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Author: Minh Trinh
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
We study privatization when agents are constrained by wealth and give a rationale for the soft-budget constraint that does not rely on a difference of commitment. When the government deals with a single agent, we show that while the cost of state ownership is due to productive inefficiency, the cost of private ownership is due to bargaining and the cost of public funds. If we allow for competitive bidding, it will always be optimal to privatize because the bargaining rent is captured ex-ante and there is more productive efficiency. With a separate private owner and manager, there is an added cost for private ownership; the manager of a private firm can underinvest because she has to share the surplus with both the government and the private owner. Privatization might thus not always be optimal even when allowing for competitive bidding.
Author: Minh Trinh
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
We study privatization when agents are constrained by wealth and give a rationale for the soft-budget constraint that does not rely on a difference of commitment. When the government deals with a single agent, we show that while the cost of state ownership is due to productive inefficiency, the cost of private ownership is due to bargaining and the cost of public funds. If we allow for competitive bidding, it will always be optimal to privatize because the bargaining rent is captured ex-ante and there is more productive efficiency. With a separate private owner and manager, there is an added cost for private ownership; the manager of a private firm can underinvest because she has to share the surplus with both the government and the private owner. Privatization might thus not always be optimal even when allowing for competitive bidding.
Author: Ioannis Nicolaos Kessides
Publisher: World Bank Publications
ISBN:
Category : Business & Economics
Languages : en
Pages : 328
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Book Description
Electricity, natural gas, telecommunications, railways, and water supply, are often vertically and horizontally integrated state monopolies. This results in weak services, especially in developing and transition economies, and for poor people. Common problems include low productivity, high costs, bad quality, insufficient revenue, and investment shortfalls. Many countries over the past two decades have restructured, privatized and regulated their infrastructure. This report identifies the challenges involved in this massive policy redirection. It also assesses the outcomes of these changes, as well as their distributional consequences for poor households and other disadvantaged groups. It recommends directions for future reforms and research to improve infrastructure performance, identifying pricing policies that strike a balance between economic efficiency and social equity, suggesting rules governing access to bottleneck infrastructure facilities, and proposing ways to increase poor people's access to these crucial services.
Author: Martin Feldstein
Publisher: University of Chicago Press
ISBN: 0226241823
Category : Political Science
Languages : en
Pages : 484
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Book Description
This volume represents the most important work to date on one of the pressing policy issues of the moment: the privatization of social security. Although social security is facing enormous fiscal pressure in the face of an aging population, there has been relatively little published on the fundamentals of essential reform through privatization. Privatizing Social Security fills this void by studying the methods and problems involved in shifting from the current system to one based on mandatory saving in individual accounts. "Timely and important. . . . [Privatizing Social Security] presents a forceful case for a radical shift from the existing unfunded, pay-as-you-go single national program to a mandatory funded program with individual savings accounts. . . . An extensive analysis of how a privatized plan would work in the United States is supplemented with the experiences of five other countries that have privatized plans." —Library Journal "[A] high-powered collection of essays by top experts in the field."—Timothy Taylor, Public Interest
Author:
Publisher:
ISBN:
Category : Computer network resources
Languages : en
Pages : 300
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Book Description
Author: John R. Nellis
Publisher: World Bank Publications
ISBN: 9780821321812
Category : Business & Economics
Languages : en
Pages : 100
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Book Description
Governance, as defined by the World Bank in its 1992 report, Governance and Development, is the manner in which power is exercised in the management of a country's economic and social resources for development. The report deemed it is within the Bank's mandate to focus on the following: -the process by which authority is exercised in the management of a country's economic and social resources -the capacity of governments to design, formulate, and implement policies and discharge functions. Also available: Governance: The World Bank's Experience (ISBN 0-8213-2804-2) Stock No. 12804.
Author: Harold L. Bunce
Publisher: DIANE Publishing
ISBN: 9780788137549
Category : Mortgage loans
Languages : en
Pages : 234
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Book Description
This report demonstrates that a significant proportion of prospective homeowners remains underserved by the mortgage finance industry. The report reviews and evaluates the framework of housing goals that has been established by Fannie Mae and Freddie Mac. It finds that the housing goals represent a promising approach to focusing their resources on the mortgage credit needs of homebuyers. Such a programmatic emphasis by these enterprises represents an appropriate exchange for the benefits that they receive through their ties with the Federal government.
Author: Paul Cook
Publisher: Edward Elgar Publishing
ISBN:
Category : Government ownership
Languages : en
Pages : 728
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Book Description
In the last decades of the 20th century, privatization has been a key policy instrument in the move to more market-based economic systems in all parts of the developing world. Privatization, however, has not necessarily been accompanied by an increase in market competition. Many public utilities have been privatized as monopolies and in addition regulatory systems have been developed to restrict their market power and protect the interests of consumers. This volume brings together a collection of papers that provide theoretical and empirical insights into privatization and regulation, as well as policy perspectives in relation to developing countries.
Author: Steve H. Hanke
Publisher: ICS Press
ISBN:
Category : Business & Economics
Languages : en
Pages : 264
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Book Description
Chiefly papers originally presented at a conference held in Washington, D.C., February 1986, sponsored by the U.S. Agency for International Development and the Sequoia Institute.
Author: Alberto Chong
Publisher: World Bank Publications
ISBN: 0821383507
Category : Business & Economics
Languages : en
Pages : 526
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Book Description
Privatization is under attack. Beginning in the 1980s, thousands of failing state-owned enterprises worldwide have been turned over to the private sector. But public opinion has turned against privatization. A large political backlash has been brewing for some time, infused by accusations of corruption, abuse of market power, and neglect of the poor. What is the real record of privatization and are the criticisms justified? 'Privatization in Latin America' evaluates the empirical evidence on privatization in a region that has witnessed an extensive decline in the state's share of production over the past 20 years. The book is a compilation of recent studies that provide a comprehensive analysis of the record of and accusations against privatization, with important recommendations for the future. Seven countries are investigated: Argentina, Bolivia, Brazil, Chile, Colombia, Mexico, and Peru. This book will be vital to anyone interested in the privatization debate but especially to those involved in civil service reform, corporate governance, economic policy, finance, and anticorruption efforts. 'Privatization is important but controversial. While economists typically favor it, others are skeptical. This book provides strong scientific evidence that privatization has been beneficial for many Latin American countries, although some privatizations failed and some groups in society lost out. As usual, the devil is in the details: how privatization is carried out and what reforms accompany it are crucial to its success. The book is definitely an invaluable contribution to the privatization debate.' --Oliver Hart, Andrew E. Furer Professor of Economics, Harvard University
Author: Felipe Gómez Isa
Publisher: Intersentia nv
ISBN: 9050954227
Category : Globalisering
Languages : en
Pages : 340
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Book Description
"Result of a joint research project ... under the auspices of the Center for Human Rights (University of Maastricht, the Netherlands) and the Institute of Human Rights Pedro Arrupe (University of Deusto, Basque Country, Spain).--P. v
