Privatization, International Asset Trade and Financial Markets

Guillaume Girmens ()
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Guillaume Girmens: EPEE, Université d’Evry-Val d’Essonne

No 01-14, Documents de recherche from Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne

Abstract: This paper evaluates the impact of privatization on the development of capital markets in a two-country general equilibrium model. We draw particular attention to two divestment techniques, share issue privatizations and voucher privatizations. It is shown how these two privatization methods can have an impact on private asset prices, supplies of private assets, demands for assets, market capitalizations and international asset allocation strategies. We show that even a non-marketed privatization (voucher privatization) has market-e¤ects, by altering the portfolio choice of both domestic and foreign agents.

Keywords: Financial integration; International risk-sharing; Share issue privatization; Stock market development; Voucher privatization (search for similar items in EconPapers)
JEL-codes: F3 G1 L33 (search for similar items in EconPapers)
Pages: 34 pages
Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:eve:wpaper:01-14

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