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Приватизация и рациональная структура собственности (Privatizatsiya i ratsional’naya struktura sobstvennosti)
[Privatization and the Rational Ownership Structure]

The costs and benefits of privatization are considered, focusing on the current Russian conditions. The experience of many countries, as well as econometric and theoretical studies, a review of which is given in the paper, show that relative efficiency of privatized enterprises in comparison with the state depends on the stage of economic development and quality of institutions. State-owned enterprises may have a number of special functions which are particularly important for developing or resource abundant economies. In particular, they can play the role of agents of modernization to initiate large-scale projects as public-private partnerships. It is shown that the decision on privatization should be considered in the context of a more general problem of finding a rational ownership structure in an economy. Factors affecting the comparative efficiency of public and private enterprises are analyzed. A number of hypotheses are proposed about the shape of dependence of the rational ownership structure on the level of development, the quality of government, and the quality of markets. Recommendations on improvement of the public sector management are formulated.

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File URL: http://mpra.ub.uni-muenchen.de/41069/1/MPRA_paper_41069.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 41069.

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Date of creation: 2012
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Handle: RePEc:pra:mprapa:41069
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  1. Patrick Plane, 1997. "Privatization and economic growth: an empirical investigation from a sample of developing market economies," Applied Economics, Taylor & Francis Journals, vol. 29(2), pages 161-178.
  2. Alberto Chong & Florencio de, 2003. "The Truth about Privatization in Latin America," Yale School of Management Working Papers ysm436, Yale School of Management.
  3. Ha-Joon Chang, 2007. "State-Owned Enterprise Reform," Policy Notes 4, United Nations, Department of Economics and Social Affairs.
  4. David E. M. Sappington & Joseph E. Stiglitz, 1987. "Privatization, Information and Incentives," NBER Working Papers 2196, National Bureau of Economic Research, Inc.
  5. Estrin, Saul & Hanousek, Jan & Kocenda, Evzen & Svejnar, Jan, 2009. "Effects of privatization and ownership in transition economies," Policy Research Working Paper Series 4811, The World Bank.
  6. Bernardo Bortolotti & Paolo Pinotti, 2003. "The Political Economy of Privatization," Working Papers 2003.45, Fondazione Eni Enrico Mattei.
  7. Alberto Cavaliere, 2006. "Privatization and Efficiency: from Principals and Agents to Political Economy," Working Papers 2006.99, Fondazione Eni Enrico Mattei.
  8. Chang, Roberto & Hevia, Constantino & Loayza, Norman, 2009. "Privatization and nationalization cycles," Policy Research Working Paper Series 5029, The World Bank.
  9. Bernardo Bortolotti & Valentina Milella, 2006. "Privatization in Western Europe Stylized Facts, Outcomes, and Open Issues," Working Papers 2006.124, Fondazione Eni Enrico Mattei.
  10. Denisova, Irina & Eller, Markus & Frye, Timothy & Zhuravskaya, Ekaterina, 2012. "Everyone hates privatization, but why? Survey evidence from 28 post-communist countries," Journal of Comparative Economics, Elsevier, vol. 40(1), pages 44-61.
  11. Kole, Stacey R & Mulherin, J Harold, 1997. "The Government as a Shareholder: A Case from the United States," Journal of Law and Economics, University of Chicago Press, vol. 40(1), pages 1-22, April.
  12. Polterovich, Victor, 1995. "Towards the Theory of Privatization," MPRA Paper 20151, University Library of Munich, Germany.
  13. Miroslava Straska & Gregory Waller & Yao Yu, 2012. "Does investment improve when firms go private?," Managerial Finance, Emerald Group Publishing, vol. 38(2), pages 124-142, January.
  14. Paul Cook & Yuichiro Uchida, 2008. "The Performance of Privatised Enterprises in Developing Countries," Journal of Development Studies, Taylor & Francis Journals, vol. 44(9), pages 1342-1353.
  15. Shleifer, Andrei & Vishny, Robert W, 1994. "Politicians and Firms," The Quarterly Journal of Economics, MIT Press, vol. 109(4), pages 995-1025, November.
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