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The failure of introducing market institutions in a rent sector into an economy in transition

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  • Catherine Locatelli

    ()
    (LEPII - Laboratoire d'Economie de la Production et de l'Intégration Internationale - CNRS : FRE2664 - Université Pierre Mendès-France - Grenoble II)

  • Dominique Finon

    (LEPII - Laboratoire d'Economie de la Production et de l'Intégration Internationale - CNRS : FRE2664 - Université Pierre Mendès-France - Grenoble II)

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    Abstract

    Privatisation is at the heart of the structural reforms for economies in transition. In theory, the main aim of privatisation is to change the structures of corporate governance in order to improve the efficiency of the enterprises and to assure their long-term future in a competitive environment. The adoption of formal market institutions would be sufficient to secure the new property rights, in particular because the new holders of the rights to control assets would have a great incentive to encourage the definition of new judicial rules that would guarantee their rights of ownership. In Russia that didn't happen.

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    Bibliographic Info

    Paper provided by HAL in its series Post-Print with number halshs-00001302.

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    Date of creation: 16 Mar 2004
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    Handle: RePEc:hal:journl:halshs-00001302

    Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00001302/en/
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    Related research

    Keywords: privatisation; changement institutionnel; droits de propriété; industrie gazière; industrie pétrolière;

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    1. Lambert-Mogiliansky, Ariane & Sonin, Konstantin & Zhuravskaya, Ekaterina, 2000. "Capture of Bankruptcy: Theory and Evidence from Russia," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2488, C.E.P.R. Discussion Papers.
    2. I Grosfeld & P Hare, 1991. "Privatization in Hungary," CEP Discussion Papers dp0031, Centre for Economic Performance, LSE.
    3. Simeon Djankov & Peter Murrell, 2002. "Enterprise Restructuring in Transition: A Quantitative Survey," Journal of Economic Literature, American Economic Association, vol. 40(3), pages 739-792, September.
    4. Spiller, Pablo T, 1996. "Institutions and Commitment," Industrial and Corporate Change, Oxford University Press, vol. 5(2), pages 421-52.
    5. Jeffry M. Netter & William L. Megginson, 2001. "From State to Market: A Survey of Empirical Studies on Privatization," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 321-389, June.
    6. Gérard Roland, 2000. "Transition and Economics: Politics, Markets, and Firms," MIT Press Books, The MIT Press, The MIT Press, edition 1, volume 1, number 0262182033, December.
    7. Nee, Victor, 1998. "Norms and Networks in Economic and Organizational Performance," American Economic Review, American Economic Association, American Economic Association, vol. 88(2), pages 85-89, May.
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