decades in much of the developing world, took off in the 1990s after this policy shift, and has generally remained high (in … spite of a wave of crises and recessions in the late 1990s and early 2000s). Privatization has made a great deal of progress … in the developing world, particularly in Latin America, though the Middle East and North Africa (MENA) have lagged …

privatization (i.e., IPO) has different effects depending on the types of owners to whom it gives control in corporate governance …