On the Speed and Sequencing of Privatization and Restructuring

Gérard Roland

No 942, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: This paper examines aspects of speed and sequencing of restructuring and privatization in economies in transition. It is argued that because of political constraints, restructuring is more likely to be gradual. Because of the political constraints on restructuring, a very fast and non-differentiated approach to privatization may lead to renationalization and general delays in restructuring. A more gradual policy of privatization may allow for the screening of good from bad firms, allow the emergence of a sound financial sector and give credibility to a policy of gradual restructuring and hardening of budget constraints in the state sector.

Keywords: Political Economy; Privatization; Restructuring; Sequencing; Transition (search for similar items in EconPapers)
JEL-codes: H89 P50 (search for similar items in EconPapers)
Date: 1994-04
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Journal Article: On the Speed and Sequencing of Privatisation and Restructuring (1994)
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