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Privatization With Political Constraints
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Book Synopsis Privatization with Political Constraint by : Zsuzsanna Fluck
Download or read book Privatization with Political Constraint written by Zsuzsanna Fluck and published by . This book was released on 2009 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the design of privatization mechanisms in emerging market economies. We identify an emerging market economy by the political constraints that limit the set of viable privatization mechanisms. Our objective is to explain the striking diversity of privatization mechanisms observed in practice and the frequent use of an apparantly suboptimal privatization mechanism: private negotiation. We develop a simple model wherein privatization is to be carried out by a government agent who plays favorites among bidders and is potentially disciplined by forthcoming elections. We find that it is the degree of political constraints that determines which mechanism is more successful in raising funds. If the political environment is such that the privatization agent himself aims at raising the fair value for the company, the privatization auctions and private negotiations are equally successful in raising public revenues. If, however, political constraints distort the agent's incentives, then one mechanism outperforms the other. In particular, if the distortion is moderate, then private negotiations can raise more value for a successful enterprise than privatization auctions. In this case the agent may play favorites among bidders, but to the extent he cares about price, he will use his bargaining power to negotiate his target price. If, however, the distortion is severe so that the agent lacks sufficient motivation to raise a fair price for the company, then privatization auctions will outperform private negotiations. Even though the agent may play favorites among the bidders, he would not put pressure on the bidders to raise the price during negotiations. In a privatization auction, in contrast, the presence of other bidders, regardless how informed they are, induces competition and places a lower bound on the equilibrium winning bid. We further find that information disclosure laws may have negative welfare implications: they may help the privatization agent to collude with some of the bidders to the disadvantage of noncolluding bidders. Our theory provides further regulatory implications for privatization procedures in emerging market economies.
Book Synopsis Privatization with Political Constraints by : Zsuzsanna Fluck
Download or read book Privatization with Political Constraints written by Zsuzsanna Fluck and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the design of privatization mechanisms in emerging market economies. We identify an emerging market economy by the political constraints that limit the set of viable privatization mechanisms. Our objective is to explain the striking diversity of privatization mechanisms observed in practice and the frequent use of an apparently suboptimal privatization mechanism: private negotiation. We develop a simple model wherein privatization is to be carried out by a government agent who plays favorites among bidders and is potentially disciplined by forthcoming elections. We find that it is the degree of political constraints that determines which mechanism is more successful in raising funds. If the political environment is such that the privatization agent himself aims at raising the fair value for the company, then privatization auctions and private negotiations are equally successful in raising public revenues. If, however, political constraints distort the agent's incentives, then one mechanism outperforms the other. In particular, if the distortion is moderate, then private negotiations can raise more value for a successful enterprise than privatization auctions. In this case the agent may play favorites among the bidders, but to the extent he cares about the price, he will use his bargaining power to negotiate his target price. If, however, the distortion is severe so that the agent lacks sufficient motivation to raise a fair price for the company, then privatization auctions will outperform private negotiations. Even though the agent may play favorites among the bidders, he would not put pressure on the bidders to raise the price during negotiations. In a privatization auction, in contrast, the presence of other bidders, regardless of how informed they are, induces competition and places a lower bound on the equilibrium winning bid. We further find that information disclosure laws may have negative welfare implications: they may help the privatization agent to collude with some of the bidders to the disadvantage of noncolluding bidders. Our theory provides further regulatory implications for privatization procedures in emerging market economies.
