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Optimal privatization design and financial markets

Author

Listed:
  • Stefano Bosi

    (EPEE - Centre d'Etudes des Politiques Economiques - UEVE - Université d'Évry-Val-d'Essonne)

  • Guillaume Girmens

    (EPEE - Centre d'Etudes des Politiques Economiques - UEVE - Université d'Évry-Val-d'Essonne)

  • Michel Guillard

    (EPEE - Centre d'Etudes des Politiques Economiques - UEVE - Université d'Évry-Val-d'Essonne)

Abstract

This paper provides a simple general equilibrium analysis of privatization, exploring its real effects. They derive from the expansion of risk-sharing opportunities (within an incomplete markets setting) that are created by the addition of a market in the public project property rights. The principal conclusion is that an optimal combination of voucher and share issue privatization can implement the first-best. © 2005 Blackwell Publishing, Inc.

Suggested Citation

  • Stefano Bosi & Guillaume Girmens & Michel Guillard, 2005. "Optimal privatization design and financial markets," Post-Print hal-02877996, HAL.
    • Handle: RePEc:hal:journl:hal-02877996
    DOI: 10.1111/j.1467-9779.2005.00246.x
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    Cited by:

    1. Ohnishi, Kazuhiro, 2020. "Price-setting mixed duopoly, partial privatisation and subsidisation," MPRA Paper 104063, University Library of Munich, Germany.
    2. Guillaume Girmens, 2001. "Privatization, International Asset Trade and Financial Markets," Documents de recherche 01-14, Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne.
    3. Guillaume Girmens & Michel Guillard, 2002. "Privatization and Investment: Crowding-out Effect vs Financial Diversification," Documents de recherche 02-15, Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne.

    More about this item

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • H4 - Public Economics - - Publicly Provided Goods
    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out

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