The Effects of Privatization and Ownership in Transition Economies
Saul Estrin, Jan Hanousek, Evzen Kocenda and Jan Svejnar
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| Article Citation |
Estrin, Saul, Jan Hanousek, Evzen Kocenda, and Jan Svejnar. 2009. "The Effects of Privatization and Ownership in Transition Economies." Journal of Economic Literature, 47(3): 699–728.
DOI:10.1257/jel.47.3.699
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| Abstract |
In this paper, we evaluate what we have learned to date about the effects of privatization
from the experiences during the last fifteen to twenty years in the postcommunist
(transition) economies and, where relevant, China. We distinguish separately
the impact of privatization on efficiency, profitability, revenues, and other indicators
and distinguish between studies on the basis of their econometric methodology in
order to focus attention on more credible results. The effect of privatization is mostly
positive in Central Europe, but quantitatively smaller than that to foreign owners
and greater in the later than earlier transition period. In the Commonwealth of
Independent States, privatization to foreign owners yields a positive or insignificant
effect while privatization to domestic owners generates a negative or insignificant
effect. The available papers on China find diverse results, with the effect of nonstate
ownership on total factor productivity being mostly positive but sometimes insignificant
or negative.
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| Article Full-Text Access |
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| Authors |
Estrin, Saul (London School of Economics and IZA, Bonn)
Hanousek, Jan (Charles U Prague and CERGE-EI)
Kocenda, Evzen (Charles U Prague and CERGE-EI)
Svejnar, Jan (U MI and CERGE-EI)
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| JEL Classifications |
E23: Macroeconomics: Production
L33: Comparison of Public and Private Enterprises; Privatization; Contracting Out
O47: Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
P24: Socialist Systems and Transitional Economies: National Income, Product, and Expenditure; Money; Inflation
P31: Socialist Enterprises and Their Transitions
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