This article analyzes investment choices and asset allocation among Italian households. It derives a Financial Almost Ideal Demand System to model both limited participation in financial markets and household asset allocation. Estimation highlights the determinants of participation and substitutability/complementarity of assets. Wealth elasticities provide insights into the low adoption of complex financial instruments among Italian households.
Competition in the canadian mortgage market by jason allenLeo Lee
An article by Jason Allen, Financial Stability Department, Bank of Canada on the dominance of the Big Banks and the lack of competition in the mortgage market in Canada.
There has been a lot of discussion in the media and in the
financial sector, about the state of struggling European
markets, and particularly about the Greek economy. More
broadly, people are concerned about what overall impact
the distressed Euro Zone could have on financial institutions
here in the United States if confidence in the Euro’s stability
continues to deteriorate.
As always, when talking about the future of the international
market, and more particularly about banks and Credit Unions
here in the United States, it’s difficult to say anything with
certainty. In this case, that difficulty is only increased by the
likelihood that banks and Credit Unions would be affected
differently. For more info: www.nafcu.org/bfb
This document introduces the first edition of the Green Energy Observer, which will keep readers informed about developments in green energy and energy deregulation. It notes that growth in renewable energy has outpaced other sources over the past decade. It also discusses how Viridian Energy is helping drive the green energy movement by giving customers choice and investing in sustainability projects both domestically and abroad.
Presentation on Evaluating Privatization’s Effect On Enhancing Productivity i...Engr. Md. Raihan Hossain
This presentation evaluates the effect of privatization on enhancing productivity in public industries in Bangladesh, using Khulna Shipyard Limited as a case study. It discusses how KSY has improved financially and in productivity since being handed over to the Bangladesh Navy in 1999 after incurring losses under government operation. Financial indicators such as sales, profits, and income have significantly increased since 2009. The presentation argues that privatizing public enterprises can improve efficiency, productivity, and competitiveness by reducing political interference and increasing profit motivation. However, privatization must be carefully managed to consider its impacts on all stakeholders.
The document discusses the privatization of several British industries including British Airways, the water industry, British Petroleum, and electricity supply. It provides details on the reasons for privatization, the effects before and after privatization, and historical background. The key points are:
1) Industries like British Airways, water, and electricity were nationalized but privatized in the 1980s-1990s due to reasons like improving efficiency, raising money, and increasing productivity which had declined in nationalized industries.
2) Privatization led to initial rises in prices, profits, and executive pay but longer term impacts included increased investment, employment cuts, and varied effects on services and environmental standards depending on the industry.
this module describes aout the hr role and Excess of consumption and expenditure over revenue resulting in heavy govt. borrowings.
Growing inefficiency on the use of resources.
Over protection to industries.
Mismanagement of the firm and the economy.
Increase in losses for public sector enterprises.
Various distortion like poor technological development, shortage of foreign exchange and borrowing from abroad.
Low foreign exchange reserves.
Inflation
This document defines privatization as the transfer of ownership and management of public sector enterprises to the private sector. It discusses the conditions necessary for privatization, such as liberalization and developed capital markets. Obstacles like unprofitable enterprises and opposition are outlined. The stages of privatization in India are defined as deregulation, dereservation, disinvestment, and privatization. Arguments both for and against privatization are provided. Methods of disinvestment and privatization are explained.
This article analyzes investment choices and asset allocation among Italian households. It derives a Financial Almost Ideal Demand System to model both limited participation in financial markets and household asset allocation. Estimation highlights the determinants of participation and substitutability/complementarity of assets. Wealth elasticities provide insights into the low adoption of complex financial instruments among Italian households.
Competition in the canadian mortgage market by jason allenLeo Lee
An article by Jason Allen, Financial Stability Department, Bank of Canada on the dominance of the Big Banks and the lack of competition in the mortgage market in Canada.
There has been a lot of discussion in the media and in the
financial sector, about the state of struggling European
markets, and particularly about the Greek economy. More
broadly, people are concerned about what overall impact
the distressed Euro Zone could have on financial institutions
here in the United States if confidence in the Euro’s stability
continues to deteriorate.
As always, when talking about the future of the international
market, and more particularly about banks and Credit Unions
here in the United States, it’s difficult to say anything with
certainty. In this case, that difficulty is only increased by the
likelihood that banks and Credit Unions would be affected
differently. For more info: www.nafcu.org/bfb
This document introduces the first edition of the Green Energy Observer, which will keep readers informed about developments in green energy and energy deregulation. It notes that growth in renewable energy has outpaced other sources over the past decade. It also discusses how Viridian Energy is helping drive the green energy movement by giving customers choice and investing in sustainability projects both domestically and abroad.
