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Are there nationalization-privatization cycles? A theoretical survey and first empirical evidence

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  • Siegmund, Uwe
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    Abstract

    This paper deals with fluctuations over time in the extent of the state-owned firm sector? nationalization-privatization cycles (NPCs). Anecdotal observations of NPCs are supported threefold by systematic empirical evidence: first, for different regions and economic systems, second, for different time periods, and third, for different indicators. In explaining NPCs, the paper provides a history of research on the subject. At the end three hypotheses are distinguished: the ideological preference hypothesis, the political cycle hypothesis, and the efficiency hypothesis. The conclusion is that NPCs existed in the 20th century as a worldwide phenomenon and are worthy of being explained.

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    File URL: http://econstor.eu/bitstream/10419/46855/1/257762795.pdf
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    Bibliographic Info

    Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 757.

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    Date of creation: 1996
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    Handle: RePEc:kie:kieliw:757

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    1. Kornai, Janos, 1992. "The Socialist System: The Political Economy of Communism," OUP Catalogue, Oxford University Press, number 9780198287766.
    2. Giersch, Herbert, 1984. "The Age of Schumpeter," American Economic Review, American Economic Association, vol. 74(2), pages 103-09, May.
    3. Umbeck, John, 1981. "Might Makes Rights: A Theory of the Formation and Initial Distribution of Property Rights," Economic Inquiry, Western Economic Association International, vol. 19(1), pages 38-59, January.
    4. Anderson, Terry L & Hill, Peter J, 1975. "The Evolution of Property Rights: A Study of the American West," Journal of Law and Economics, University of Chicago Press, vol. 18(1), pages 163-79, April.
    5. John E. Tropman, 1982. "Shifting involvements: Private Interest and Public Action, by Albert O. Hirschman. Princeton, NJ: Princeton University Press, 1982, 136 pp. Price: $14.50 cloth, $5.95 paper," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 2(1), pages 146-146.
    6. Field, Barry C, 1989. "The Evolution of Property Rights," Kyklos, Wiley Blackwell, vol. 42(3), pages 319-45.
    7. David E. M. Sappington & Joseph E. Stiglitz, 1987. "Privatization, information and incentives," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 6(4), pages 567-585.
    8. Rosa, Jean-Jacques, 1993. " Nationalization, Privatization, and the Allocation of Financial Property Rights," Public Choice, Springer, vol. 75(4), pages 317-37, April.
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    Cited by:
    1. Siegmund, Uwe, 1997. "Warum Privatisierung? Eine Dogmengeschichte der Privatisierungstheorien," Kiel Working Papers 785, Kiel Institute for the World Economy.

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