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Optimal privatization design and financial markets

Author

Listed:
  • Stefano Bosi

    (EPEE - Centre d'Etudes des Politiques Economiques - UEVE - Université d'Évry-Val-d'Essonne)

  • Guillaume Girmens

    (EPEE - Centre d'Etudes des Politiques Economiques - UEVE - Université d'Évry-Val-d'Essonne)

  • Michel Guillard

    (EPEE - Centre d'Etudes des Politiques Economiques - UEVE - Université d'Évry-Val-d'Essonne)

Abstract
This paper provides a simple general equilibrium analysis of privatization, exploring its real effects. They derive from the expansion of risk-sharing opportunities (within an incomplete markets setting) that are created by the addition of a market in the public project property rights. The principal conclusion is that an optimal combination of voucher and share issue privatization can implement the first-best. © 2005 Blackwell Publishing, Inc.

Suggested Citation

  • Stefano Bosi & Guillaume Girmens & Michel Guillard, 2005. "Optimal privatization design and financial markets," Post-Print hal-02877996, HAL.
    • Handle: RePEc:hal:journl:hal-02877996
    DOI: 10.1111/j.1467-9779.2005.00246.x
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    References listed on IDEAS

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    1. Martin, Philippe & Rey, Helene, 2004. "Financial super-markets: size matters for asset trade," Journal of International Economics, Elsevier, vol. 64(2), pages 335-361, December.
    2. Acemoglu, Daron & Zilibotti, Fabrizio, 1997. "Was Prometheus Unbound by Chance? Risk, Diversification, and Growth," Journal of Political Economy, University of Chicago Press, vol. 105(4), pages 709-751, August.
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    6. Perotti, Enrico C. & van Oijen, Pieter, 2001. "Privatization, political risk and stock market development in emerging economies," Journal of International Money and Finance, Elsevier, vol. 20(1), pages 43-69, February.
    7. Brian Aitken, 2001. "Falling Tax Compliance and the Rise of the Virtual Budget in Russia," IMF Staff Papers, Palgrave Macmillan, vol. 48(4), pages 1-9.
    8. GÈrard Roland, 2001. "Ten Years After . . . Transition and Economics," IMF Staff Papers, Palgrave Macmillan, vol. 48(4), pages 1-3.
    9. Guillaume Girmens & Michel Guillard, 2002. "Privatization and Investment: Crowding-out Effect vs Financial Diversification," Documents de recherche 02-15, Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne.
    10. SchmitzJr, James A., 2001. "Government production of investment goods and aggregate labor productivity," Journal of Monetary Economics, Elsevier, vol. 47(1), pages 163-187, February.
    11. G. A. Mackenzie, 1998. "The Macroeconomic Impact of Privatization," IMF Staff Papers, Palgrave Macmillan, vol. 45(2), pages 363-373, June.
    12. Roland, Gerard & Verdier, Thierry, 1994. "Privatization in Eastern Europe : Irreversibility and critical mass effects," Journal of Public Economics, Elsevier, vol. 54(2), pages 161-183, June.
    13. Anders ‰slund & Peter Boone & Simon Johnson, 2001. "Escaping the Under-Reform Trap," IMF Staff Papers, Palgrave Macmillan, vol. 48(4), pages 1-5.
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    Cited by:

    1. Guillaume Girmens & Michel Guillard, 2002. "Privatization and Investment: Crowding-out Effect vs Financial Diversification," Documents de recherche 02-15, Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne.
    2. Ohnishi, Kazuhiro, 2020. "Price-setting mixed duopoly, partial privatisation and subsidisation," MPRA Paper 104063, University Library of Munich, Germany.
    3. Guillaume Girmens, 2001. "Privatization, International Asset Trade and Financial Markets," Documents de recherche 01-14, Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne.

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    More about this item

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • H4 - Public Economics - - Publicly Provided Goods
    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out

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