Presentation on Evaluating Privatization’s Effect On Enhancing Productivity i...Engr. Md. Raihan Hossain
This presentation evaluates the effect of privatization on enhancing productivity in public industries in Bangladesh, using Khulna Shipyard Limited as a case study. It discusses how KSY has improved financially and in productivity since being handed over to the Bangladesh Navy in 1999 after incurring losses under government operation. Financial indicators such as sales, profits, and income have significantly increased since 2009. The presentation argues that privatizing public enterprises can improve efficiency, productivity, and competitiveness by reducing political interference and increasing profit motivation. However, privatization must be carefully managed to consider its impacts on all stakeholders.
The document discusses the privatization of several British industries including British Airways, the water industry, British Petroleum, and electricity supply. It provides details on the reasons for privatization, the effects before and after privatization, and historical background. The key points are:
1) Industries like British Airways, water, and electricity were nationalized but privatized in the 1980s-1990s due to reasons like improving efficiency, raising money, and increasing productivity which had declined in nationalized industries.
2) Privatization led to initial rises in prices, profits, and executive pay but longer term impacts included increased investment, employment cuts, and varied effects on services and environmental standards depending on the industry.
this module describes aout the hr role and Excess of consumption and expenditure over revenue resulting in heavy govt. borrowings.
Growing inefficiency on the use of resources.
Over protection to industries.
Mismanagement of the firm and the economy.
Increase in losses for public sector enterprises.
Various distortion like poor technological development, shortage of foreign exchange and borrowing from abroad.
Low foreign exchange reserves.
Inflation
This document defines privatization as the transfer of ownership and management of public sector enterprises to the private sector. It discusses the conditions necessary for privatization, such as liberalization and developed capital markets. Obstacles like unprofitable enterprises and opposition are outlined. The stages of privatization in India are defined as deregulation, dereservation, disinvestment, and privatization. Arguments both for and against privatization are provided. Methods of disinvestment and privatization are explained.
This document discusses pathways by which improved market information can affect market performance and implications for evaluating the impacts of market information systems (MIS). It summarizes that:
1) MIS can directly impact private actors' decisions around spatial arbitrage, production, and pricing, but indirectly impact markets through complementarity with other infrastructure and improved policies.
2) Evaluating direct impacts is more straightforward but attributing indirect impacts to MIS is difficult due to other contemporaneous factors.
3) While conceptual links exist between better information and market outcomes, private investment alone may not sufficiently provide information due to issues like indivisibility, non-excludability, and uncertainty.
This document discusses public-private partnerships (PPPs) in developing countries, with a focus on their success and failure. It provides background on the increased interest in PPPs as a way to remedy inefficiencies in traditional public service delivery. The document then presents a case study of a PPP initiative in the Lebanese telecommunications sector to draw lessons for improving PPP viability in developing country contexts.
Rising to the New Challenges of Transactional Services in the Public SectorCapgemini
Companies and government agencies alike are moving their activities online.
The rising curve of online service delivery adoption has raised expectations of service levels. Yet many transactions in the public sector are often still provided by systems that were not intended, designed and built to support the exponential user and data growth.
Subsequently, the rise of online service delivery not only requires new investment but also adds new risks in making these systems secure for an online world with its increasing levels of cyber crime. Both the private and the public sectors are under pressure to reduce the costs associated with delivery of transactional services.
But since our last paper on the topic was published, three significant trends have emerged:
- The increased urgency to reduce fraud and non-compliance
- The changing nature of Business Process Outsourcing (BPO) and Shared Services strategies moving away from pure cost reduction to transformational outsourcing
- The rapid rise of Cloud technology, with dramatic changes to delivery models
Read our paper to learn more about how government can learn from the private sector in order to tackle these issues.
Competition for grants is increasing and requirements are evolving. What can you do to maximize your organization’s funding? Hint: transparent, accountable and results driven nonprofits will top funders lists for grant awards. This webinar will focus on the essential strategies for managing your grants pipeline, creating strong grant applications, increasing renewals, and building a sustainable grant management program. You will learn the right tools and best practices for successful grant management.
This document provides an overview of a presentation on public-private partnerships. The presentation will cover the definition of PPPs, different types of PPPs and how they have evolved over time. It will also discuss the public and private sector interests in PPPs and the role of the public sector. Key topics that will be addressed include risk appetite, identification, assessment, prioritization and the building blocks of enterprise risk management for PPPs. Case studies and general information on PPPs will also be presented.
