The Effects of Privatization on Firms and on Social Welfare: The Chilean Case
Chile led the Latin American pack in launching its far-reaching privatization program, but the question of whether the process has made firms more profitable remains. Also unclear is whether society as a whole is better off because of privatization. This paper looks at the performance of several industries to gauge the effects of privatization on Chilean firms and social welfare. The authors’ research, which is both broad and deep, yields some surprising findings. For example, contrary to commonly-held perceptions of bloated state-run bureaucracies, the authors find that the employment ranks of regulated entities actually swelled after their ownership switched to private hands. The paper evaluates a wide range of aspects of the privatization process, from highway tolls to private pension fund returns to school vouchers, and concludes with some concrete recommendations for future improvements.
|Date of creation:||May 2003|
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- Eduardo Engel & Ronald Fischer & Alexander Galetovic, 2002.
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Cowles Foundation Discussion Papers
1353, Cowles Foundation for Research in Economics, Yale University.
- Eduardo M.R.A. Engel & Ronald D. Fischer & Alexander Galetovic, 2001. "How to Auction an Essential Facility When Underhand Integration is Possible," NBER Working Papers 8146, National Bureau of Economic Research, Inc.
- Eduardo Engel & Ronald Fischer & Alexander Galetovic, 2000. "How to Auction an Essential Facility when Underhand Integration is Possible," Documentos de Trabajo 79, Centro de Economía Aplicada, Universidad de Chile.
- Eduardo Engel & Ronald Fischer & Alexander Galetovic, 2002. "How to Auction an Essential Facility When Underhand Integration is Possible," Working Papers 839, Economic Growth Center, Yale University.
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- Alejandra Mizala & Pilar Romaguera, 2000. "School Performance and Choice: The Chilean Experience," Journal of Human Resources, University of Wisconsin Press, vol. 35(2), pages 392-417.
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- Chang-Tai Hsieh & Miguel Urquiola, 2003. "When Schools Compete, How Do They Compete? An Assessment of Chile's Nationwide School Voucher Program," NBER Working Papers 10008, National Bureau of Economic Research, Inc.
- Eduardo Engel & Ronald Fischer & Alexander Galetovic, 2002. "Privatizing Roads: an "Old" New Approach to Infrastructure Provision," Documentos de Trabajo 132, Centro de Economía Aplicada, Universidad de Chile.
- Hinojosa, Sergio & Gomez-Lobo, Andres, 2000. "Broad roads in a thin country - infrastructure concessions in Chile," Policy Research Working Paper Series 2279, The World Bank.
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