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Costs and Benefits of Privatization: Evidence from Brazil

  • A. Gledson de Carvalho
  • Francisco Anuatti-Neto
  • Milton Barossi-Filho
  • Roberto Macedo
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    Although the Brazilian privatization program has been a sweeping endeavor involving more than 100 firms and billions of dollars, most of the studies have been published only in Brazil, and in Portuguese. This paper is the most comprehensive study to date in terms of the companies covered, and includes the most recent data. It looks at the results of privatization in Brazil for a broad range of economic variables to answer the question: Has the widespread popular discontent with the program been justified? The paper also examines the effects of privatization on aspects that affect the development of financial markets, including minority shareholder rights. It concludes with recommendations for democratizing capital ownership through public offers in which workers would be entitled to participate using public sector liabilities such as FGTS deposits.

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    File URL: http://www.iadb.org/research/pub_hits.cfm?pub_id=R-455&pub_file_name=pubR-455.pdf
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    Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 3149.

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    Date of creation: Jun 2003
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    Handle: RePEc:idb:wpaper:3149
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    1. RAFAEL LaPORTA & FLORENCIO LOPEZ-de-SILANES & ANDREI SHLEIFER & ROBERT W. VISHNY, . "Legal Determinants of External Finance,"," CRSP working papers 324, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
    2. Ahn, Seung C. & Schmidt, Peter, 1995. "Efficient estimation of models for dynamic panel data," Journal of Econometrics, Elsevier, vol. 68(1), pages 5-27, July.
    3. Levine, Ross & Zervos, Sara, 1998. "Stock Markets, Banks, and Economic Growth," American Economic Review, American Economic Association, vol. 88(3), pages 537-58, June.
    4. J. A. Hausman, 1976. "Specification Tests in Econometrics," Working papers 185, Massachusetts Institute of Technology (MIT), Department of Economics.
    5. Megginson, William L & Nash, Robert C & van Randenborgh, Matthias, 1994. " The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis," Journal of Finance, American Finance Association, vol. 49(2), pages 403-52, June.
    6. Levine, Ross, 1996. "Financial development and economic growth : views and agenda," Policy Research Working Paper Series 1678, The World Bank.
    7. Eduardo Lora & Ugo Panizza, 2002. "Structural Reforms in Latin America under Scrutiny," Research Department Publications 4301, Inter-American Development Bank, Research Department.
    8. Arellano, Manuel & Bond, Stephen, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Wiley Blackwell, vol. 58(2), pages 277-97, April.
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