Book Synopsis Economic Efficiency and Political Constraints - The Dilemma of Privatization in Eastern Germany by : Patrick Avato
Download or read book Economic Efficiency and Political Constraints - The Dilemma of Privatization in Eastern Germany written by Patrick Avato and published by GRIN Verlag. This book was released on 2005-05-24 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2005 in the subject Business economics - Economic Policy, grade: A-, Johns Hopkins University (School of Advanced International Studies (SAIS)), course: West European Political Economies, language: English, abstract: Firstly, as typical for a centrally planned socialist economy, the great majority of productive capacity belonged to the state. Large, state owned enterprises (Volkseigene Betriebe), often grouped into huge industrial conglomerates (Kombinate), made up 80.7 percent of total assets. Cooperative property accounted for another 14.7 percent in March 1990. Private property merely amounted to 4.7 percent of economic resources and was confined to small-scale businesses, restaurants, and craft shops. Employment was consequently almost entirely in the hand of the state leaving only about 2 percent of the workforce independently employed (Merkl 1994, p. 200). Also, the structure of the GDR economy differed largely from its western counterpart. Employment was heavily concentrated in sectors and branches that had actually been declining in the West. The production was skewed towards agriculture, energy, mining and manufacturing, which together accounted for 47 percent of employment in the GDR (37 percent in the BRD) (Lange and Pugh 1998, p. 32). As shown in table 1 agriculture, forestry and fishery, energy and mining as well as textiles and clothing employed almost 18 percent of the GDR’s workforce in contrast to 7 percent in West Germany. Further differences appeared in the service and trade sector which, by Western standards, was rather underdeveloped in the GDR. [...]
Book Synopsis Privatization with Political Constraints by : Zsuzsanna Fluck
Download or read book Privatization with Political Constraints written by Zsuzsanna Fluck and published by . This book was released on 2009 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the design of privatization mechanisms in emerging marketeconomies characterized by political constraints that limit the set of viable privatization mechanisms. Our objective is to explain the striking diversity of privatization mechanisms observed in practice and the frequent use of an apparently suboptimal privatization mechanism: private negotiations. We develop a simple model wherein privatization is to be carried out by a government agent who plays favorites among bidders and is potentially disciplined by forthcoming elections. We find that it is the degree of political constraints that determines which mechanism is more successful in raising funds. If the political environment is such that the privatization agent himself aims at raising the fair value for the company, then privatization auctions and privatenegotiations are equally successful in raising public revenues. If, however, political constraints distort the agent s incentives, then one mechanism outperforms the other. In particular, if the distortion is moderate, then private negotiations can raise more value for a successful enterprisethan privatization auctions. In this case the agent may play favorites among the bidders, but to the extent he cares about the price, he will use his bargaining power to negotiate his target price. If, however, the distortion is severe so that the agent lacks sufficient motivation to raise a fairprice for the company, then privatization auctions will outperform private egotiations. Even though the agent may play favorites among the bidders, he would not put pressure on the bidders to raise the price during negotiations. In an auction, in contrast, the presence of other bidders,regardless how informed they are, induces competition and places a lower bound on theequilibrium winning bid. We also show that information disclosure laws may have negative welfare implications: they may help the privatization agent to collude with some of the bidders to the disadvantage of non-colluding bidders. Our theory provides further regulatory implications for privatization procedures in emerging market economies.
Book Synopsis Privatization in Malaysia by : Jeff Tan
Download or read book Privatization in Malaysia written by Jeff Tan and published by Routledge. This book was released on 2007-10-02 with total page 251 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores privatization in Malaysia, focusing in particular on how political constraints resulted in the failure of four major privatizations: the national sewerage company (IWK), Kuala Lumpur Light Rail Transit (LRT), national airline (MAS), and national car company (Proton).
Book Synopsis Auctioning Off with a Split Mind by : Maria Angeles de Frutos
Download or read book Auctioning Off with a Split Mind written by Maria Angeles de Frutos and published by . This book was released on 2013 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: When privatizing, governments have conflicting objectives, like raising revenues and minimizing induced unemployment. We construct two mechanisms that take into account both criteria: a first-score auction in which bidders bid both in terms of price and retained excess labor, and a first-price auction in which bidders bid only over price but they also commit to keep a predetermined by the government number of employees. When bidders differ in their costs of accommodating excess labor, the resulting competition softens, and governments may optimally want to appear strong against labor redundancies. In the first auction this is done by setting a scoring rule that does not correspond to their genuine preferences, and in the second by announcing a smaller labor requirement. Nonetheless, such policies require strong commitment ability.
