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Privatisation Around the World: New Evidence from Panel Data

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Author Info
Bortolotti, Bernardo
Fantini, Marcella
Siniscalco, Domenico

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Abstract

This paper presents new evidence about privatisation processes and their determinants from a panel of 34 countries over the 1977-99 period. The empirical analysis shows that privatisation takes place typically in wealthy and democratic countries, endowed with deep and liquid stock markets, and is affected by the governing political majority and public sector budget constraints. But the extent of privatisation in terms of revenues and stakes sold appears more limited in civil law countries, where shareholders are poorly protected, banks powerful, and capital markets less developed.

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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. 600.

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Date of creation: 2001
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Handle: RePEc:ces:ceswps:_600

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Related research
Keywords: privatisation; public finance; political economy; law and finance; capital markets;

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Find related papers by JEL classification:
D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Models of Political Processes: Rent-seeking, Elections, Legislatures, and Voting Behavior
G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
K22 - Law and Economics - - Regulation and Business Law - - - Corporation and Securities Law
L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Boundaries of Public and Private Enterprise; Privatization; Contracting Out

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. La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert, 1999. "The Quality of Government," Journal of Law, Economics and Organization, Oxford University Press, vol. 15(1), pages 222-79, April.
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  2. Ross Levine, 1997. "Financial Development and Economic Growth: Views and Agenda," Journal of Economic Literature, American Economic Association, vol. 35(2), pages 688-726, June. [Downloadable!] (restricted)
    Other versions:
  3. Florencio Lopez-deSilanes & Andrei Shleifer & Rober Vishny, 1995. "Privatization in the United States," Harvard Institute of Economic Research Working Papers 1723, Harvard - Institute of Economic Research.
    Other versions:
  4. Beck, Thorsten & Demirguc-Kunt, Asli & Levine, Ross, 1999. "A new database on financial development and structure," Policy Research Working Paper Series 2146, The World Bank. [Downloadable!]
  5. Perotti, Enrico C, 1995. "Credible Privatization," American Economic Review, American Economic Association, vol. 85(4), pages 847-59, September. [Downloadable!] (restricted)
  6. Perotti, Enrico C. & van Oijen, Pieter, 2001. "Privatization, political risk and stock market development in emerging economies," Journal of International Money and Finance, Elsevier, vol. 20(1), pages 43-69, February. [Downloadable!] (restricted)
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  7. Holmstrom, Bengt & Tirole, Jean, 1993. "Market Liquidity and Performance Monitoring," Journal of Political Economy, University of Chicago Press, vol. 101(4), pages 678-709, August. [Downloadable!] (restricted)
  8. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December. [Downloadable!] (restricted)
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  9. 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, vol. 53(2), pages 217-253, August. [Downloadable!] (restricted)
  10. Pagano, Marco, 1993. "The flotation of companies on the stock market : A coordination failure model," European Economic Review, Elsevier, vol. 37(5), pages 1101-1125, June. [Downloadable!] (restricted)
  11. Beck, Thorsten & Clarke, George & Groff, Alberto & Keefer, Philip & Walsh, Patrick, 2000. "New tools and new tests in comparative political economy - the database of political institutions," Policy Research Working Paper Series 2283, The World Bank. [Downloadable!]
Full references

Cited by:
(explanations, 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. Börner, Kira, 2004. "The Political Economy of Privatization," Discussion Papers in Economics 296, University of Munich, Department of Economics. [Downloadable!]
  2. Andreas Schulze, 2004. "Alternative Liberalisierungsansätze in Netzindustrien," Volkswirtschaftliche Diskussionsbeiträge 64, Universität Potsdam, Wirtschafts- und Sozialwissenschaftliche Fakultät. [Downloadable!]
  3. Trujillo, Lourdes & Martin, Noelia & Estache, Antonio & Campos, Javier, 2002. "Macroeconomics effects of private sector participation in Latin America's infrastructure," Policy Research Working Paper Series 2906, The World Bank. [Downloadable!]
  4. Ansgar Belke & Frank Baumgartner & Friedrich Schneider & Ralph Setzer, 2006. "The Different Extent of Privatisation Proceeds in EU Countries: A Preliminary Explanation Using a Public Choice Approach," CREMA Working Paper Series 2006-02, Center for Research in Economics, Management and the Arts (CREMA). [Downloadable!]
    Other versions:
  5. Müller, Thomas & Schnitzer, Monika, 2003. "Technology Transfer and Spillovers in International Joint Ventures," Discussion Papers in Economics 93, University of Munich, Department of Economics. [Downloadable!]
    Other versions:
  6. Argentino Pessoa, 2007. "FDI and Host Country Productivity: A Review," FEP Working Papers 251, Universidade do Porto, Faculdade de Economia do Porto. [Downloadable!]
  7. Kira Boerner, 2004. "The Political Economy of Privatization: Why Do Governments Want Reforms?," Working Papers 2004.106, Fondazione Eni Enrico Mattei. [Downloadable!]
  8. Auriol, Emmanuelle & Picard, Pierre M, 2006. "Infrastructure and Public Utilities Privatization in Developing Countries," CEPR Discussion Papers 6018, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  9. Andreas Schulze, 2004. "Liberalisierungen in Netzindustrien aus polit-ökonomischer Sicht - Eine positive Analyse der Interessenbedingtheit von Privatisierungen und Marktöffnungen am Beispiel netzgebundener Wirtschaftsberei," Volkswirtschaftliche Diskussionsbeiträge 68, Universität Potsdam, Wirtschafts- und Sozialwissenschaftliche Fakultät. [Downloadable!]
  10. Beata Javorcik & Mariana Spatareanu, 2006. "To Share or Not To Share: Does Local Participation Matter for Spillovers from Foreign Direct Investment?," Working Papers Rutgers University, Newark 2006-001, Department of Economics, Rutgers University, Newark. [Downloadable!]
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  11. Bernardo Bortolotti & Paolo Pinotti, 2008. "Delayed privatization," Public Choice, Springer, vol. 136(3), pages 331-351, September. [Downloadable!] (restricted)
    Other versions:
  12. Friberg, Richard & Norbäck, Pehr-Johan & Persson, Lars, 2008. "Privatization, Investment and Ownership Efficiency," Working Paper Series 744, Research Institute of Industrial Economics. [Downloadable!]
  13. Bernardo Bortolotti & Paolo Pinotti, 2003. "The Political Economy of Privatization," Working Papers 2003.45, Fondazione Eni Enrico Mattei. [Downloadable!]
  14. Alberto Cavaliere, 2006. "Privatization and Efficiency: from Principals and Agents to Political Economy," Working Papers 2006.99, Fondazione Eni Enrico Mattei. [Downloadable!]
    Other versions:
  15. Modén, Karl-Markus & Norbäck, Pehr-Johan & Persson, Lars, 2007. "Efficiency and Ownership Structure – The Case of Poland," Working Paper Series 703, Research Institute of Industrial Economics. [Downloadable!]
    Other versions:
  16. Bortolotti, Bernardo & Faccio, Mara, 2006. "Reluctant privatization," CEI Working Paper Series 2006-5, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
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  17. Ottavio Ricchi & Adolfo Di Carluccio & Cecilia Frale, 2004. "Do Privatizations Boost Household Shareholding? Evidence from Italy," Working Papers 2004.3, Fondazione Eni Enrico Mattei. [Downloadable!]
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