Privatization Market Liberalization And Learning In Transition Economies
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Privatization Market Liberalization And Learning In Transition Economies
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Author : Rachael E. Goodhue
language : en
Publisher:
Release Date : 1996
Privatization Market Liberalization And Learning In Transition Economies written by Rachael E. Goodhue and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with categories.
Privatization and market liberalization are widely considered to be complementary reforms in transition economies. This paper challenges this view and the closely related "big bang" approach to economic reform. Our analysis suggests that when pursued simultaneously, privatization may actually impede the transition process following market liberalization and reduce social welfare. Our result is based on an explicit model of market learning, which is a vital component of the economic transition process. Compared to a fully-functioning market in a mature market economy, a market in transition is characterized by greater uncertainty regarding market conditions, including free market equilibrium levels of prices and quantities. Market participants must learn about these conditions through their participation in the market process. When the e ects of learning are incorporated into the analysis, the optimal level of privatization decreases monotonically as the level of uncertainty increases.
Privatization In Transition Economies
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Author : Ira W. Lieberman
language : en
Publisher: Elsevier
Release Date : 2008
Privatization In Transition Economies written by Ira W. Lieberman and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business & Economics categories.
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The Role Of Credit Markets In A Transition Economy With Incomplete Public Information
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Author : Kenneth Kletzer
language : en
Publisher: International Monetary Fund
Release Date : 1996-02
The Role Of Credit Markets In A Transition Economy With Incomplete Public Information written by Kenneth Kletzer and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996-02 with Business & Economics categories.
In this paper we explore some of the informational problems that constrain the development of credit markets in transition economies. We characterize investment patterns under uncertainty and high costs of entry, when agents learn about the ultimate value of enterprises through production in a Bayesian way. Inefficiencies due to the lack of public information reduce the average return to capital. Under asymmetric information, credit would go to activities that can provide enough co-finance. Credit markets may fail to develop for a while if there is not enough individual wealth to complement credit. Once they operate, credit markets may magnify distortions in equity markets, such as those due to spontaneous privatization. An argument for the sequencing of capital market liberalization is provided.
Between State And Market
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Author : Ira W. Lieberman
language : en
Publisher: World Bank Publications
Release Date : 1997-01-01
Between State And Market written by Ira W. Lieberman and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-01-01 with Political Science categories.
IFC Discussion Paper No. 32. Over the years, demand for education at all levels in Kenya has greatly outpaced supply, a gap that has been reduced by private schools catering to the needs of a wide range of socioeconomic groups. This gap will widen further unless the private sectors role is expanded, but private educational institutions face a number of serious constraints, primarily stemming from lack of adequate finance and, in many cases, limited management skills. This paper reviews the market and its constraints and focuses on conditions under which private financial institutions and the International Finance Corporation might play a useful role in the sector. Annexes include 1996 operating costs of Kenya's academic, technical, and vocational schools.
Privatisation And Structural Change In Transition Economies
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Author : Yelena Kalyuzhnova
language : en
Publisher: Springer
Release Date : 2003-09-08
Privatisation And Structural Change In Transition Economies written by Yelena Kalyuzhnova and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-09-08 with Business & Economics categories.
Privatisation and Structural Change in Transition Economies brings together specialists from different areas (governance, regulation, macro-econometrics, micro-econometrics, enterprise culture, foreign direct investment, technology transfer) to focus on the many different aspects of the privatization process in transition economies. The book does not dwell on the administrative or procedural aspects of privatisation. Instead it attempts to understand the bigger picture in terms of underlying policy environment and supporting legal and economic measures which helped to a large extent to determine the eventual success or failure of privatization programmes.
Privatization Stabilization And Liberalization
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Author : Chengxin Ouyang
language : en
Publisher:
Release Date : 1999
Privatization Stabilization And Liberalization written by Chengxin Ouyang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Communist countries categories.
Time To Rethink Privatization In Transition Economies
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Author : John R. Nellis
language : en
Publisher: World Bank Publications
Release Date : 1999-01-01
Time To Rethink Privatization In Transition Economies written by John R. Nellis and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-01-01 with Business & Economics categories.