Book Synopsis An Approach to Privatization in the 21St Century by : Jeffrey A. Roy
Download or read book An Approach to Privatization in the 21St Century written by Jeffrey A. Roy and published by AuthorHouse. This book was released on 2003-08-26 with total page 458 pages. Available in PDF, EPUB and Kindle. Book excerpt: A fresh look at the issue of Privatizing the government. This book looks at the history of government and government organizations from the beginning through the period of Re-invention. The issue of privatization is not seen as the end all to solve governments problems rather it is seen as just one tool available to the politicians and government managers. Privatization is viewed as one method of improving management in government by removing many political constraints and barriers from the government manager. This book looks at the specific example of privatizing the nations Air Traffic Control System. A system that has a history of inefficiency, cost overruns, and resistance to change yet it enjoys a solid political backing which continues to offer it protection from privatization. The last part of the book offers some recommendations for long term change by establishing a commission on privatization.
Book Synopsis Power Under Contract by : Eugenio Cusumano
Download or read book Power Under Contract written by Eugenio Cusumano and published by . This book was released on 2012 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: The increasing provision of military support functions such as logistics and armed security by private military and security companies (PMSCs) is often conceptualized as a functional response to new operational, financial and technological imperatives. The tendency to privatize military support functions, however, is also driven by domestic political factors. Drawing on neoclassical realism, I conceptualize the use of PMSCs as a strategy dictated by the need to circumvent the tightening hurdles to the conversion of societal resources into military power. Other things being equal, I argue that the tighter the constraints on the extraction and mobilization of societal resources, the higher the propensity to rely on the market as a complementary source of military power. I provide evidence for this theoretical connection by drawing a comparative analysis between military privatization in the U.S. and in the U.K. Specifically, I investigate in detail the tendency to resort to private military contractors during U.S. military operations in Iraq and U.K. military operations in Afghanistan. In both cases, the privatization of military support functions provided decision-makers with the possibility to circumvent existing constraints over the recruitment and deployment of active duty and reserve military forces. I then assess the explanatory power of my neoclassical realist explanation of military privatization against other theoretical perspectives, developing two competing explanations based on neorealism and organization theory. Although these theoretical perspectives offer valuable insights on the use of PMSCS, I show that due to its emphasis on domestic political constraints neoclassical realism proves better capable of shedding light on the privatization of military support and its variations across countries and over time.
Book Synopsis Estates General of Public Administration by : Kun-jung Liao
Download or read book Estates General of Public Administration written by Kun-jung Liao and published by . This book was released on 1997 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Constraints and Impacts of Privatisation by : V. V. Ramanadham
Download or read book Constraints and Impacts of Privatisation written by V. V. Ramanadham and published by Routledge. This book was released on 2002-03-11 with total page 395 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains papers on some 25 countries written by experts directly connected with privatisation, either as academics or as policy makers and practitioners, with a comparative review at the end by the editor. It highlights the major factors in the success and the failings of privatisation attempts in different countries in Europe, America, Latin America, Africa, Asia and Australasia. In particular there are studies on the evolving experience of transformation to free market economy in the former socialist countries of Eastern Europe.
