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Privatization in East Germany

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  • Hans-Werner Sinn

Abstract

This paper is a critical review of east German privatization policy. It is argued that the restitution of old property rights has been a major obstacle to investment and that the attempt to sell two thirds of an economy in the market place is bound to be a failure. Such an attempt implies serious macro and microeconomic stock-flow problems which erode the sales prices of Treuhand assets, induce the Treuhand to slow down its sales, and reduce private investment. By combining a participation model with a wage freeze the paper designs a social contract that may help increase the chances of economic recovery in east Germany.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3998.

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Date of creation: Feb 1992
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Publication status: published as Public Finance, 47, (supp.), 1992, pp. 152-171 ("Public Finance in a World of Transition") supplement
Handle: RePEc:nbr:nberwo:3998

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References

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  1. George A. Akerlof & Andrew K. Rose & Janet L. Yellen & Helga Hessenius, 1991. "East Germany in from the Cold: The Economic Aftermath of Currency Union," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 22(1), pages 1-106.
  2. Burda, Michael C & Funke, Michael, 1991. "German Trade Unions After Unification: Third Degree Wage Discriminating Monopolists?," CEPR Discussion Papers, C.E.P.R. Discussion Papers 573, C.E.P.R. Discussion Papers.
  3. Hans-Werner Sinn, 1991. "Macroeconomic Aspects of German Unification," NBER Working Papers 3596, National Bureau of Economic Research, Inc.
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Cited by:
  1. Schmidt, K.M. & Schnitzer, M., 1992. "Privatization and Management Incentives in the Transition Period in Eastern Europe," Working papers, Massachusetts Institute of Technology (MIT), Department of Economics 92-17, Massachusetts Institute of Technology (MIT), Department of Economics.
  2. Lee, Chung Hoon, 1993. "Korean unification: Issues in transition and economic union," Kiel Working Papers 590, Kiel Institute for the World Economy.
  3. Máximo Torero & Lorena Alcazar & Eduardo Nakasone, 2007. "El suministro de servicios públicos y bienestar social para los pobres. Aprendizaje de la privatización incompleta del sector eléctrico en Perú," Research Department Publications, Inter-American Development Bank, Research Department 3233, Inter-American Development Bank, Research Department.
  4. Máximo Torero & Lorena Alcazar & Eduardo Nakasone, 2007. "Provision of Public Services and Welfare of the Poor: Learning from an Incomplete Electricity Privatization Process in Rural Peru," Research Department Publications, Inter-American Development Bank, Research Department 3232, Inter-American Development Bank, Research Department.
  5. Máximo Torero, 2003. "Peruvian Privatization: Impacts On Firm Performance," Research Department Publications, Inter-American Development Bank, Research Department 3173, Inter-American Development Bank, Research Department.

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