Delayed Privatization
38 Pages Posted: 20 Jun 2008
Date Written: April 30, 2008
Abstract
This paper studies the timing of privatization in 21 major developed economies in the 1977-2002 period. Duration analysis shows that political fragmentation plays a significant role in explaining government's decision to privatize: privatization is delayed longer in democracies characterized by a larger number of parties and operating under proportional electoral rules, as predicted by war of attrition models of economic reform. Results are robust to various assumptions on the underlying statistical model and to controlling for other economic and political factors.
Keywords: Privatization, Political Economy, War of Attrition
JEL Classification: D72, D78, L33
Suggested Citation: Suggested Citation
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