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Does Sequencing of Privatization Matter in Reforming Planned Economies?

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  • Aasim M. Husain
  • Ratna Sahay
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    Abstract

    Although a centerpiece of the reform process in Central and Eastern Europe, large-scale privatization cannot be undertaken all at once and policymakers inevitably face the choice of privatizing some sectors before others. This paper analyzes the allocative efficiency implications of alternate sequences of privatization in a reforming planned economy with two sectors—an input-producing upstream sector and a final goods-producing downstream sector. The model focuses on the link, through a market for intermediate inputs, between the two sectors. The impact of exogenous shocks to the two sectors are highlighted to show how the inflexibility of public firms in responding to shocks constrains the production response of private firms operating in perfectly as well as imperfectly competitive markets.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 92/13.

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    Length: 38
    Date of creation: 01 Feb 1992
    Date of revision:
    Handle: RePEc:imf:imfwpa:92/13

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    Related research

    Keywords: Privatization; Centrally planned economies; Economic models; intermediate goods; intermediate inputs; imperfect competition; perfect competition; market structure; state ownership; private ownership; trade liberalization; competitive markets; privatization schemes; privatization process; partial privatization; mutual funds; price liberalization; large-scale privatization; enterprise restructuring; foreign trade; ownership of assets; transition period; partial equilibrium; competitive pressure; mass privatization; trade shocks; rent-seeking behavior; limited administrative capacity; trade regimes; competitive market; economic transformation; competitive sectors; economic reform program; terms of trade shocks; competitive market economy; transport equipment; privatization program; privatization law; privatization proposals; benchmark equilibrium; commercialization; inflation stabilization; economics of transition; external shocks; terms of trade;

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    Citations

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    Cited by:
    1. S. Nuri Erbas, 2002. "Primeron Reforms in a Second-Best Ambiguous Environment," IMF Working Papers 02/50, International Monetary Fund.
    2. Csaba, László, 1995. "A nemzetközi pénzügyi szervezetek és a keleteurópai rendszerátalakító politika
      [International financial organizations and the East European policies aimed at systemic transformation]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 117-138.
    3. Funke, Norbert, 1993. "Timing and sequencing of reforms: Competing views," Kiel Working Papers 552, Kiel Institute for the World Economy.
    4. Singh, Nirvikar, 2010. "The Dynamics and Status of India’s Economic Reforms," MPRA Paper 24479, University Library of Munich, Germany.
    5. De Fraja, Gianni & Roberts, Barbara M, 2007. "Privatisation in Poland: What Was the Government Trying to Achieve?," CEPR Discussion Papers 6114, C.E.P.R. Discussion Papers.

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