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Empirical Evidence on Satisfaction with Privatization in Latin America

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  • Céline Bonnet
  • Pierre Dubois
  • David Martimort
  • Stéphane Straub

Abstract

Since the 1980s, privatization of formerly state-owned firms has been extensively implemented by governments across Latin America. Despite the fact that most evaluations of the process fail to find significant adverse efficiency and welfare effects, there has been a strong surge in public discontent with such policy in the region. This paper performs a systematic empirical analysis of the determinants of such dissatisfaction, using survey data from Latinobarometro covering 17 countries over the period 1998-2008, complemented by country level data on macroeconomic, political, and institutional aspects as well as data on privatization. Dissatisfaction appears to respond to absolute and relative welfare effects, and we find a robust U-shaped effect in term of education and income levels, with individuals in the middle of such distributions being more critical with the outcome of privatizations. Copyright 2012, Oxford University Press.

Suggested Citation

  • Céline Bonnet & Pierre Dubois & David Martimort & Stéphane Straub, 2012. "Empirical Evidence on Satisfaction with Privatization in Latin America," World Bank Economic Review, World Bank Group, vol. 26(1), pages 1-33.
  • Handle: RePEc:oup:wbecrv:v:26:y:2012:i:1:p:1-33
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    File URL: http://hdl.handle.net/10.1093/wber/lhr037
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    1. repec:kap:regeco:v:51:y:2017:i:1:d:10.1007_s11149-017-9320-3 is not listed on IDEAS
    2. Raymond P. Guiteras & Ahmed Mushfiq Mobarak, 2015. "Does Development Aid Undermine Political Accountability? Leader and Constituent Responses to a Large-Scale Intervention," NBER Working Papers 21434, National Bureau of Economic Research, Inc.
    3. Dong, Quan & Bárcena-Ruiz, Juan Carlos, 2014. "Corruption and decisions on opening up markets," Economic Modelling, Elsevier, vol. 36(C), pages 23-29.
    4. Germán Reyes & Leonardo Gasparini, 2017. "Perceptions of Distributive Justice in Latin America During a Period of Falling Inequality," CEDLAS, Working Papers 0209, CEDLAS, Universidad Nacional de La Plata.

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