tailieunhanh - Lessons from privatization in developing countries

Recent empirical research on the impact of privatization on financial and operating performance, labour, fiscal balances and distributional equity largely confirms the view that privatization can be beneficial for firms operating in a competitive market structure in middle-income countries. | V. LESSONS FROM PRIVATIZATION IN DEVELOPING COUNTRIES Developing countries in the 1980s were confronted with fiscal crises that put considerable constraints on the capacity of the State to invest in SOEs. This had negative repercussions at the macroeconomic level that in turn adversely affected firms in both the public and private sectors. Often reforms were part and parcel of structural adjustment programmes that emphasized speedy privatization not necessarily privatization that would promote efficiency and equity. Given these sets of circumstances considerations of efficiency have been less important for many Governments than the need to overcome resource constraints. For those countries where public enterprises represented a substantial drag on the fiscal balance the outcome of privatization can be deemed positive if it shifted the weight of financing investment from the public to the private sector. Recent empirical research on the impact of privatization on financial and operating performance labour fiscal balances and distributional equity largely confirms the view that privatization can be beneficial for firms operating in a competitive market structure in middle-income countries. While it is difficult to quantify the fiscal and distributional impact of privatization the evidence points to increased efficiency with only modest reductions in labour. But there are important caveats. The near absence of empirically rigorous studies on the nonefficiency aspects of privatization highlights the low priority given to these areas by researchers. There are no comprehensive databases or studies on the longer-term evolution of employment pre- and post-privatization. In order to understand the effect of privatization on firms and the economy information on restructuring and the associated costs needs to be incorporated into divestiture studies. Limiting the time frame to three years before and after divestiture cannot give a full picture of the economic changes .

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