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Privatisation and Institutions: A cross Country Analysis

40 Pages Posted: 28 Jan 2001  

Bernardo Bortolotti

Bocconi University; University of Turin

Domenico Siniscalco

Ministry of Economy and Finance, Italy; Fondazione Eni Enrico Mattei; University of Turin - Department of Economics; CESifo (Center for Economic Studies and Ifo Institute)

Marcella Fantini

National Economic Research Associates Inc. (NERA)

Date Written: November 2000

Abstract

Privatisation, i.e. the transfer of ownership and control of state-owned enterprises, is a worldwide phenomenon. Which political, economic and institutional factors are shaping this process? This paper addresses the issue presenting new evidence from a sample of 49 countries. From an empirical analysis of the period 1977-96, the decision to privatise and the choice of privatisation method appear to be influenced by the governing political majority and public sector budget constraints, while the success of privatisation in terms of revenues and stakes sold requires suitable institutions and developed capital markets.

Keywords: Privatisation, politics, budget deficit, investor protection, enforcement of law, capital markets

JEL Classification: L33, D72, G15, H6, K22

Suggested Citation

Bortolotti, Bernardo and Siniscalco, Domenico and Fantini, Marcella, Privatisation and Institutions: A cross Country Analysis (November 2000). CESifo Working Paper Series No. 375. Available at SSRN: https://ssrn.com/abstract=257773

Bernardo Bortolotti

Bocconi University ( email )

Via Sarfatti 25
Milan, MI 20136
Italy

University of Turin

Via Po 53
Torino, Turin - Piedmont 10100
Italy

Domenico Siniscalco (Contact Author)

Ministry of Economy and Finance, Italy ( email )

Via XX Settembre 97
Rome, Rome 00187
Italy

Fondazione Eni Enrico Mattei ( email )

Corso Magenta 63
20123 Milan
Italy
+39 02 5203 6942 (Phone)
+39 02 5203 6946 (Fax)

University of Turin - Department of Economics ( email )

Via Po, 53
Torino, 10124
Italy

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5
Munich, DE-81679
Germany

HOME PAGE: http://www.CESifo.de

Marcella Fantini

National Economic Research Associates Inc. (NERA) ( email )

Rome
Italy

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