The Gains from Privatization in Transition Economies: Is "Change of Ownership" Enough?

Clifford Zinnes, Yair Eilat and Jeffrey Sachs
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Clifford Zinnes: International Monetary Fund
Yair Eilat: International Monetary Fund
Jeffrey Sachs: International Monetary Fund

IMF Staff Papers, 2001, vol. 48, issue 4, 7

Abstract: This paper seeks to clarify what factors contributed to the macroeconomic gains and losses from privatization in transition economies over the past decade. In contrast to the original "Washington Consensus," which had a tendency to equate change-of-title with privatization, we find that economic performance gains come only from "deep" privatization, that is, when change-of-title reforms occur once key institutional and "agency"-related reforms have exceeded certain threshold levels. We also find that as a result of different initial conditions the economic performance responses of countries to the same policies are different. Copyright 2002, International Monetary Fund

Date: 2001
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