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Public Sector Economics and the Need for Reforms$
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Apostolis Philippopoulos

Print publication date: 2016

Print ISBN-13: 9780262034449

Published to MIT Press Scholarship Online: January 2017

DOI: 10.7551/mitpress/9780262034449.001.0001

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External Constraints Matter for Privatization

External Constraints Matter for Privatization

(p.213) 5 External Constraints Matter for Privatization
Public Sector Economics and the Need for Reforms

Ilaria Petrarca

Roberto Ricciuti

The MIT Press

This paper studies the determinants of privatization. We present an analysis of the share of public ownership in product markets in the OECD countries from 1974 to 2007. We replicate the analysis of Galasso (2014) by sector of activity taking into account both the dynamic bias of lagged public ownership and the degree of state ownership at the beginning of the period. At aggregate level, both persistence and initial conditions play a major role, together with the European Single Market Programme membership. At sectoral level, EMU members have a smaller share of public ownership in electricity, telecom and post, and a higher share in the rail sector. SMP members have less public ownership in telecoms. Thus, on average, countries in our sample tend to privatize mainly when decisions taken at the supranational level (the EU for European countries) push towards this policy.

Keywords:   product market regulation, privatization, OECD countries, dynamic regression

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