Book Synopsis Political Constraints, Organizational Forms, and Privatization Performance by : Jianping Deng
Download or read book Political Constraints, Organizational Forms, and Privatization Performance written by Jianping Deng and published by . This book was released on 2011 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explains why China's share issue privatization (SIP), by far the largest one in history, failed to improve operating performance. Due to political constraints, approximately three quarters of the SIP firms went through an ldquo;incomplete restructuringrdquo; process, creating a parent-subsidiary structure in which the subsidiary was listed and the parent company kept the redundant workers and debt burdens. In a country with weak property rights protection, the parent company had both the incentive and the ability to expropriate resources from the listed company, resulting in weak performance. We present three sets of results. First, we show that when political opposition to layoffs is greater and when the government has less fiscal capacity, the firms are more likely to be incompletely restructured. Second, incompletely restructured firms have significantly lower operating performance. This result is robust to IV estimation using government incentives as instruments. Third, we present evidence of the root cause of weak performance, i.e., expropriation by large shareholders. Based on hand-collected data on 2616 related-party transactions, we document that incompletely restructured firms are more likely to engage in related-party transactions with their largest shareholders, including transfer pricing of goods and services, assets sales, and extracting trade credit. Further, these transactions are associated with inferior firm performance, confirming that they are expropriative in nature. Incompletely restructured firms also pay less dividends so that corporate resources are kept in the firm and under their control. Finally, expropriation does not seem to be fully discounted in prices ex ante and minority shareholders realize lower stock returns ex post.
Book Synopsis Privatizing Public Enterprises by : Cosmo Graham
Download or read book Privatizing Public Enterprises written by Cosmo Graham and published by . This book was released on 1991 with total page 450 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first book to use a comparative approach to examine the effects of different constitutional and legal traditions on privatization. Cosmo Graham and Tony Prosser focus on privatization in the UK and France. They suggest that the British Government was remarkably free from constitutional limitation, whereas in France the written constitution imposed important restrictions on the scope of privatization and on the arrangements of the pricing of shares. They go on to describe the links created between privatized enterprises and government by devices such a golden shares and analyse the constraints of competition law and the regulatory arrangements in Britain. They also compare the British regulatory agencies with those in the US, looking in particular at the way in which the influence of Federal and State constitutions has led to the incorporation of significant elements of openness in decision-making procedures. This detailed analysis of the effect of legal constraints on economic policy adds a constitutional dimension to what has primarily been seen as an economic issue, and will make a unique and valuable contribution to current debates in political studies.
Book Synopsis Constraints and Impacts of Privatization by : Venkata Vemuri Ramanadham
Download or read book Constraints and Impacts of Privatization written by Venkata Vemuri Ramanadham and published by Routledge. This book was released on 1993 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains papers on some 25 countries written by experts directly connected with privatisation, either as academics or as policy makers and practitioners, with a comparative review at the end by the editor. It highlights the major factors in the success and the failings of privatisation attempts in different countries in Europe, America, Latin America, Africa, Asia and Australasia. In particular there are studies on the evolving experience of transformation to free market economy in the former socialist countries of Eastern Europe.
Book Synopsis Bank Privatization in Argentina by : Robert Cull
Download or read book Bank Privatization in Argentina written by Robert Cull and published by . This book was released on 2016 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: In describing outcomes, t ...
Book Synopsis Privatizing Social Under Balanced-budget Constraints by :
Download or read book Privatizing Social Under Balanced-budget Constraints written by and published by . This book was released on 2003 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Problems in Privatization Theory and Practice in State and Local Governments by : Fred W. Becker
Download or read book Problems in Privatization Theory and Practice in State and Local Governments written by Fred W. Becker and published by Edwin Mellen Press. This book was released on 2001 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: Becker (policy and management, Florida International University) begins with an overview of the problems to be discussed, including propriety, legitimacy, political feasibility, administration challenges, and negative impacts associated with privatization. He goes on to discuss these issues in detail, with particular attention to the expanding scope of privatization, the types of organizations suited to perform the work of government, the dynamics of public- private partnerships, and recommendations for correcting the negative effects suffered by the providers and recipients of privatized services. Annotation copyrighted by Book News Inc., Portland, OR.
Book Synopsis The Challenges of Privatization by : Bernardo Bortolotti
Download or read book The Challenges of Privatization written by Bernardo Bortolotti and published by Oxford University Press, USA. This book was released on 2004-03-11 with total page 171 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
