policy towards a more active role of the state, and use privatization policy as an example. The authors examine the effects … of the privatization policy and point to a large unfinished agenda in ownership transformation that has had an adverse … the pace of privatization. They find out that it is the increasing capture of the state by rent-seeking groups, and not …

This report is divided into four parts. The first part discusses the first wave of privatization. The second part … discusses the development of the capital market in Mongolia; the third part presents and discusses the second wave cash … privatization program. And the fourth part offers some new options. …