IFC Discussion Paper No. 38.QUOTEIt is now universally acknowledged that ownership matters; that private ownership in and of itself is a major determinant of good performance in firms... Decent economic policy and well-functioning legal and administrative institutions... matter greatly as well.QUOTEThis paper looks at what happens when the shift to private ownership gets far out in front of the effort to build the institutional underpinnings of a capitalist economy. The emphasis is on what went wrong and why and what, if anything, can be done to be correct it. Proposals include renationalization and/or postponement of further privatization, both to be accompanied by measures to strengthen the managerial capacities of the state. Neither approach seems likely to produce short-term improvements. The regrettable fact is that governments that botch privatization are equally likely to botch the management of state-owned firms. In a number of Central European transition countries, privatization is living up to expectations; and there is no need for such measures. For institutionally-weak countries, the less dramatic but reasonable short-term course of action is to push ahead more slowly with case- by-case and tender privatization in cooperation with the international assistance community in hopes of producing some success stories that will lead by example.
Privatization In Transition Countries
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Author : Mr.Oleh Havrylyshyn
language : en
Publisher: International Monetary Fund
Release Date : 1999-01-01
Privatization In Transition Countries written by Mr.Oleh Havrylyshyn and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-01-01 with Business & Economics categories.
This paper reviews a selection of studies on privatization experiences in transition countries. Empirical studies almost invariably show privatized enterprises outperform state enterprises. Moreover, the literature identifies de novo firms as being clearly the best performers, followed by outsider-dominated firms, while insider-dominated firms are the least efficient among those newly privatized. The importance of de novo firms in enlarging the private sector in transition economies is reviewed, along with the question of whether privatization efforts support or hinder de novo private sector development. Finally, the paper discusses the importance of providing a suitable market environment for successful private-sector development.
Privatization Liberalization And Destruction
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Author : László Csaba
language : en
Publisher: Dartmouth Publishing Company
Release Date : 1994
Privatization Liberalization And Destruction written by László Csaba and has been published by Dartmouth Publishing Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Business & Economics categories.
The volume is a selection of papers devoted to key issues of economic transformation; privatization, liberalization, the role of the financial sector and external economic relations. The interplay of these four areas of transition strategy forms the backbone of the collection.
Reality Check
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Author : John R. Nellis
language : en
Publisher: CGD Books
Release Date : 2005
Reality Check written by John R. Nellis and has been published by CGD Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.
Throughout the 1990's, privatization of inefficient state-owned enterprises was strongly embraced in developing and transitional economies. Little attention has gone to the distributional implications of the privatization movement, a particularly surprising oversight given the current backlash in many settings against further privatization. This book offers a comprehensive set of country-specific studies on the effects of privatization on people --winners and losers in different income, employment, and education groups. The studies analyze the changes in public tax revenue from privatized enterprises, shifts in pension and other liabilities, and changes in income of different groups. Contributors include David McKenzie (Stanford University), Dilip Mookherjee (Boston University), Gover Barja (Universidad Católica Boliviana, La Paz), Miguel Urquiola (Columbia University), Samuel Freije (Universidad de Las Américas in Puebla, Mexico), Luis A. Rivas (Ministry of Finance and Central Bank of Nicaragua), Máximo Torero, Enrique Schroth, and Alberto Pasco Font (Group of Analysis for Development [GRADE], Lima), Roberto Macedo (University of São Paulo, Presbyterian Mackenzie University, and Foundation Institute of Economic Research, São Paolo), Antonio Estache (World Bank), Michael Bleyzer and Edi Segura (SigmaBleyzer Corporation), Gary H. Jefferson, (Brandeis University), Su Jian (Brandeis and Peking Universities), Jiang Yuan and Yu Xinhua (National Bureau of Statistics, Beijing), and Malathy Knight-John and P.P.A. Wasantha (Institute of Policy Studies, Sri Lanka).