Privatization in Austria: Some Theoretical Reasons and First Results About the Privatization Proceeds
The issues of privatization (and sometimes deregulation) have been reviewed in a large literature on the various aspects of privatization, that has emphasized the potential efficiency gains. Hence, the goal of this paper is twofold: First to provide some theoretical reasoning why privatization is useful as well as profitable for an economy and second to empirically present the extent of privatization in Austria and other European Union countries. Therefore, the reasons why privatization is necessary are elaborated. Then the specific pattern privatization proceeds for Austria relative to other EU and OECD countries is presented. Moreover, some important idiosyncratic extensions for the Austrian case are elaborated. We argue that in the Austrian case, any discussion of privatization cannot be reduced to observing cash flows, the employment performance and the stock-exchange ratings of the privatized formerly stateowned enterprises. Since polito-economic aspects relating to income distribution and ideology play an important role in explaining the way, the extent, the speed and the economic effects of privatization, they have to be considered as well.
(This abstract was borrowed from another version of this item.)
|Date of creation:||2004|
|Date of revision:|
|Contact details of provider:|| Postal: Poschingerstrasse 5, 81679 Munich|
Phone: +49 (89) 9224-0
Fax: +49 (89) 985369
Web page: http://www.cesifo-group.de
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Klaus Gugler, 1998. "Corporate Ownership Structure in Austria," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 25(3), pages 285-307, January.
- Bruno Biais & Enrico Perotti, 2002. "Machiavellian Privatization," American Economic Review, American Economic Association, vol. 92(1), pages 240-258, March.
- William D. Nordhaus, 1975. "The Political Business Cycle," Review of Economic Studies, Oxford University Press, vol. 42(2), pages 169-190.
- Jeffrey M. Davis & Thomas J Richardson & Rolando Ossowski & Steven A Barnett, 2000. "Fiscal and Macroeconomic Impact of Privatization," IMF Occasional Papers 194, International Monetary Fund.
- Ansgar Belke & Rainer Fehn & Neil Foster, 2001.
"Venture Capital Investment and Labor Market Performance: A Panel Data Analysis,"
Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim
197/2001, Department of Economics, University of Hohenheim, Germany.
- Ansgar Belke & Rainer Fehn & Neil Foster, 2001. "Venture Capital Investment and Labor Market Performance: A Panel Data Analysis," Vienna Economics Papers 0112, University of Vienna, Department of Economics.
- Belke, Ansgar & Fehn, Rainer & Foster, Neil, 2001. "Venture capital investment and labor market performance: a panel data analysis," Discussion Paper Series 50, Julius Maximilian University of Würzburg, Chair of Economic Order and Social Policy.
- Ansgar Belke & Rainer Fehn & Neil Foster, 2002. "Venture Capital Investment and Labor Market Performance: A Panel Data Analysis," CESifo Working Paper Series 652, CESifo Group Munich.
- Sanford Grossman & Oliver Hart, .
"An Analysis of the Principal-Agent Problem,"
Rodney L. White Center for Financial Research Working Papers
15-80, Wharton School Rodney L. White Center for Financial Research.
- Boardman, Anthony E & Vining, Aidan R, 1989. "Ownership and Performance in Competitive Environments: A Comparison of the Performance of Private, Mixed, and State-Owned Enterprises," Journal of Law and Economics, University of Chicago Press, vol. 32(1), pages 1-33, April.
- Wolfgang Aussenegg, 2000. "Privatization versus Private Sector Initial Public Offerings in Poland," Multinational Finance Journal, Multinational Finance Journal, vol. 4(1-2), pages 69-99, March-Jun.
- Hochreiter, Eduard & Winckler, Georg, 1995.
"The advantages of tying Austria's hands: The success of the hard currency strategy,"
European Journal of Political Economy,
Elsevier, vol. 11(1), pages 83-111, March.
- Eduard HOCHREITER & Georg WINCKLER, 1993. "The Advantages of Tying Austria's Hands: The Success of the Hard Currency Strategy," Vienna Economics Papers vie9307, University of Vienna, Department of Economics.
- Venilde Jeronimo & Jose A. Pagan & Gokce Soydemir, 2000. "Privatization and European Economic and Monetary Union," Eastern Economic Journal, Eastern Economic Association, vol. 26(3), pages 321-333, Summer.
- Jones, Steven L. & Megginson, William L. & Nash, Robert C. & Netter, Jeffry M., 1999. "Share issue privatizations as financial means to political and economic ends," Journal of Financial Economics, Elsevier, vol. 53(2), pages 217-253, August.
- Karl Aiginger, 1999.
"The Privatisation Experiment in Austria,"
Austrian Economic Quarterly,
WIFO, vol. 4(4), pages 261-270, October.
- Niskanen, William A, 1975. "Bureaucrats and Politicians," Journal of Law and Economics, University of Chicago Press, vol. 18(3), pages 617-43, December.
- Carlin, Wendy & Fries, Steven & Schaffer, Mark E & Seabright, Paul, 2001.
"Competition and Enterprise Performance in Transition Economies: Evidence from a Cross-country Survey,"
CEPR Discussion Papers
2840, C.E.P.R. Discussion Papers.
- Wendy Carlin & Steven Fries & Mark Schaffer & Paul Seabright, 2001. "Competition and Enterprise Performance in Transition Economies: Evidence from a Cross-country Survey," William Davidson Institute Working Papers Series 376, William Davidson Institute at the University of Michigan.
- Perotti, Enrico C, 1995. "Credible Privatization," American Economic Review, American Economic Association, vol. 85(4), pages 847-59, September.
- Bartel, Rainer & Schneider, Friedrich, 1991. "The "Mess" of the Public Industrial Production in Austria: A Typical Case of Public Sector Inefficiency?," Public Choice, Springer, vol. 68(1-3), pages 17-40, January.
- Maria K. Boutchkova & William L. Megginson, 2000. "Privatization and the Rise of Global Capital Markets," Financial Management, Financial Management Association, vol. 29(4), Winter.
When requesting a correction, please mention this item's handle: RePEc:ces:ceswps:_1123. 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: (Klaus Wohlrabe)
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.