Why Do Governments Divest?

The Macroeconomics of Privatization

Alfred Schipke

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English

Springer-Verlag Berlin and Heidelberg GmbH & Co. K
13 March 2001

Macroeconomics; Privatisation

On an unprecedented scale, nations at all income levels and across the political spectrum have initiated privatization programs over the past twenty years. In the course of this privatization movement, microeconomic efficiency arguments have become the standard justification for the divestment of public assets. This book presents an alternate view and argues that short-term macroeconomic considerations are often the true motive behind privatization programs. Why Do Government Divest? The Macroeconomics of Privatization is a comprehensive treatment of the macroeconomic issues of privatization. In addition to reviewing topics in economic growth and efficiency, this book explores the fiscal, monetary, balance-of-payments, and employment aspects of privatization. Several diverse case studies illustrate how the pursuit of such short-term political objectives can reduce the benefits of privatization.

By: Alfred Schipke
Imprint: Springer-Verlag Berlin and Heidelberg GmbH & Co. K
Country of Publication: Germany
Edition: 2001 ed.
Dimensions: Height: 235mm, Width: 155mm, Spine: 9mm
Weight: 870g
ISBN: 9783540415794
ISBN 10: 3540415793
Pages: 141
Publication Date: 13 March 2001
Audience: College/higher education , Professional and scholarly , Further / Higher Education , Undergraduate
Format: Hardback
Publisher's Status: Active

1 Introduction.- 2 Economic Growth and Efficiency.- 2.1 Growth theories and empirical growth studies.- 2.2 The impact of privatization on output.- 2.3 Social security and privatization.- 2.4 Summary.- 3 The Politics of Privatization.- 3.1 Political-economy theories of macroeconomic policymaking.- 3.2 Government behavior and privatization.- 3.3 Summary.- 4 Fiscal Considerations of Privatization.- 4.1 The intertemporal budget constraint.- 4.2 Ricardian equivalence.- 4.3 The one period budget constraint.- 4.4 Fiscal motives of large industrialized economies: privatization in Germany and EMU.- 4.5 Summary.- 5 Macroeconomic Considerations of Privatization.- 5.1 Monetary aggregates and inflation.- 5.2 Balance-of-payments crises.- 5.3 Employment considerations of privatization.- 5.4 Political considerations and retrenchment benefits: the case of Pakistan.- 5.5 Summary.- 6 Modeling the Effects of Privatization.- 6.1 Outline of the framework.- 6.2 Baseline scenario.- 6.3 Privatization scenarios.- 6.4 Summary.- 6.5 Appendix.- 7 Coming Full Circle: The Case of Jamaica.- 7.1 Background.- 7.2 The role of the government and Jamaica’s growth puzzle.- 7.3 Jamaica’s political system and half-hearted reforms.- 7.4 Summary.- 8 Summary and Conclusion.- References.

Reviews for Why Do Governments Divest?: The Macroeconomics of Privatization

"From the reviews of the first edition: ""The policy of privatization -- selling state-owned firms to the private sector - has grown from its relatively modest roots in Mrs. Thatcher's Britain during the 1980s to be a world-scale phenomenon. ! This is the theme of Schipke's short, tightly focused and very useful book. ! In fact, Schipke has carved out an interesting and under-researched niche -- the macroeconomics of privatization. ! The book is well written and ! well edited and produced."" (Journal of Economics, Vol. 77 (3), 2002)"