Privatization Methods and Economic Growth in Transition Economies

Saul Estrin, John Bennett (j.bennett@rhul.ac.uk), James Maw and Giovanni Urga

No 4291, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: We investigate, using dynamic panel data techniques, the impact of differences in privatization methods, and in private sector and capital market development, on economic growth in transition economies. Mass privatization is found to be the only privatization method to have had a significant positive effect on growth. Stock market development has also had a significant positive impact. Our analysis suggests that in economies with underdeveloped capital markets, the matching of owners to firms under full privatization will be inefficient. This finding has important implications for current privatization policy in developing economies.

Keywords: Economic growth; Transition; privatization methods (search for similar items in EconPapers)
JEL-codes: L33 O40 P27 P31 (search for similar items in EconPapers)
Date: 2004-03
New Economics Papers: this item is included in nep-afr, nep-dev, nep-mfd and nep-tra
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (19)

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Working Paper: Privatisation Methods and Economic Growth in Transition Economies (2004)
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