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The Gains from Privatization in Transition Economies: Is "Change of Ownership" Enough? Clifford Zinnes, Yair Eilat, and Jeffrey Sachs Full Text of this Article (PDF 140K) 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: G38, L33, O11, P31, and P37] © 2001 International Monetary Fund |
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