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Приватизация И Рациональная Структура Собственности. Часть 2. Рационализация Структуры Собственности
[Privatization and the rational ownership structure. Part 2: rationalization of the ownership structure]

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  • Polterovich (Полтерович), Victor (Виктор)

Abstract

In the first part of the paper, it was shown that decisions on privatization have to be considered in the context of more general problem of finding a rational property structure in an economy. The second part demonstrates that public enterprises fulfill a number of special functions which are particularly important for developing resource abundant countries. Particularly, they can play a role of the modernization agents which initiate large scale projects in the frameworks of public-private partnerships. A concept of stationary property structure is introduced. A set of stationary structures exists under given conditions; the ”volume” of the set depends on transformation costs of privatization. This explains path-dependence of the observed structures. Some principles of the governance of the property structure are suggested which are supported by the analysis of the Norway experience. The causes of the cyclicity of the privatization policies are discussed, and the reasons of the coming mass privatization in Russia are analyzed. Recommendations are formulated to increase the efficiency of the Russian state sector governance.

Suggested Citation

  • Polterovich (Полтерович), Victor (Виктор), 2013. "Приватизация И Рациональная Структура Собственности. Часть 2. Рационализация Структуры Собственности [Privatization and the rational ownership structure. Part 2: rationalization of the ownership st," MPRA Paper 64168, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:64168
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    References listed on IDEAS

    as
    1. Alberto Chong & Florencio de, 2003. "The Truth about Privatization in Latin America," Yale School of Management Working Papers ysm436, Yale School of Management.
    2. Polterovich, Victor, 1995. "Towards the Theory of Privatization," MPRA Paper 20151, University Library of Munich, Germany.
    3. Chang, Roberto & Hevia, Constantino & Loayza, Norman, 2018. "Privatization And Nationalization Cycles," Macroeconomic Dynamics, Cambridge University Press, vol. 22(2), pages 331-361, March.
    4. Siegmund, Uwe, 1996. "Are there nationalization-privatization cycles? A theoretical survey and first empirical evidence," Kiel Working Papers 757, Kiel Institute for the World Economy (IfW Kiel).
    5. Hans Christiansen, 2011. "The Size and Composition of the SOE Sector in OECD Countries," OECD Corporate Governance Working Papers 5, OECD Publishing.
    6. Bruno Biais & Enrico Perotti, 2002. "Machiavellian Privatization," American Economic Review, American Economic Association, vol. 92(1), pages 240-258, March.
    7. Bernardo Bortolotti & Paolo Pinotti, 2003. "The Political Economy of Privatization," Working Papers 2003.45, Fondazione Eni Enrico Mattei.
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    Cited by:

    1. Polterovich, V., 2013. "On Control of the Ownership Structure," Journal of the New Economic Association, New Economic Association, vol. 20(4), pages 177-182.

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    More about this item

    Keywords

    state sector governance; industrial policy; transformation cost; stationary ownership structure; Norway experience ; NP- cycles; mass privatization.;
    All these keywords.

    JEL classification:

    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • D04 - Microeconomics - - General - - - Microeconomic Policy: Formulation; Implementation; Evaluation
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • H82 - Public Economics - - Miscellaneous Issues - - - Governmental Property
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • P5 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems

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