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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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Suggested Citation

  • Hans-Werner Sinn, 1991. "Privatization in East Germany," CESifo Working Paper Series 8, CESifo.
    • Handle: RePEc:ces:ceswps:_8
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    Cited by:

    1. Schmidt Klaus M. & Schnitzer Monika, 1993. "Privatization and Management Incentives in the Transition Period in Eastern Europe," Journal of Comparative Economics, Elsevier, vol. 17(2), pages 264-287, June.
    2. Lee, Chung Hoon, 1993. "Korean unification: Issues in transition and economic union," Kiel Working Papers 590, Kiel Institute for the World Economy (IfW Kiel).
    3. Alcázar, Lorena & Nakasone, Eduardo & Torero, Máximo, 2007. "Provision of Public Services and Welfare of the Poor: Learning from an Incomplete Electricity Privatization Process in Rural Peru," IDB Publications (Working Papers) 3351, Inter-American Development Bank.
    4. Máximo Torero, 2002. "Peruvian Privatization: Impacts On Firm Performance," Research Department Publications 3169, Inter-American Development Bank, Research Department.
    5. 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 3233, Inter-American Development Bank, Research Department.

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