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Privatization in Western Europe Stylized Facts, Outcomes, and Open Issues

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Author Info

  • Bernardo Bortolotti

    (Fondazione Eni Enrico Mattei)

  • Valentina Milella

    (Fondazione Eni Enrico Mattei)

Abstract

Privatization has certainly been one of the main events of the economic and financial history of the 20th century. Between 1997 and 2004 more than 4,000 privatization operations were carried out in the world, bringing to governments revenues for over 1,350US$billion. Western Europe emerges as the most important region, having implemented the greatest number of privatizations and raised a half of global revenues. The relevance of Western Europe in the process can be ascribed to several factors. This paper investigates the causes of this process, summarizes the main trends of privatization activity at the country level, analyzes the main privatization drivers and provides an account of the main findings of the effects of privatization at the macro and microeconomic level.

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Bibliographic Info

Paper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number 2006.124.

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Date of creation: Oct 2006
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Handle: RePEc:fem:femwpa:2006.124

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Keywords: Privatization; State-Owned Sector; Capital Markets; Financial Development;

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  1. Alberto Alesina & Allan Drazen, 1989. "Why are Stabilizations Delayed?," NBER Working Papers 3053, National Bureau of Economic Research, Inc.
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Cited by:
  1. Germà Bel, 2011. "The first privatisation: selling SOEs and privatising public monopolies in Fascist Italy (1922--1925)," Cambridge Journal of Economics, Oxford University Press, vol. 35(5), pages 937-956.
  2. Polterovich, Victor, 2012. "Приватизация и рациональная структура собственности (Privatizatsiya i ratsional’naya struktura sobstvennosti)
    [Privatization and the Rational Owners
    ," MPRA Paper 41069, University Library of Munich, Germany.
  3. Daniel Albalate & Germà Bel & R. Richard Geddes, 2012. "“The determinants of contractual choice for private involvement in infrastructure projects in the United States”," IREA Working Papers 201220, University of Barcelona, Research Institute of Applied Economics, revised Dec 2012.

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