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Optimal Privatization Design and Financial Markets

Stefano Bosi, Guillaume Girmens () and Michel Guillard ()
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Stefano Bosi: EPEE, Université d’Evry-Val d’Essonne
Guillaume Girmens: EPEE, Université d’Evry-Val d’Essonne

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

Abstract: This paper provides a simple general equilibrium analysis of privatization, exploring its real effects. They derive from the expansion of risk-sharing opportunities (within an incomplete markets setting) that are created by the addition of a market in the public project property rights. The principal conclusion is that an optimal combination of voucher and share issue privatization can implement the first-best.

Keywords: Privatization; Public good provision; Risk diversification; Financial market development (search for similar items in EconPapers)
JEL-codes: G1 H4 L33 (search for similar items in EconPapers)
Pages: 31 pages
Date: 2001
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Journal Article: Optimal Privatization Design and Financial Markets (2005) Downloads
Working Paper: Optimal privatization design and financial markets (2005)
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