Privatisations and Institutions: A Cross-country Analysis
Bernardo Bortolotti, Marcella Fantini, Domenico Siniscalco, Serena Vitalini
Privatisations,Corporate law,Capital markets
Economy and Society
What legal, political and economic institutions are shaping privatisations processes in the world? This paper addresses the issue presenting new evidence for a sample of 49 countries. From an empirical analysis for the period 1977-1996, the decision to privatise appears to be related to political preferences and macroeconomic conditions, but the success of a privatisation process requires, in addition, appropriate legal institutions and developed capital markets.