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Privatisation de masse et macroéconomie : un modèle théorique d'une petite économie ouverte

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  • Thierry Verdier
  • Carlos Winograd

Abstract

[eng] Massive privatisation and macroeconomics : a theoretical model of a small open economy. . Most of the theoretical research on privatisation analyses the microeconomic-efficiency aspects of public sector divestitures. However, mass privatisation calls for the study of the macroeconomic impact of large scale property transfers. In this paper, we identify the stylised facts revealed by numerous experiences of extensive privatisation and we develop appropriate theoretical framework. We present a simple model of a small open economy to assess the impact of privatisation on aggregate absorption, on public finance and on the balance of payments. The effect on the macroeconomy of alternative schemes of the state property divestiture is discussed : free distribution of shares to private individuals versus sale to domestic residents, "national preference" versus foreign investors participation. Alternative taxation rules and the impact of imperfect capital markets are also discussed. The effect of massive privatisation will differ depending on the choice of the strategy of property divestiture. [fre] Privatisation de masse et macroéconomie. Un modèle théorique d'une petite économie ouverte. . L'analyse de la privatisation est un sujet très débattu depuis quelques années. La plupart des travaux théoriques portent sur les aspects microéconomiques associés au transfert des actifs publics. Néanmoins, dans les cas de privatisation massive, l'étude de l'impact macroéconomique du transfert extensif de propriété semble essentiel. Cet article expose les faits stylisés fondamentaux d'une série d'expériences, de privatisation et développe un modèle théorique adapté à l'analyse d'une petite économie ouverte (PEO). On évalue l'effet de la privatisation massive sur l'absorption, sur les finances publiques et sur la balance des paiements. On étudie également l'impact de différents schémas de privatisation : distribution gratuite d'actions aux individus vs vente aux résidents, « préférence nationale » vs investissement direct étranger. L'effet de règles d'imposition alternatives est discuté, ainsi que l'impact d'un marché de capital imparfait. Les effets macroéconomiques de la privatisation massive dépendent du choix de stratégie de transfert au secteur privé.

Suggested Citation

  • Thierry Verdier & Carlos Winograd, 1998. "Privatisation de masse et macroéconomie : un modèle théorique d'une petite économie ouverte," Revue Économique, Programme National Persée, vol. 49(1), pages 257-275.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1998_num_49_1_409976
    DOI: 10.3406/reco.1998.409976
    Note: DOI:10.3406/reco.1998.409976
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    1. Carlos D. Winograd & Guillermo Larrain R, 1996. "Privatisation massive, finances publiques et macroéconomie. Le cas de l'Argentine et du Chili," Revue Économique, Programme National Persée, vol. 47(6), pages 1373-1408.
    2. Jacek Rostowski, 1995. "Investment in Post-communist Economies. Real Facts and Keynesian Myths," CASE Network Studies and Analyses 0063, CASE-Center for Social and Economic Research.
    3. Jean-Jacques Laffont, 1996. "Privatisation et incitations," Revue Économique, Programme National Persée, vol. 47(6), pages 1239-1251.
    4. Roumen Avramov & Jérôme Sgard, 1996. "Bulgaria : from enterprise indiscipline to financial crisis," Post-Print hal-03567589, HAL.
    5. Boycko, Maxim & Shleifer, Andrei & Vishny, Robert W, 1996. "A Theory of Privatisation," Economic Journal, Royal Economic Society, vol. 106(435), pages 309-319, March.
    6. John Vickers & George Yarrow, 1988. "Privatization: An Economic Analysis," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262720116, April.
    7. Roumen Avramov & Jérôme Sgard, 1996. "Bulgaria from Enterprise Indiscipline to Financial Crisis," Working Papers 1996-10, CEPII research center.
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    1. Ramiro Sosa Navarro, 2010. "Fiscal Imbalances, Inflation and Sovereign Default Dynamics," Ensayos de Política Económica, Departamento de Investigación Francisco Valsecchi, Facultad de Ciencias Económicas, Pontificia Universidad Católica Argentina., vol. 1(4), pages 108-142, Octubre.
    2. Guillaume Girmens, 2001. "Privatization, International Asset Trade and Financial Markets," Documents de recherche 01-14, Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne.

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