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On the Speed and Sequencing of Privatization and Restructuring

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  • Roland, Gérard

Abstract

This paper examines aspects of speed and sequencing of restructuring and privatization in economies in transition. It is argued that because of political constraints, restructuring is more likely to be gradual. Because of the political constraints on restructuring, a very fast and non-differentiated approach to privatization may lead to renationalization and general delays in restructuring. A more gradual policy of privatization may allow for the screening of good from bad firms, allow the emergence of a sound financial sector and give credibility to a policy of gradual restructuring and hardening of budget constraints in the state sector.

Suggested Citation

  • Roland, Gérard, 1994. "On the Speed and Sequencing of Privatization and Restructuring," CEPR Discussion Papers 942, C.E.P.R. Discussion Papers.
  • Handle: RePEc:cpr:ceprdp:942
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    References listed on IDEAS

    as
    1. Svensson, Lars E. O., 1994. "Fixed exchange rates as a means to price stability: What have we learned?," European Economic Review, Elsevier, pages 447-468.
    2. Alesina, Alberto & Summers, Lawrence H, 1993. "Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 25(2), pages 151-162, May.
    3. Bennett T. McCallum, 1989. "Targets, Indicators, and Instruments of Monetary Policy," NBER Working Papers 3047, National Bureau of Economic Research, Inc.
    4. Friedman, Benjamin M., 1990. "Targets and instruments of monetary policy," Handbook of Monetary Economics,in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 2, chapter 22, pages 1185-1230 Elsevier.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Political Economy; Privatization; Restructuring; Sequencing; Transition;

    JEL classification:

    • H89 - Public Economics - - Miscellaneous Issues - - - Other
    • P50 - Economic Systems - - Comparative Economic Systems - - - General

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