VOUCHER PRIVATIZATION

• 成果类型: Article
• 署名作者: BOYCKO, M; SHLEIFER, A; VISHNY, RW
• 署名单位: Harvard University; University of Chicago
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/0304-405X(94)90006-X
• 发表日期: 1994
• 页码: 249-266
• 关键词: Privatization; vouchers; economic reform

摘要

Several Eastern European countries have initiated mass privatization programs to transfer state-owned assets to the general population. We show that the decision to pursue mass privatization and even the specific design of the programs are largely dictated by politics. Nonetheless, politically feasible programs can also be made attractive from an economic standpoint in terms of maximizing value, fostering free and efficient markets, and promoting corporate governance. In general, the design of economic institutions is critically shaped by political factors, although satisfactory economic results can be achieved in spite of political constraints.