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Impacts Of Privatisation Policy In Europe

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  • KENNETH BUTTON
  • THOMAS WEYMAN‐JONES

Abstract

This paper examines the economic implications of the privatisation that has been occurring in Europe. Different sectors and different countries have developed separately, but policymakers can learn common lessons. Considerable experience of privatisation has produced a mounting body of empirical evidence. Developing more powerful analytical tools also permits greater rigour in studying the behaviour of newly privatised undertakings. This paper examines the nature of privatisation processes and looks at the forms of adjustment to regulatory regimes that have occurred to accommodate the newly privatised undertakings. It draws upon new empirical evidence and previous econometric studies to consider privatisation's efficiency effects, especially regarding technical or X‐efficiency.1

Suggested Citation

  • Kenneth Button & Thomas Weyman‐Jones, 1994. "Impacts Of Privatisation Policy In Europe," Contemporary Economic Policy, Western Economic Association International, vol. 12(4), pages 23-33, October.
    • Handle: RePEc:bla:coecpo:v:12:y:1994:i:4:p:23-33
    DOI: 10.1111/j.1465-7287.1994.tb00442.x
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    1. M.E. Beesley & S.C. Littlechild, 1989. "The Regulation of Privatized Monopolies in the United Kingdom," RAND Journal of Economics, The RAND Corporation, vol. 20(3), pages 454-472, Autumn.
    2. Jean-Jacques Laffont & Jean Tirole, 1993. "A Theory of Incentives in Procurement and Regulation," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262121743, December.
    3. Vining, Aidan R & Boardman, Anthony E, 1992. "Ownership versus Competition: Efficiency in Public Enterprise," Public Choice, Springer, vol. 73(2), pages 205-239, March.
    4. Radner, Roy, 1992. "Hierarchy: The Economics of Management," Journal of Economic Literature, American Economic Association, vol. 30(3), pages 1382-1415, September.
    5. Kay, J A & Thompson, D J, 1986. "Privatisation: A Policy in Search of a Rationale," Economic Journal, Royal Economic Society, vol. 96(381), pages 18-32, March.
    6. Ingo Vogelsang & Jorg Finsinger, 1979. "A Regulatory Adjustment Process for Optimal Pricing by Multiproduct Monopoly Firms," Bell Journal of Economics, The RAND Corporation, vol. 10(1), pages 157-171, Spring.
    7. John Vickers & George Yarrow, 1988. "Privatization: An Economic Analysis," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262720116, December.
    8. Button, Kenneth & Weyman-Jones, Thomas, 1993. "X-Inefficiency and Regulatory Regime Shift in the UK," Journal of Evolutionary Economics, Springer, vol. 3(4), pages 269-284, December.
    9. Hjalmarsson, Lennart & Veiderpass, Ann, 1992. " Productivity in Swedish Electricity Retail Distribution," Scandinavian Journal of Economics, Wiley Blackwell, vol. 94(0), pages 193-205, Supplemen.
    10. Button, Kenneth J & Weyman-Jones, Thomas G, 1994. "X-Efficiency and Technical Efficiency," Public Choice, Springer, vol. 80(1-2), pages 83-104, July.
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    Cited by:

    1. Roger G. Noll, 2000. "Regulatory Reform and International Trade Policy," NBER Chapters, in: Deregulation and Interdependence in the Asia-Pacific Region, pages 13-54, National Bureau of Economic Research, Inc.
    2. Costa, Álvaro, 1996. "The organisation of urban public transport systems in Western European metropolitan areas," Transportation Research Part A: Policy and Practice, Elsevier, vol. 30(5), pages 349-359, September.
    3. Bozec, Yves & Laurin, Claude, 2000. "L’impact de l’annonce de la privatisation sur la performance," L'Actualité Economique, Société Canadienne de Science Economique, vol. 76(2), pages 265-298, juin.
    4. Feng, Guohua & Wang, Chuan, 2018. "Why European banks are less profitable than U.S. banks: A decomposition approach," Journal of Banking & Finance, Elsevier, vol. 90(C), pages 1-16.

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