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IMF Staff Papers

, Volume 48, Supplement 1, pp 146–170 | Cite as

The Gains from Privatization in Transition Economies: Is “Change of Ownership” Enough?

  • Clifford Zinnes
  • Yair Eilat
  • Jeffrey Sachs
Article
  • 19 Downloads

Abstract

This paper seeks to clarify what factors contributed to the macroeconomic gains and losses from privatization in transition economies over the past decade. In contrast to the original “Washington Consensus,” which had a tendency to equate change-of-title with privatization, we find that economic performance gains come only from “deep” privatization, that is, when change-of-title reforms occur once key institutional and "agency"-related reforms have exceeded certain threshold levels. We also find that as a result of different initial conditions the economic performance responses of countries to the same policies are different.

JEL Classifications

JEL G38 L33 O11 P31 P37 

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Copyright information

© International Monetary Fund 2001

Authors and Affiliations

  • Clifford Zinnes
  • Yair Eilat
  • Jeffrey Sachs

There are no affiliations available

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