The Privatization Origins of Political Corporations

Felipe González, Mounu Prem and Francisco Urzúa I.
Authors registered in the RePEc Author Service: Francisco Urzúa I.

No 30, Working Papers ClioLab from EH Clio Lab. Instituto de Economía. Pontificia Universidad Católica de Chile

Abstract: We show that the sale of state owned firms in dictatorships can help political corporations to emerge and persist over time. Using new data, we characterize Pinochet’s privatizations in Chile and find that some firms were sold underpriced to politically connected buyers. These newly private firms benefited financially from the Pinochet dictatorship. Once democracy arrived, they formed connections with the new government, financed political campaigns, and were more likely to appear in the Panama Papers. These findings reveal how dictatorships can influence young democracies using privatization reforms.

Date: 2019
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Citations: View citations in EconPapers (2)

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Related works:
Journal Article: The Privatization Origins of Political Corporations: Evidence from the Pinochet Regime (2020)
Working Paper: The Privatization Origins of Political Corporations (2018)
Working Paper: The Privatization Origins of Political Corporations (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:ioe:clabwp:30

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