Under the conventional approach, the government funds both the capital costs of construction upfront and the subsequent recurrent costs of operating and maintaining the facility. In contrast, the PPP approach transfers responsibility for upfront capital investment to the private sector, with the government instead paying for services delivered over the long-term life of the project based on pre-agreed performance standards. This shifts project risks and rewards to the private sector while allowing the government to spread costs over the life of the asset.
Under the conventional approach, the government funds both the capital costs of construction upfront and the subsequent recurrent costs of operating and maintaining the facility. In contrast, the PPP approach transfers responsibility for upfront capital investment to the private sector, with the government instead paying for services delivered over the long-term life of the project based on pre-agreed performance standards. This shifts project risks and rewards to the private sector while allowing the government to spread costs over the life of the asset.
The document introduces public-private partnerships (PPPs) and outlines their key advantages:
1) PPPs bring together the public and private sectors in a long-term relationship to deliver high-quality public services, with the private sector taking on more of a service provider role and the public sector focusing on regulation and procurement.
2) The private sector can exploit its commercial skills, practices, and disciplines to deliver services earlier, at lower cost, and with better quality than traditional public sector procurement due to incentives like profit motivation and competitive pressures.
3) PPPs allow the government to harness private sector financing, innovation, and efficiencies to develop facilities and services, providing an alternative to public sector capital
The document summarizes a master's project that introduces institutional variables into the Environmental Kuznets Curve hypothesis for Latin American countries. The study analyzes the impact of changes in institutional quality indices and income on environmental indicators. It reviews literature on the relationships between economic growth, institutions, and pollution. The methodology section describes the pool model and basic and extended models used. Finally, it lists the variables and data sources.
The document discusses challenges faced by governments in public-private partnerships (PPPs). It notes that PPPs require the government to balance its roles as both regulator and partner. There is tension between complete control and ceding management to private partners. However, the key to success is properly allocating risks between parties. While transferring all risks to private partners may not be optimal, retaining too many risks can also undermine partnerships. Ultimately, the government must ensure public policy goals and transparency as the guardian of public assets, even while being an equitable partner.
neiljoshi_privatization of governmental services_finalpaper_Neil Joshi
The document summarizes key points from a literature review on the "hollow state" phenomenon of governments increasingly contracting out public services to private companies. It discusses factors driving privatization like ideological preferences for smaller government and economic motives. However, critics argue privatization often fails to achieve intended benefits and can reduce government control, expertise and accountability. The hollow state also blurs lines between public and private sectors in a way that may undermine democratic governance and constitutional protections.
The Analysis of Discrete Structural Alternatives & Separation of Ownership an...Sahar Salehi
The document discusses the separation of ownership and control in organizations. It puts forth two hypotheses: 1) Separation of residual risk bearing from decision management leads to separate decision management and control. 2) Combining decision management and control in a few agents leads to restricting residual claims to those agents. The optimal structure depends on whether information is concentrated or diffuse. Separating functions allows for specialization and risk diversification, but combining them controls agency problems in non-complex settings. Overall, the document analyzes how organizations can structure decision-making, control, and risk-bearing to overcome agency problems.
This document discusses the differences between public administration and private sector management. It presents three views on the differences: 1) there are significant differences in how organizations in each domain are run, 2) administration and management refer to similar activities that can be used interchangeably, and 3) a new public management approach has emerged that combines elements of traditional public administration and private business management. The document also outlines some key distinguishing factors between public and private organizations, such as their profit/service motivations and political accountability.
Objectives of this presentation by Winston Riley, former President of the Joint Consultative Council for the Construction Industry (Trinidad and Tobago) are:
1. To show how procurement methods and delivery systems have acted as drivers for institutional change in the public and private sectors.
2. To highlight some of the negative impacts of procurement methods.
3. To show how private sector public sector partnering can positively affect the change process
Adversarial and cooperative models in contracting for public servicesShantanu Basu
This document discusses contracting for public services and the transition from government to governance. It identifies several confounding factors that add environmental uncertainty and complicate the principal-agent relationship in contracting. Specifically, it examines claims that contracting leads to improved economy, efficiency and effectiveness but finds limited empirical evidence supporting this. Research designs studying contracting often have flaws and do not account for all contextual factors. The level of cooperation between principals and agents may depend on environmental turbulence, which could determine contract types. A proposed study would use a standard set of variables and a typology matrix to categorize contracts based on cooperation levels and turbulence across different contexts.
