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El entorno político y los precios de las privatizaciones

  • Alberto Chong

    ()

  • Alejandro Riaño

(Disponible enidioma Inglés) En este trabajo se analiza la conexión entre el contexto político e institucional y los precios de venta de las privatizaciones. Éstos se pueden considerar una medida para evaluar el desempeño relativo de las metas de las privatizaciones. Aunque dicha conexión se ha estudiado teóricamente, hay muy pocos trabajos empíricos sobre esa relación, si acaso. Se descubre, empleando datos de 308 procesos de privatización en todo el mundo y aplicando un enfoque de varios países (incluidas las variables instrumentales), que aunque el régimen político general no reviste una importancia especial para los precios, los procesos políticos más allá del régimen de base sí importan. El contexto institucional también tiene un efecto considerable en los precios. Ambos resultados son valederos ante cambios de especificaciones.

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Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 4440.

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Date of creation: Mar 2006
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Handle: RePEc:idb:wpaper:4440
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  1. Luisa Zanforlin & Alberto E. Chong, 2001. "Inward-Looking Policies, Institutions, Autocrats, and Economic Growth in Latin America: An Empirical Exploration," IDB Publications (Working Papers) 6820, Inter-American Development Bank.
  2. Enrico C. Perotti & Pieter van Oijen, 1999. "Privatization, Political Risk and Stock Market Development in Emerging Economies," William Davidson Institute Working Papers Series 243, William Davidson Institute at the University of Michigan.
  3. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," NBER Working Papers 5661, National Bureau of Economic Research, Inc.
  4. Bruno Biais & Enrico Perotti, 2002. "Machiavellian Privatization," American Economic Review, American Economic Association, vol. 92(1), pages 240-258, March.
  5. Virgilio Galdo & Alberto E. Chong, 2003. "Streamlining and Privatization Prices in the Telecommunications Industry," IDB Publications (Working Papers) 6503, Inter-American Development Bank.
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  7. Perotti, Enrico C, 1995. "Credible Privatization," American Economic Review, American Economic Association, vol. 85(4), pages 847-59, September.
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  10. Kerim Peren Arin & Cagla Okten, 2003. "The determinants of privatization prices: evidence from Turkey," Applied Economics, Taylor & Francis Journals, vol. 35(12), pages 1393-1404.
  11. Bortolotti, Bernardo & Fantini, Marcella & Siniscalco, Domenico, 2004. "Privatisation around the world: evidence from panel data," Journal of Public Economics, Elsevier, vol. 88(1-2), pages 305-332, January.
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  13. Stephen Knack & Philip Keefer, 1995. "Institutions And Economic Performance: Cross-Country Tests Using Alternative Institutional Measures," Economics and Politics, Wiley Blackwell, vol. 7(3), pages 207-227, November.
  14. Germa Bel & Francesc Trillas, 2004. "Privatization, Corporate Control and Regulatory Reform: The case of Telefonica," Finance 0409053, EconWPA.
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