Privatisation Around the World: New Evidence from Panel Data

Bernardo Bortolotti (), Marcella Fantini and Domenico Siniscalco

No CESifo Working Paper No. 600, CESifo Working Paper Series from CESifo Group Munich

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 (search for similar items in EconPapers)
JEL-codes: D72 G15 H60 K22 L33 (search for similar items in EconPapers)
Date: 2001
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