2006_Growth_and_Privatization

2006_Growth_and_Privatization - NBER WORKING PAPER SERIES...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: NBER WORKING PAPER SERIES GROWTH, INITIAL CONDITIONS, LAW AND SPEED OF PRIVATIZATION IN TRANSITION COUNTRIES: 11 YEARS LATER Sergio Godoy Joseph E. Stiglitz Working Paper 11992 http://www.nber.org/papers/w11992 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 January 2006 This paper was presented at 2004 AEA meetings at San Diego and at the conference "Comparative Transitions: A Critical Review" at London Business School (June 11-12, 2004). We would like to thank Karla Hoff, Charles Himmelberg, Rajeev Dehejia and participants from both conferences for helpful comments. However, any remaining error is our responsibility. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. 2006 by Sergio Godoy and Joseph E. Stiglitz. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including notice, is given to the source. Growth, Initial Conditions, Law and Speed of Privatization in Transition Countries: 11 Years Later Sergio Godoy and Joseph E. Stiglitz NBER Working Paper No. 11992 January 2006 JEL No. P2 ABSTRACT This paper examines alternative hypotheses concerning the determinants of success in the transition from Communism to the market. In particular, we look at whether speed of privatization, legal institutions or initial conditions are more important in explaining the growth of the transition countries in the years since the end of the Cold War. In the mid 90s a large empirical literature attempted to relate growth to policy measures. A standard conclusion of this literature was the faster countries privatized and liberalized, the better. We now have more data, so we can check whether these conclusions are still valid six years later. Furthermore, much of the earlier work was flawed since it did not adequately treat problems of endogeneity, confused issues of speed and level of privatization, and did not face up to the problems of multicollinearity. Our results suggest that, contrary to the earlier literature, the speed of privatization is negatively associated with growth, but is confirms the result of the few earlier studies that have found that legal institutions are very important. Other variables, which seemed to play a large role in the earlier literature, appear to have at most a marginal positive effect. Joseph Stiglitz Uris Hall, Columbia University 3022 Broadway, Room 814 New York, NY 10027 and NBER jes322@columbia.edu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
View Full Document

Ask a homework question - tutors are online