1. This chapter discusses intersectoral administration and the growing reliance on privatization to deliver public services.
2. It explains the differences between sourcing, procurement contracts, and service contracts, as well as the typical reasons given for privatization such as saving money.
3. However, it also notes potential problems with privatization like lack of competition, loose contracting procedures, and accountability issues.
Since the Spring of 2007 and continuing into the Summer of 2009, Public Works: The Demos Center for the Public Sector and the Topos Partnership have collaborated on a Ford Foundation-funded effort to create a new public conversation on the role of government in the economy. This effort has included a wide range of qualitative and quantitative research efforts, spanned a period of dramatic change in the national economic landscape, and built on earlier research conducted by Topos principals concerning the public’s view of government and public understandings of low wage work. The analysis that follows is a synthesis of the key findings and recommendations from a number of research reports by Topos.
This document discusses the concepts of privatization. It defines privatization as the transfer of government services, assets, and functions to the private sector. The purposes are often to shrink government size and reduce costs and risks. Privatization can take several forms, including contracting private firms, deregulation, and selling state-owned assets. The document discusses the history and reasons for privatization movements, including reducing taxes and revitalizing free markets. It also notes that privatized industries still require regulation to prevent monopolistic behavior that does not serve the public interest.
Pub503 Separation Of Powers Final Analysisjrada5430
This document summarizes and compares public and private governance. It discusses how public administration is constrained by separation of powers, with executive, legislative and judicial functions, while private management is not subject to these constraints. It proposes that certain aspects of public governance, like fixed compensation and separation of powers, could improve private sector governance. Key differences between public and private organizations include their environmental factors like market exposure, legal constraints, and political influences. Public organizations have broader impact, greater scrutiny, and face more objectives and criteria than private organizations.
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Rising to the New Challenges of Transactional Services in the Public SectorCapgemini
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The rising curve of online service delivery adoption has raised expectations of service levels. Yet many transactions in the public sector are often still provided by systems that were not intended, designed and built to support the exponential user and data growth.
Subsequently, the rise of online service delivery not only requires new investment but also adds new risks in making these systems secure for an online world with its increasing levels of cyber crime. Both the private and the public sectors are under pressure to reduce the costs associated with delivery of transactional services.
But since our last paper on the topic was published, three significant trends have emerged:
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Read our paper to learn more about how government can learn from the private sector in order to tackle these issues.
Competition for grants is increasing and requirements are evolving. What can you do to maximize your organization’s funding? Hint: transparent, accountable and results driven nonprofits will top funders lists for grant awards. This webinar will focus on the essential strategies for managing your grants pipeline, creating strong grant applications, increasing renewals, and building a sustainable grant management program. You will learn the right tools and best practices for successful grant management.
This document provides an overview of a presentation on public-private partnerships. The presentation will cover the definition of PPPs, different types of PPPs and how they have evolved over time. It will also discuss the public and private sector interests in PPPs and the role of the public sector. Key topics that will be addressed include risk appetite, identification, assessment, prioritization and the building blocks of enterprise risk management for PPPs. Case studies and general information on PPPs will also be presented.
Under the conventional approach, the government funds both the capital costs of construction upfront and the subsequent recurrent costs of operating and maintaining the facility. In contrast, the PPP approach transfers responsibility for upfront capital investment to the private sector, with the government instead paying for services delivered over the long-term life of the project based on pre-agreed performance standards. This shifts project risks and rewards to the private sector while allowing the government to spread costs over the life of the asset.
Under the conventional approach, the government funds both the capital costs of construction upfront and the subsequent recurrent costs of operating and maintaining the facility. In contrast, the PPP approach transfers responsibility for upfront capital investment to the private sector, with the government instead paying for services delivered over the long-term life of the project based on pre-agreed performance standards. This shifts project risks and rewards to the private sector while allowing the government to spread costs over the life of the asset.
The document introduces public-private partnerships (PPPs) and outlines their key advantages:
1) PPPs bring together the public and private sectors in a long-term relationship to deliver high-quality public services, with the private sector taking on more of a service provider role and the public sector focusing on regulation and procurement.
2) The private sector can exploit its commercial skills, practices, and disciplines to deliver services earlier, at lower cost, and with better quality than traditional public sector procurement due to incentives like profit motivation and competitive pressures.
