On the dynamics of privatization

Heng-Fu Zou ()

No 92, CEMA Working Papers from China Economics and Management Academy, Central University of Finance and Economics

Abstract: In this paper, we answer two questions about how privatization should proceed. First, we assume an exogenously given time span of privatization and study how the rate of privatization is related to the initial total state capital, the adjustment cost of privatization, the efficiency difference between the private sector and the state sector. the income discount rate and the exogenous terminal time fur privatization. Second, from the perspective of income maximization and adjustment cost minimization, we endogenize the choice of the time span of privatization and offer a solution to the optimal terminal time for the completion of the privatization process.

JEL-codes: P2 (search for similar items in EconPapers)
Pages: 13 pages
Date: 1995
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Published in China Economic Review, Volume 5, Issue 2, 1994, Pages 221-233

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Journal Article: On the dynamics of privatization (1994)
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