significant in countries where political institutions do not constrain the power of the executive. We conclude that where the …

fragmentation do not constrain the power of the executive. We conclude that where political institutions are weak, politicians …

through 2000. We find that governments do not relinquish control after "privatization." We show that the market-to-book ratios …

This paper provides an empirical analysis of the role of political institutions in privatization. The empirical testing … we show the likelihood and the extent of privatization to be strongly and positively associated with majoritarian … political systems. On the contrary, in consensual democracies privatization seems delayed by a "war of attrition" among …

Share issue privatization - i.e. privatization on public equity markets - is often claimed to foster stock market … development. In this paper, we provide an empirical assessment of this claim, testing the role of privatization on two market … liquidity measures in a panel with monthly data of 19 developed economies. Privatization is shown to be key in improving …

constrain the power of the executive. Our results suggest that, where political institutions are weak, politicians may influence …

which certain residual rights of intervention must be vested. After all, what are "institutions" if not governance … mechanisms with some degree of autonomy from both political and private interests? The gradual creation of institutions partially …

Privatization has certainly been one of the main events of the economic and financial history of the 20th century …. Between 1997 and 2004 more than 4,000 privatization operations were carried out in the world, bringing to governments revenues … factors. This paper investigates the causes of this process, summarizes the main trends of privatization activity at the …