Privatization in Western Europe: Stylized Facts, Outcomes, and Open Issues

56 Pages Posted: 18 Oct 2006

See all articles by Bernardo Bortolotti

Bernardo Bortolotti

Bocconi University; University of Turin

Valentina Milella

Fondazione Eni Enrico Mattei (FEEM)

Date Written: October 2006

Abstract

Privatization has certainly been one of the main events of the economic and financial history of the 20th century. Between 1997 and 2004 more than 4,000 privatization operations were carried out in the world, bringing to governments revenues for over 1,350 US $billion. Western Europe emerges as the most important region, having implemented the greatest number of privatizations and raised a half of global revenues. The relevance of Western Europe in the process can be ascribed to several factors. This paper investigates the causes of this process, summarizes the main trends of privatization activity at the country level, analyzes the main privatization drivers and provides an account of the main findings of the effects of privatization at the macro and microeconomic level.

Keywords: Privatization, State-Owned Sector, Capital Markets, Financial Development

JEL Classification: L33, L38

Suggested Citation

Bortolotti, Bernardo and Milella, Valentina, Privatization in Western Europe: Stylized Facts, Outcomes, and Open Issues (October 2006). FEEM Working Paper No. 124.06. Available at SSRN: https://ssrn.com/abstract=936911 or http://dx.doi.org/10.2139/ssrn.936911

Bernardo Bortolotti (Contact Author)

Bocconi University ( email )

Via Sarfatti 25
Milan, MI 20136
Italy

University of Turin

Via Po 53
Torino, Turin - Piedmont 10100
Italy

Valentina Milella

Fondazione Eni Enrico Mattei (FEEM) ( email )

63 Milan 20123
Italy
+39 02 52036931 (Phone)
+39 02 52036946 (Fax)

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