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Are there nationalization-privatization cycles? A theoretical survey and first empirical evidence

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  • Siegmund, Uwe

Abstract

This paper deals with fluctuations over time in the extent of the state-owned firm sector nationalization-privatization cycles (NPCs). Anecdotal observations of NPCs are supported threefold by systematic empirical evidence: first, for different regions and economic systems, second, for different time periods, and third, for different indicators. In explaining NPCs, the paper provides a history of research on the subject. At the end three hypotheses are distinguished: the ideological preference hypothesis, the political cycle hypothesis, and the efficiency hypothesis. The conclusion is that NPCs existed in the 20th century as a worldwide phenomenon and are worthy of being explained.

Suggested Citation

  • 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).
    • Handle: RePEc:zbw:ifwkwp:757
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    References listed on IDEAS

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    1. David E. M. Sappington & Joseph E. Stiglitz, 1987. "Privatization, information and incentives," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 6(4), pages 567-585.
    2. repec:bla:kyklos:v:42:y:1989:i:3:p:319-45 is not listed on IDEAS
    3. Schmidt, Klaus M, 1996. "The Costs and Benefits of Privatization: An Incomplete Contracts Approach," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 12(1), pages 1-24, April.
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    6. Kornai, Janos, 1992. "The Socialist System: The Political Economy of Communism," OUP Catalogue, Oxford University Press, number 9780198287766.
    7. Schmidt, Klaus M., 1996. "Incomplete contracts and privatization," European Economic Review, Elsevier, vol. 40(3-5), pages 569-579, April.
    8. North, Douglass C., 1971. "Institutional Change and Economic Growth," The Journal of Economic History, Cambridge University Press, vol. 31(1), pages 118-125, March.
    9. Giersch, Herbert, 1984. "The Age of Schumpeter," American Economic Review, American Economic Association, vol. 74(2), pages 103-109, May.
    10. Rosa, Jean-Jacques, 1993. "Nationalization, Privatization, and the Allocation of Financial Property Rights," Public Choice, Springer, vol. 75(4), pages 317-337, April.
    11. Jürgen G. BACKHAUS, 1989. "PRIVATIZATION AND NATIONALIZATION: A suggested Approach," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 60(3), pages 307-328, September.
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    13. Shapiro, C. & Willing, D.R., 1990. "Economic Rationales For The Scope Of Privatization," Papers 41, Princeton, Woodrow Wilson School - Discussion Paper.
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    Citations

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    Cited by:

    1. Annamária Artner, 2017. "Cycles of Nationalisation and Privatisation and the Role of the State in Ireland," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 67(4), pages 557-583, December.
    2. Polterovich, Victor, 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 64374, University Library of Munich, Germany.
    3. Siegmund, Uwe, 1997. "Warum Privatisierung? Eine Dogmengeschichte der Privatisierungstheorien," Kiel Working Papers 785, Kiel Institute for the World Economy (IfW Kiel).
    4. 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.
    5. Polterovich, Victor, 2012. "Приватизация и рациональная структура собственности (Privatizatsiya i ratsional’naya struktura sobstvennosti) [Privatization and the Rational Ownership Structure]," MPRA Paper 41069, University Library of Munich, Germany.

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    More about this item

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems

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