This section examines evidence of the impact of privatization on growth, aggregate investment, and labor markets and unemployment. The micro-economic evidence in each area is first summarized, then followed by econometric results from the case study countries. The measured impact of privatization on macroeconomic performance should be interpreted with caution, given the association of privatization with a broader regime change.
Anderson, T.W., and Cheng Hsiao, 1982, “Formulation and Estimation of Dynamic Models Using Panel Data,” Journal of Econometrics, Vol. 18 (January), pp. 47–82.
Ariyoshi, Akira, and others, 2000, Country Experiences with the Use and Liberalization of Capital Controls, IMF Occasional Paper No. 190 (Washington: International Monetary Fund).
Ariyoshi, Akira, and others, Åslund, Anders, 1999, Why Has Russia’s Economic Transformation Been So Arduous? paper prepared for the Annual World Bank Conference on Development Economics, Washington, April.
Aziz, Jahangir, and Robert F. Wescott, 1997, “Policy Complementarities and the Washington Consensus,” IMF Working Paper 97/118 (Washington: International Monetary Fund).
Azpiazu, Daniel, and Adolfo Vispo, 1994, “Some Lessons of the Argentine Privatization Process,” CEPAL Review, Vol. 54 (December), pp. 129–47.
Banerji, Arup, and Richard H. Sabot, 1994, “Wage Distortions, Overmanning and Reform in Developing Country Public Enterprises,” Vice Presidency for Finance arid Private Sector Development (Washington: World Bank),
Berg, Andrew, and Elliot Berg, 1997, “Methods of Privatization,” Journal of International Affairs, Vol. 50 (October), pp. 357–90.
Beyer, Hans-Joachim, Claudia Dziobek, and John Garrett, 1999, “Economic and Legal Considerations of Optimal Privatization—Case Studies of Mortgage Firms (DePfa Group and Fannie Mae),” IMF Working Paper 99/69 (Washington: International Monetary Fund).
Boubakri, Narjess, and Jean-Claude Cosset, 1998, “The Financial and Operating Performance of Newly Privatized Firms: Evidence from Developing Countries,” Journal of Finance, Vol. 53 (June), pp. 1081–110.
Bredenkamp, Hugh, and Susan Schadler, eds., 1999, Economic Adjustment and Reform in Low-Income Countries (Washington: International Monetary Fund).
Chisari, Omar, Antonio Estache, and Carlos Romero, 1999, “Winners and Losers from the Privatization and Regulation of Utilities: Lessons from a General Equilibrium Model of Argentina,” World Bank Economic Review. Vol. 13 (May), pp. 357–78.
D’Souza, Juliet, and William L. Megginson, 1999, “The Financial and Operating Performance of Privatized Firms During the 1990’s,” Journal of Finance. Vol. 54 (August), pp. 1397–438.
Fischer, Stanley, and William Easterly, 1990, “The Economic of the Government Budget Constraint,” The World Bank Research Observer, Vol. 5 (July), pp. 127–42.
Galal, Ahmed, and others, 1994, Welfare Consequences of Selling Public Enterprises: An Empirical Analysis (New York: Oxford University Press).
Gupta, Sanjeev, Christian Schiller, and Henry Ma, 1999, “Privatization, Social Impact, and Social Safety Nets,” IMF Working Paper 99/68 (Washington: International Monetary Fund).
Hachette, Dominique, and Rolf Lüders, 1993, Privatization in Chile: An Economic Appraisal (San Francisco: International Center for Economic Growth).
Havrylyshyn, Oleh, Ivailo Izvorski, and Ron van Rooden, 1998, “Recovery and Growth in Transition Economies 1990-97: A Stylized Regression Analysis,” IMF Working Paper 98–141 (Washington: International Monetary Fund).
Havrylyshyn, Oleh, and Donal McGettigan, 1999, “Privatization in Transition Countries: A Sampling of the Literature,” IMF Working Paper 99 6 (Washington: International Monetary Fund).
Heller, Peter S., 1990, “The Budgetary Impact of Privatization: Examples from New Zealand and Prospects for Ireland,” in Privatization: Issues of Principle and Implementation in Ireland, ed. by Frank J. Convery and Moore McDowell (Dublin: Gill and Macmillan).
Heller, Peter S.,, and Christian Schiller, 1989, “The Fiscal Impact of Privatization, with Some Examples from Arab Countries,” World Development, Vol. 17 (May), pp. 757–67.
Heller, Peter S., Richard Hemming, and Ruba Chakrabarti, 1997, “Macroeconomic Constraints and the Modalities of Privatization,” in Fiscal Policy and Economic Reform, ed. by Mario I. Blejer and Teresa Ter-Minassian (London: Routledge).
Hemming, Richard, and Ali M. Mansoor, 1987, “Privatization and Public Enterprises,” IMF Working Paper 87/9 (Washington: International Monetary Fund).
International Monetary Fund, 1986, A Manual on Government Finance Statistics (Washington: International Monetary Fund).
Jones, Leroy P., Yahya Jammal, and Nilgun Gokgur, 1998, “Impact of Privatization in Cote d’ Ivoire,” report prepared for the Privatization Committee, Boston Institute for Developing Economies, Boston, November.
Judson, Ruth A., and Ann L. Owen, 1997, “Estimating Dynamic Panel Data Models: A Practical Guide for Macroeco no mists,” Finance and Economics Discussion Paper Series 97/3 (Washington: Federal Reserve Board of Governors).