3) PPPs allow the government to harness private sector financing, innovation, and efficiencies to develop facilities and services, providing an alternative to public sector capital
The document summarizes a master's project that introduces institutional variables into the Environmental Kuznets Curve hypothesis for Latin American countries. The study analyzes the impact of changes in institutional quality indices and income on environmental indicators. It reviews literature on the relationships between economic growth, institutions, and pollution. The methodology section describes the pool model and basic and extended models used. Finally, it lists the variables and data sources.
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Objectives of this presentation by Winston Riley, former President of the Joint Consultative Council for the Construction Industry (Trinidad and Tobago) are:
1. To show how procurement methods and delivery systems have acted as drivers for institutional change in the public and private sectors.
2. To highlight some of the negative impacts of procurement methods.
3. To show how private sector public sector partnering can positively affect the change process
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2. It explains the differences between sourcing, procurement contracts, and service contracts, as well as the typical reasons given for privatization such as saving money.
3. However, it also notes potential problems with privatization like lack of competition, loose contracting procedures, and accountability issues.
Since the Spring of 2007 and continuing into the Summer of 2009, Public Works: The Demos Center for the Public Sector and the Topos Partnership have collaborated on a Ford Foundation-funded effort to create a new public conversation on the role of government in the economy. This effort has included a wide range of qualitative and quantitative research efforts, spanned a period of dramatic change in the national economic landscape, and built on earlier research conducted by Topos principals concerning the public’s view of government and public understandings of low wage work. The analysis that follows is a synthesis of the key findings and recommendations from a number of research reports by Topos.
This document discusses the concepts of privatization. It defines privatization as the transfer of government services, assets, and functions to the private sector. The purposes are often to shrink government size and reduce costs and risks. Privatization can take several forms, including contracting private firms, deregulation, and selling state-owned assets. The document discusses the history and reasons for privatization movements, including reducing taxes and revitalizing free markets. It also notes that privatized industries still require regulation to prevent monopolistic behavior that does not serve the public interest.
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This document summarizes and compares public and private governance. It discusses how public administration is constrained by separation of powers, with executive, legislative and judicial functions, while private management is not subject to these constraints. It proposes that certain aspects of public governance, like fixed compensation and separation of powers, could improve private sector governance. Key differences between public and private organizations include their environmental factors like market exposure, legal constraints, and political influences. Public organizations have broader impact, greater scrutiny, and face more objectives and criteria than private organizations.
Similar to Different contexts of privatisation’s costs and benefits (20)
Different contexts of privatisation’s costs and benefits
1.
2. Structure of presentation
Slides
What is the privatisation?...........................................................................................3
1. Evidence
Benefits………………………………………………………………………………....….
4
Perceptions……………………………………………………………………………5-6
Costs………………………………………………………………………………………...7
2. Contextual differences…………………………………………………………….8-13
Conclusion…………………………………………………………………………………….14
References……………………………………………………………………………….15-16
The main goal of presentation is to explain contextual
differences of privatisation’s costs and benefits
28.11.12 MPA: Comparative Public Policy 2
3. What is the privatisation?
It is an “umbrella term”(Butcher, 1995, p. 108)
o Techniques through which
private, rather than public,
activity can be increased
o Strategies
o Transfer of responsibilities
o Alteration in the nature of
decision making
o Shifting the balance between
public and private spheres
Drakeford, M., 2000, pp. 18-19
As privatisation may be considered any material transaction by which the state’s
ultimate ownership of corporate entities is reduced
OECD, 2009
28.11.12 MPA: Comparative Public Policy 3
4. Benefits of privatisation
Accumulated Proceeds as Share of 2000 GDP,
by Region and Sector, 1988–2005
World Bank Privatization Database; World Development Indicators
28.11.12 MPA: Comparative Public Policy 4
5. Perceptions of privatisation
1991: Do you support the following actions of the Russian
