Optimal Privatization Design and Financial Markets |
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Authors: | STEFANO BOSI GUILLAUME GIRMENS MICHEL GUILLARD |
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Institution: | Universitéd'Evry-Val d'Essonne |
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Abstract: | This paper provides a simple general equilibrium analysis of privatization, exploring its real effects. They derive from the expansion of risk‐sharing opportunities (within an incomplete markets setting) that are created by the addition of a market in the public project property rights. The principal conclusion is that an optimal combination of voucher and share issue privatization can implement the first‐best. |
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