Optimal Privatisation Design and Financial Markets
Data
01.01.2001
01.01.2001
Autori
Stefano Bosi, Guillaume Girmens, Michel Guillard
Codice JEL
E44,G1,H4,L33
E44,G1,H4,L33
Parole chiave:
Financial market development,privatisation,public good provision,public sector inefficiency,risk diversification
Financial market development,privatisation,public good provision,public sector inefficiency,risk diversification
Publisher
Economy and Society
Economy and Society
Editor
Fausto Panunzi
Fausto Panunzi
In this paper we consider various privatisation mechanisms in a general equilibrium model. We show that privatisation has no real effects, if the public sector is efficient and lump-sum taxes are implemented. The free distribution of public assets is financially neutral, whereas the sale of public assets is not. If taxes are not available, there is a privatisation mix allowing the economy to reach the first best. The maintain of some public property rights is justified, even if the public efficiency is removed.