IDEAS home Printed from
MyIDEAS: Login to save this article or follow this journal

Privatisation de masse et macroéconomie : un modèle théorique d'une petite économie ouverte

  • Thierry Verdier
  • Carlos Winograd

[eng] Massive privatisation and macroeconomics : a theoretical model of a small open economy Most of the theoretical research on privatisation analyses the microeconomic-efficiency aspects of public sector divestitures. However, mass privatisation calls for the study of the macroeconomic impact of large scale property transfers. In this paper, we identify the stylised facts revealed by numerous experiences of extensive privatisation and we develop appropriate theoretical framework. We present a simple model of a small open economy to assess the impact of privatisation on aggregate absorption, on public finance and on the balance of payments. The effect on the macroeconomy of alternative schemes of the state property divestiture is discussed : free distribution of shares to private individuals versus sale to domestic residents, "national preference" versus foreign investors participation. Alternative taxation rules and the impact of imperfect capital markets are also discussed. The effect of massive privatisation will differ depending on the choice of the strategy of property divestiture. [fre] Privatisation de masse et macroéconomie. Un modèle théorique d'une petite économie ouverte L'analyse de la privatisation est un sujet très débattu depuis quelques années. La plupart des travaux théoriques portent sur les aspects microéconomiques associés au transfert des actifs publics. Néanmoins, dans les cas de privatisation massive, l'étude de l'impact macroéconomique du transfert extensif de propriété semble essentiel. Cet article expose les faits stylisés fondamentaux d'une série d'expériences, de privatisation et développe un modèle théorique adapté à l'analyse d'une petite économie ouverte (PEO). On évalue l'effet de la privatisation massive sur l'absorption, sur les finances publiques et sur la balance des paiements. On étudie également l'impact de différents schémas de privatisation : distribution gratuite d'actions aux individus vs vente aux résidents, « préférence nationale » vs investissement direct étranger. L'effet de règles d'imposition alternatives est discuté, ainsi que l'impact d'un marché de capital imparfait. Les effets macroéconomiques de la privatisation massive dépendent du choix de stratégie de transfert au secteur privé.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
Download Restriction: Data and metadata provided by Persée are licensed under a Creative Commons "Attribution-Noncommercial-Share Alike 3.0" License

File URL:
Download Restriction: Data and metadata provided by Persée are licensed under a Creative Commons "Attribution-Noncommercial-Share Alike 3.0" License

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Article provided by Programme National Persée in its journal Revue économique.

Volume (Year): 49 (1998)
Issue (Month): 1 ()
Pages: 257-275

in new window

Handle: RePEc:prs:reveco:reco_0035-2764_1998_num_49_1_409976
Note: DOI:10.3406/reco.1998.409976
Contact details of provider: Web page:

No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:prs:reveco:reco_0035-2764_1998_num_49_1_409976. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Equipe PERSEE)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.