government? ( % of respondents)
VCIOM (All-Russia Public Opinion Research Center), 1991 [In Russian]
However, 10 years later…
2001: More than 60% of 1,600 Russians interviewed thought that
they had lost more than gained from the privatization of state
property; only 5% said the opposite
Birdsall, N. and Nellis, J., 2003
28.11.12 MPA: Comparative Public Policy 5
6. Perceptions of privatisation
Negative Views of Privatization in Latin America, 1998 and 2005
% of respondents who don’t agree that privatisation has been beneficial for the
country
Bourguignon, F. and Sepúlveda, C., 2009
28.11.12 MPA: Comparative Public Policy 6
7. Costs of privatisation
Changes in income inequality in selected
transition economies
Negative
distributional
effects
On the
employment and
returns to labor
On the access to
utility and
infrastructure
services
On the prices of
utility and
infrastructure
services
Source: World Bank, 2000
28.11.12 MPA: Comparative Public Policy 7
8. Context 1: Role of SOEs
The social The agency The political-
view view economy view
SOEs as SOEs seek to maximize SOEs represent
institutions social welfare but a mechanism
focuses on the
created by a discrepancy between for pursuing
social welfare, the objectives of the individual
managers (the agents)
maximizing and of owners (the goals of
government principals) politicians
Bourguignon, F. and Sepúlveda C., 2009
28.11.12 MPA: Comparative Public Policy 8
9. Context 2: Type of ownership
Impact of Ownership on Performance,
Fixed-Effects Coefficients,
Czech Republic, Hungary, and Poland, 1990–93
15
10
5
0
-5 Revenue Employment Productivity
-10
-15
Firms privatized, owned by outsiders
Firms privatized, owned by insiders
Frydman et al., 1999
28.11.12 MPA: Comparative Public Policy 9
10. Context 3: Level of economic development
Extent of Different
development of: objectives of
privatisation
• Legal framework • e.g. To create better
• Human Capital services and lower
• Public institutions prices
• Financial institutions • e.g. To improve the
public sector's financial
• Political situation
health
28.11.12 MPA: Comparative Public Policy 10
11. Context 4: Underlying models
Schumpeterian Model Model of Marketization
Importance of Private Market conditions rather than
ownership, per se ownership
Private rather than public Competition
“Load-shedding” “Empowerment”
Financing by
Financing, delivery and
government, Production and
production by private sector
delivery by private sector
Cost and benefits of private Cost and benefits of
ownership market conditions
Drakeford, M., 2000, pp. 21-22
28.11.12 MPA: Comparative Public Policy 11
12. Context 5: Dimensions of performance
Ownership, Compet Efficiency vs. Equity
ition and
E.g. Soviet
Regulation
Union, Russia
Hodge, G.A., 2000 Birdsall, N. and Nellis, J., 2003
28.11.12 MPA: Comparative Public Policy 12
13. Context 6: Focus of studies
Perceptional
Technical studies
studies
focus on perception that
focus only on shifts post-sale in
privatization is fundamentally
operational and financial
unfair in both concept and
performance at the level of the firm
implementation
Benefits Costs
Negative effect on the distribution
Improvement of efficiency and
of wealth, income and political
financial performance
power
Birdsall, N. and Nellis, J., 2003
28.11.12 MPA: Comparative Public Policy 13
14. Conclusion
Context matters
- it matters a lot how privatization is done The following contexts also
Costs and benefits are different in each should be discussed:
of explained contexts:
Role of SOEs Preconditions
Causality
Type of ownership
Traditional public policy
Level of economic values
development
Stakeholders
Underlying models
Economic system and
political movement
Dimension of performance The post-privatization
environment
Focuse of studies
Etc.
28.11.12 MPA: Comparative Public Policy 14
15. References
0 Alexeev, M. (1999) The effect of privatization on wealth distribution in
Russia, Economics of Transition, Vol. 7 (2) 1999, pp. 449–465.
0 Birdsall, N. and Nellis, J. (2003) Winners and losers: assessing the distributional
impact of privatization, World Development, Vol. 31, No 10, pp. 1617-1633.
0 Bitzenis, A. (2003) What Was Behind the Delay in the Bulgarian Privatization
Process? Determining Incentives and Barriers of Privatization as a Way of Foreign
Entry, Emerging Markets Finance and Trade, vol. 39, no. 5, September–October
2003, pp. 58–82.
0 Boubakri, N. and Cossett, J.C. (1998) Privatization in developing countries: an
analysis of the performance of newly privatised firms, Public Policy for the Private
Sector, Issue 156, World Bank Group: Finance, the private sector and infrastructure
network, pp. 1-4.
0 Bourguignon, F. and Sepúlveda C. (2009) Privatization in Development: Some
Lessons from Experience, Policy Research Working Paper 5131, The World Bank, 34 p.
0 Chang, R., Hevia, C. and Loayza N. (2009) Privatization and Nationalization
Cycles, Policy Research Working Paper 5029, The World Bank, 57 p.
0 Crivelli, E. (2012) Local Governments’ Fiscal Balance, Privatization, and Banking
Sector Reform in Transition Countries, International Monetary Fund WP/12/146, 27 p.
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