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| Author: | Bortolotti, B. Fantini, M. Siniscalco, D. |
| Title: | Privatisation around the world: evidence from panel data |
| Journal: | Journal of Public Economics
2004 : JAN, VOL. 88:1-2, p. 305-332 |
| Index terms: | Privatization Public finance Political economy Law Capital markets Country comparisons |
| Language: | eng |
| Abstract: | This paper presents new evidence from a panel of 34 countries over the 1977-1999 period. The empirical analysis shows that provatisation takes place typically in wealthy democracies, encumbered by high public debt, but endowed with deep and liquid stock market. The empirical analysis shows that privatization takes place typically in wealthy democracies, encumbered by high public debt, but endowed with deep and liquid stock markets. Budget and 'market' constraints matter, but legal institutions are also important. Indeed, the extent of privatization in terms of revenues and stakes sold appears more limited in civil law countries, where shareholders are poorly protected, abnks powerful, and capital less developed. |
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