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| Author: | Hansen, N. |
| Title: | Privatization, technology choice and aggregate outcomes |
| Journal: | Journal of Public Economics
1997 : JUN, VOL. 64:3, p. 425-442 |
| Index terms: | PRIVATIZATION TECHNOLOGY ECONOMICS |
| Language: | eng |
| Abstract: | The authors analyze the macroeconomic consequences of privatization policies in transition economies. Due to the particular market structure in those economies, strategic complementarities in restructuring of privatized firms occur, giving rise to multiple macroeconomic equilibria. Restructuring and the resulting macroeconomic outcomes crucially depend on how property rights are distributed and which method of privatization is chosen. Firm sales to single or core investors may easily lead to "bad" equilibria without restructuring. |
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