The Literature on Privatization - FEDERAL RESERVE BANK of NEW YORK

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Research Papers

The Literature on Privatization

June 1995 Number 9514

Authors: Warren Moskowitz and Stephen Yeaple

The privatization literature focuses on three related areas: productive efficiency, the government budget, and privatization techniques. Where competitive product and capital markets exist, privatization is likely to improve productive efficiency. Such improvement makes possible fiscal gains, which may also be derived from reductions in government largess. These conclusions are weakly supported by an empirical literature that is often plagued by ambiguous results. The techniques literature provides policy guidelines for achieving the maximum benefits from privatization under a variety of different economic and political circumstances. Despite speculation that privatization aids capital market development, little has been done to support these claims.

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