Large-scale Privatization via Auctions PDF Download

Author:
Publisher: Deutscher Universitätsverlag
ISBN: 9783824467778
Category : Business & Economics
Languages : de
Pages : 0

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On the basis of a game-theoretic framework of analysis, Jocelyn Braun shows that the mechanism of auctioning is an efficient and equitable alternative to many privatization methods that have so far been implemented with disappointing results.

Author: Jan Boone
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Author: Bernardo Bortolotti
Publisher:
ISBN:
Category :
Languages : en
Pages : 0

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We study the government's decision to sell a state-owned enterprise to strategic investors in a common value auction setting. The government can choose to sell his control stake all at once, or to design a sequential auction of shares. The sequential auction allows information transmission, so that the winner of the first stake receives a signal about the value of control rights which will be sold at the second and final auction. We show that if bidders are symmetric, the sequential auction and the block auction are revenue equivalent. If instead one of the bidders has private information, the sequential auction is more profitable for the government. By disseminating information, the sequential auction forces the informed bidder to bid more aggressively, raising expected revenues.

Author: Paul Milgrom
Publisher: Cambridge University Press
ISBN: 1139449168
Category : Business & Economics
Languages : en
Pages : 378

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Book Description
This book provides a comprehensive introduction to modern auction theory and its important new applications. It is written by a leading economic theorist whose suggestions guided the creation of the new spectrum auction designs. Aimed at graduate students and professionals in economics, the book gives the most up-to-date treatments of both traditional theories of 'optimal auctions' and newer theories of multi-unit auctions and package auctions, and shows by example how these theories are used. The analysis explores the limitations of prominent older designs, such as the Vickrey auction design, and evaluates the practical responses to those limitations. It explores the tension between the traditional theory of auctions with a fixed set of bidders, in which the seller seeks to squeeze as much revenue as possible from the fixed set, and the theory of auctions with endogenous entry, in which bidder profits must be respected to encourage participation.

Author: Stuart Bell
Publisher: World Bank Publications
ISBN: 9780821332306
Category : Business & Economics
Languages : en
Pages : 44

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World Bank Discussion Paper No. 285. Privatization typically involves a fundamental shift of economic power, always from the state to the private sector and sometimes from domestic to foreign owners. This usually causes political conflict and invol

Author: Bernardo Bortolotti
Publisher: Oxford University Press, USA
ISBN: 0199249342
Category : Business & Economics
Languages : en
Pages : 171

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Book Description
From 1997 to 2001, more than 4,000 privatization operations have been carried out in more than 100 countries, bringing in government revenues of over 1,362 billion dollars. The phenomenon, which grew exponentially at the end of the 1990s and then abruptly slowed down, had dramatic consequences on the performance of state-owned enterprises and a significant impact on industrialized countries, as well as emerging and less developed economies. Yet there have been surprisingly fewattempts to provide a systematic empirical account of the privatization process at the worldwide level.Why do governments privatize? Why do some countries accomplish large-scale privatization programmes, and others never privatize at all? Is privatization a trend or a cycle? Furthermore, how do governments privatize? Do governments really transfer ownership and control of state-owned enterprises or does private ownership tend to coexist with public control?This book provides some answers to these important questions trying to test research hypotheses set forth by the recent economic theory of privatization.Comprehensive cross-country empirical analyses carried out over a period of more than twenty years are used in the book to show that privatization has taken place all over the world, sometimes spontaneously, more often under the pressure of economic and budgetary constraints. Several of the goals of the privatization have been met, but despite proclamations and programmes, only a small minority of countries has carried out a genuine privatization process, completely transferring ownership ofstate-owned enterprises to the private sector. A lack of political will is to some extent at the root of this reluctance. However this reluctance can be traced back partly to structural factors that would make an orderly privatization difficult, such as the absence of developed capital markets,appropriate regulation, and suitable institutions.

