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El entorno político y los precios de las privatizaciones

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  • Alberto Chong

    ()

  • Alejandro Riaño

Abstract

(Disponible enidioma Inglés) En este trabajo se analiza la conexión entre el contexto político e institucional y los precios de venta de las privatizaciones. Éstos se pueden considerar una medida para evaluar el desempeño relativo de las metas de las privatizaciones. Aunque dicha conexión se ha estudiado teóricamente, hay muy pocos trabajos empíricos sobre esa relación, si acaso. Se descubre, empleando datos de 308 procesos de privatización en todo el mundo y aplicando un enfoque de varios países (incluidas las variables instrumentales), que aunque el régimen político general no reviste una importancia especial para los precios, los procesos políticos más allá del régimen de base sí importan. El contexto institucional también tiene un efecto considerable en los precios. Ambos resultados son valederos ante cambios de especificaciones.

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Bibliographic Info

Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 4440.

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Date of creation: Mar 2006
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Handle: RePEc:idb:wpaper:4440

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  1. Chong, Alberto & Lopez-de-Silanes, Florencio, 2002. "Privatization and labor force restructuring around the world," Policy Research Working Paper Series 2884, The World Bank.
  2. Alberto Chong & Virgilio Galdo, 2003. "Streamlining and Privatization Prices in the Telecommunications Industry," Research Department Publications 4319, Inter-American Development Bank, Research Department.
  3. 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.
  4. Bortolotti, Bernardo & Fantini, Marcella & Siniscalco, Domenico, 2004. "Privatisation around the world: evidence from panel data," Journal of Public Economics, Elsevier, vol. 88(1-2), pages 305-332, January.
  5. Enrico C. Perotti & Pieter van Oijen, 1999. "Privatization, Political Risk and Stock Market Development in Emerging Economies," Tinbergen Institute Discussion Papers 99-033/2, Tinbergen Institute.
  6. Alberto Chong & Luisa Zanforlin, 2001. "Inward-Looking Policies, Institutions, Autocrats, and Economic Growth in Latin America: An Empirical Exploration," Research Department Publications 4255, Inter-American Development Bank, Research Department.
  7. Bel, Germà & Trillas, Francesc, 2005. "Privatization, corporate control and regulatory reform: the case of Telefonica," Telecommunications Policy, Elsevier, vol. 29(1), pages 25-51, February.
  8. W. J. Henisz, 2000. "The Institutional Environment for Economic Growth," Economics and Politics, Wiley Blackwell, vol. 12(1), pages 1-31, 03.
  9. Stephen Knack & Philip Keefer, 1995. "Institutions And Economic Performance: Cross-Country Tests Using Alternative Institutional Measures," Economics and Politics, Wiley Blackwell, vol. 7(3), pages 207-227, November.
  10. Bruno Biais & Enrico Perotti, 2002. "Machiavellian Privatization," American Economic Review, American Economic Association, vol. 92(1), pages 240-258, March.
  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.
  12. Roubini, Nouriel & Sachs, Jeffrey D., 1989. "Political and economic determinants of budget deficits in the industrial democracies," European Economic Review, Elsevier, vol. 33(5), pages 903-933, May.
  13. Perotti, Enrico C, 1995. "Credible Privatization," American Economic Review, American Economic Association, vol. 85(4), pages 847-59, September.
  14. Beck, T.H.L. & Clarke, G. & Groff, A. & Keefer , P. & Walsh, P., 2001. "New tools in comparative political economy: The database of political institutions," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3125517, Tilburg University.
  15. Kerim Peren Arin & Cagla Okten, 2003. "The determinants of privatization prices: evidence from Turkey," Applied Economics, Taylor & Francis Journals, vol. 35(12), pages 1393-1404.
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