Privatisation Around the World: New Evidence from Panel Data

43 Pages Posted: 29 Oct 2001

See all articles by Domenico Siniscalco

Domenico Siniscalco

Ministry of Economy and Finance, Italy; Fondazione Eni Enrico Mattei; University of Turin - Department of Economics; CESifo (Center for Economic Studies and Ifo Institute)

Bernardo Bortolotti

Bocconi University; University of Turin

Marcella Fantini

National Economic Research Associates Inc. (NERA)

Date Written: October 2001

Abstract

This paper presents new evidence about privatisation processes and their determinants from a panel of 34 countries over the 1977-99 period. The empirical analysis shows that privatisation takes place typically in wealthy and democratic countries, endowed with deep and liquid stock markets, and is affected by the governing political majority and public sector budget constraints. But 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.

Keywords: Privatisation, Public Finance, Political Economy, Law and Finance, Capital Markets

JEL Classification: L33, D72, G15, H6, K22

Suggested Citation

Siniscalco, Domenico and Bortolotti, Bernardo and Fantini, Marcella, Privatisation Around the World: New Evidence from Panel Data (October 2001). Available at SSRN: https://ssrn.com/abstract=288530 or http://dx.doi.org/10.2139/ssrn.288530

Domenico Siniscalco (Contact Author)

Ministry of Economy and Finance, Italy ( email )

Via XX Settembre 97
Rome, Rome 00187
Italy

Fondazione Eni Enrico Mattei ( email )

Corso Magenta 63
20123 Milan
Italy
+39 02 5203 6942 (Phone)
+39 02 5203 6946 (Fax)

University of Turin - Department of Economics ( email )

Via Po, 53
Torino, 10124
Italy

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5
Munich, DE-81679
Germany

HOME PAGE: http://www.CESifo.de

Bernardo Bortolotti

Bocconi University ( email )

Via Sarfatti 25
Milan, MI 20136
Italy

University of Turin

Via Po 53
Torino, Turin - Piedmont 10100
Italy

Marcella Fantini

National Economic Research Associates Inc. (NERA) ( email )

Rome
Italy

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