some of the MNEs' initial rents. Moreover, other policies used in times of investment liberalization, such as restructuring …

divergence should urge on a wave of restructuring in the EMU, conditioned upon adequate policy responses. The worst-case scenario …

This paper examines the restructuring of state assets in markets deregulated by privatizations and investment … liberalizations. We show that the government has a stronger incentive to restructure than the buyer: A firm restructuring only takes … into account how much its own profit will increase. The government internalizes that restructuring increases the sales …