Kikeri, Sunita, 1998, “Privatization and Labor: What Happens to Workers When Governments Divest?” World Bank Technical Paper No. 396 (Washington: World Bank).
Kikeri, Sunita, John Nellis, and Mary Shirley, 1992, Privatization: The Lessons of Experience (Washington: World Bank).
Kodrzycki, Yolanda K., and Eric M. Zolt, 1994, “Tax Issues Arising from Privatization in the Formerly Socialist Countries,” Law and Policy in International Business, Vol. 25, pp. 609–37.
La Porta, Rafael, and Florencio López-de-Silanes, 1997, “The Benefits of Privatization: Evidence from Mexico.” NBER Working Paper 6215 (Cambridge, Massachusetts: National Bureau of Economic Research).
Larraín R., Guillermo, and Carlos D. Winograd, 1996, “Privatisation massive, finances publiques et macroéconomie: Le cas de l’Argentine et du Chili,” Revue économique. Vol. 47 (November), pp. 1373–408.
Lieberman, Ira W., and Rogi Veimetra, 1996, “The Rush for State Shares in the ‘Klondike’ of Wild East Capitalism: Loans-for-Shares Transactions in Russia,” The George Washington Journal of International Law and Economics, Vol. 29, pp. 737–68.
Lieberman, Ira W., and Christopher D. Kirkness, eds., 1998, Privatization and Emerging Equity Markets (Washington: World Bank).
López-de-Silanes, Florencio, 1997, “Determinants of Privatization Prices,” Quarterly Journal of Economics, Vol. 112 (November), pp. 965–1025.
Mackenzie, George A., 1998, “The Macroeconomic Impact of Privatization,” Staff Papers, International Monetary Fund, Vol. 45 (June), pp. 363–73.
Mansoor, Ali M., 1993, “Budgetary Impact of Privatization,” in How to Measure the Fiscal Deficit: Analytical and Methodological Issues, ed, by Blejer Mario I. Cheasty Adrienne (Washington: International Monetary Fund).
Manzetti, Luigi, 1998, “Are Market Reforms Ending Corruption in Latin America?” Mondes en developement, Vol. 26, pp. 69–81.
Megginson, William L., and Robert C. Nash, and Matthias van Randenborgh, 1994, “The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis,” Journal of Finance, Vol. 49 (June), pp. 403–52.
Megginson, William L., and Jeffry M. Netter, 1999, “From State to Market: A Survey of Empirical Studies on Privatization,” draft paper prepared for joint conference of SBF Bourse de Paris and the New York Stock Exchange, Paris.
Nellis, John R., 1999, “Time to Rethink Privatization in Transition Economies?” Finance and Development, Vol. 38 (June), pp. 16–19.
Newbery, David M., 1997, “The Budgetary Impact of Privatization,” in Fiscal Policy and Economic Reform, ed. by Mario I. Blejer and Teresa M. Ter-Minassian (London: Rout ledge).
Perotti, Enrico C., and Pieter van Oijen, 1999, “Privatization, Political Risk and Stock Market Development,” CEPR Discussion Paper no. 2243 (London: Centre for Economic Policy Research).
Pinheiro, Armando Castelar, and Ben Ross Schneider, 1995, “Fiscal Impact of Privatization in Latin America,” Journal of Development Studies, Vol. 31 (June), pp. 751–85.
Rose-Ackerman, Susan, 1997, “The Political Economy of Corruption,” in Corruption and the Global Economy. ed. by Kimberly A. Elliott (Washington; Institute for International Economics).
Sala-i-Martin, Xavier, 1997, “I Just Ran Four Million Regressions,” NBER Working Paper 6252 (Cambridge, Massachusetts: National Bureau of Economic Research),
Schadler, Susan, and other, 1995, IMF Conditionality: Experience Under Stand-By and Extended Arrangements, Part I, Key Issues and Findings, IMF Occasional Paper No. 128 (Washington: International Monetary Fund).
Shafik, Nemat, 1996, “Selling Privatization Politically,” Columbia Journal of World Business, Vol. 31, pp. 20–29.
Shaikh, Hafeez, and others, 1996, Argentina Privatization Program: A Review of Five Cases (Washington: World Bank).
Stiglitz, Joseph E., 1999, Whither Reform? Ten Years of the Transition, paper prepared for the World Bank Annual Bank Conference on Development Economics, Washington, April.
Tanzi, Vito, 1998, Corruption Around the World: Causes, Consequences, Scope, and Cures, IMF Working Paper 98/63 (Washington: International Monetary Fund).
Verbrugge, James A., William L. Megginson, and Wanda L. Owens, 1999, “State Ownership and the Financial Performance of Privatized Banks: An Empirical Analysis,” paper presented at the World Bank/Federal Reserve Bank of Dallas Conference on Banking Privatization, Washington, March.
White, Halbert, 1980, “A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticily,” Econometrica, Vol. 48 (May), pp. 817–38.
White, Howard, and Saman Kelegama, 1994, “The Fiscal Implications of Privatisation in Developing Countries: The Sri Lankan Experience,” Institute of Social Studies Working Paper No. 179 (August), pp. 1–38.
World Bank, 1995, Bureaucrats in Business: The Economics and Politics of Government Ownership (Washington: Oxford University Press).
World Bank, 1997, Old Age Security: Pension Reform in China, China 2020 series (Washington: World Bank).
Yarrow, George, 1999, “A Theory of Privatization, or Why Bureaucrats Are Still in Business,” World Development, Vol. 27 (January), pp. 157–68.
International Monetary Fund Copyright © 2010-2021. All Rights Reserved.