of French privatizations: a dynamic vision," Economics Papers from University Paris Dauphine, Paris Dauphine University 123456789/6090, Paris Dauphine University.
  8. Máximo Torero, 2003. "Peruvian Privatization: Impacts On Firm Performance," Research Department Publications, Inter-American Development Bank, Research Department 3173, Inter-American Development Bank, Research Department.
  9. Boubakri, Narjess & Cosset, Jean-Claude & Guedhami, Omrane, 2005. "Postprivatization corporate governance: The role of ownership structure and investor protection," Journal of Financial Economics, Elsevier, Elsevier, vol. 76(2), pages 369-399, May.
  10. Bennett, John & Maw, James, 2003. "Privatization, partial state ownership, and competition," Journal of Comparative Economics, Elsevier, vol. 31(1), pages 58-74, March.
  11. Narjess Boubakri & Jean-Claude Cosset & Omrane Guedhami, 2003. "Postprivatization Corporate Governance: the Role of Ownership Structure and Investor Protection," Working Papers, Fondazione Eni Enrico Mattei 2003.37, Fondazione Eni Enrico Mattei.
  12. Daniele Calabrese, 2008. "Strategic Communication for Privatization, Public-Private Partnerships, and Private Participation in Infrastructure Projects," World Bank Publications, The World Bank, number 6522, August.
  13. 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," Research Department Publications, Inter-American Development Bank, Research Department 3233, Inter-American Development Bank, Research Department.

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