FEEM working papers "Note di lavoro" series
2001 .077

Privatisation Around the World: New Evidence from Panel Data

Authors: Domenico Siniscalco, Bernardo Bortolotti, Marcella Fantini
Series: Economy and Society
Editor: Fausto Panunzi
Type: Journal
Keywords: Privatisation,public finance,political economy,law and finance,capital markets
JEL n.: L33,D72,G15,H6,K22
JEL: Journal of Public Economics
Pages: Vol. 88, No. 1-2, pp. 305-332
Date: 01/2004


This paper presents new evidence about privatisation processes and their determinants from a panel of 34 countries over the 1977-99 period. The empirical analysis shows that privatisation takes place typically in wealthy and democratic countries, endowed with deep and liquid stock markets, and is affected by the governing political majority and public sector budget constraints. But the extent of privatisation in terms of revenues and stakes sold appears more limited in civil law countries, where shareholders are poorly protected, banks powerful, and capital markets less developed.

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