Privatisation around the world: evidence from panel data

• 成果类型: Article
• 署名作者: Bortolotti, B; Fantini, M; Siniscalco, D
• 署名单位: Fondazione Mattei; University of Turin; Fondazione Mattei
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/S0047-2727(02)00161-5
• 发表日期: 2004
• 页码: 305-332
• 关键词: privatisation; public finance; political economy; law and finance; capital markets

摘要

Why do countries privatise? This paper presents new evidence from a panel of 34 countries over the 1977-1999 period. The empirical analysis shows that privatisation 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 privatisation in terms of revenues and stakes sold appears more limited in civil law countries, where shareholders are poorly protected, banks powerful, and capital markets less developed. (C) 2002 Elsevier B.V. All rights reserved.