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Privatization in East Germany

  • Hans-Werner Sinn

This paper is a critical review of east German privatization policy. It is argued that the restitution of old property rights has been a major obstacle to investment and that the attempt to sell two thirds of an economy in the market place is bound to be a failure. Such an attempt implies serious macro and microeconomic stock-flow problems which erode the sales prices of Treuhand assets, induce the Treuhand to slow down its sales, and reduce private investment. By combining a participation model with a wage freeze the paper designs a social contract that may help increase the chances of economic recovery in east Germany.

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File URL: http://www.nber.org/papers/w3998.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3998.

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Date of creation: Feb 1992
Date of revision:
Publication status: published as Public Finance, 47, (supp.), 1992, pp. 152-171 ("Public Finance in a World of Transition") supplement
Handle: RePEc:nbr:nberwo:3998
Contact details of provider: Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
Phone: 617-868-3900
Web page: http://www.nber.org
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  1. Michael Burda & Michael Funke, 1993. "German trade unions after unification — Third degree wage discriminating monopolists?," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 129(3), pages 537-560, September.
  2. Hans-Werner Sinn, 1991. "Macroeconomic Aspects of German Unification," NBER Working Papers 3596, National Bureau of Economic Research, Inc.
  3. George A. Akerlof & Andrew K. Rose & Janet L. Yellen & Helga Hessenius, 1991. "East Germany in from the Cold: The Economic Aftermath of Currency Union," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 22(1), pages 1-106.
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