Author: Maxim Boycko
Publisher: MIT Press
ISBN: 9780262522281
Category : Business & Economics
Languages : en
Pages : 180

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Privatizing Russia offers an inside look at one of the most remarkable reforms in recent history. Having started on the back burner of Russian politics in the fall of 1991, mass privatization was completed on July 1, 1994, with two thirds of the Russian industry privately owned, a rapidly rising stock market, and 40 million Russians owning company shares. The authors, all key participants in the reform effort, describe the events and the ideas driving privatization. They argue that successful reformers must recognize privatization as a process of depoliticizing firms in the face of massive opposition: making the firm responsive to market rather than political influences. The authors first review the economic theory of property rights, identifying the political influence on firms as the fundamental failure of property rights under socialism. They detail the process of coalition building and compromise that ultmately shaped privatization. The main elements of the Russian program -- corporatization, voucher use, and voucher auctions -- are described, as is the responsiveness of privatized firms to outside investors. Finally, the market values of privatized assets are assessed for indications of how much progress the country has made toward reforming its economy. In many respects, privatization has been a great success. Market concepts of property ownership and corporate management are shaking up Russian firms at a breathtaking pace, creating powerful economic and political stimuli for continuation of market reforms. At the same time, the authors caution, the political landscape remains treacherous as old-line politicians reluctantly cede their property rights and authority over firms.

Author: June G. Hopps
Publisher: Bloomsbury Publishing USA
ISBN: 0313022259
Category : Education
Languages : en
Pages : 224

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Book Description
Central and Eastern European countries are facing the transition from central to market systems with different strategies and capacities. As the task of societal transformation is without precedent in world history, the massive economic restructuring has revealed the need for distributive justice and general well-being. As the editors and contributors to this volume point out, the monolithic preoccupation with economic restructuring in a market economics framework is implemented at the expense of social protection and security. In contrast to traditional views of privatization as only an economic or managerial phenomenon, this collection approaches privatization as a broader integrated process of societal transformation. Privatization as defined here consists of integrated processes of societal restructuring that affect sociopolitical, economic, and ideological constructs as well as human and physical capital development, transformation of family structures, market stabilization, and organization of social care. Public policymakers as well as scholars and researchers of contemporary Eastern Europe will find this collection of great interest, and an important challenge to the economic models of privatization which undervalue social costs.

Author: Ms.Katrin Elborgh-Woytek
Publisher: International Monetary Fund
ISBN: 1451971621
Category : Business & Economics
Languages : en
Pages : 23

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The paper examines the recent privatization experience in Ukraine in the context of the streamlining of Fund structural conditionality. A particular focus is the shift from privatization-related conditionality based on quantitative targets to conditionality aimed at strengthening privatization procedures. The paper examines how this shift was managed in Ukraine and discusses the challenges of applying conditionality to privatization procedures and the implications for country ownership.

Author: Olivier Jean Blanchard
Publisher: University of Chicago Press
ISBN: 0226056813
Category : Business & Economics
Languages : en
Pages : 288

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Book Description
When communism fell in 1989, the question for most Eastern European countries was not whether to go to a market economy, but how to get there. Several years later, the difficult process of privatization and restructuring continues to concern the countries of the region. The Transition in Eastern Europe, Volumes 1 and 2 is an analysis of the experiences of various countries making the transition to market economies and examines the most important challenges still in store. Volume 1, Country Studies, gives an in-depth, country-by-country analysis of various reform experiences, including historical backgrounds and discussions of policies and results to date. The countries analyzed are Poland, Czechoslovakia, Hungary, eastern Germany, Slovenia, and Russia. Written by leading economists, some of whom helped shape local and national reforms, this volume identifies common progress, common difficulties, and tentative solutions to the problems of economic transition. Volume 2, Restructuring, focuses on specific issues of transition, including how to design labor market institutions, privatization, new fiscal structures, and bankruptcy laws; how to reorganize foreign trade; and how to promote foreign direct investment. The articles, written by experts in the field, will be of direct help to those involved in the transition process. These volumes provide a standard reference on economic transition in the region for policymakers in Eastern Europe and in western countries, for international agencies concerned with the transition process, and for anyone interested in learning about the dramatic changes that have recently occurred in Eastern Europe.