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Privatization: Theory, evidence and...

Guimaraes, Pedro.

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Privatization: Theory, evidence and its role in fostering fragmentation (Brazil).

Record Type:	Electronic resources : Monograph/item
Title/Author:	Privatization: Theory, evidence and its role in fostering fragmentation (Brazil)./
Author:	Guimaraes, Pedro.
Description:	102 p.
Notes:	Source: Dissertation Abstracts International, Volume: 64-08, Section: A, page: 3007.
Contained By:	Dissertation Abstracts International64-08A.
Subject:	Economics, Finance. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3102276
ISBN:	0496498468

Privatization: Theory, evidence and its role in fostering fragmentation (Brazil).
Guimaraes, Pedro.

Privatization: Theory, evidence and its role in fostering fragmentation (Brazil). - 102 p.

Source: Dissertation Abstracts International, Volume: 64-08, Section: A, page: 3007.

Thesis (Ph.D.)--The University of Rochester, 2003.

The purpose of this dissertation is to explore the Brazilian privatization process, to test its results, and to link it to the theory of fragmentation. The economics literature contains little theoretical and empirical study of Brazilian privatization. This is a significant omission, as Brazilian privatization has been one of the largest in the world.

ISBN: 0496498468Subjects--Topical Terms:

626650
Economics, Finance.

Privatization: Theory, evidence and its role in fostering fragmentation (Brazil).
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100 1 $a Guimaraes, Pedro. $3 1925255
245 1 0 $a Privatization: Theory, evidence and its role in fostering fragmentation (Brazil).
300 $a 102 p.
500 $a Source: Dissertation Abstracts International, Volume: 64-08, Section: A, page: 3007.
500 $a Supervisor: Ronald Jones.
502 $a Thesis (Ph.D.)--The University of Rochester, 2003.
520 $a The purpose of this dissertation is to explore the Brazilian privatization process, to test its results, and to link it to the theory of fragmentation. The economics literature contains little theoretical and empirical study of Brazilian privatization. This is a significant omission, as Brazilian privatization has been one of the largest in the world.
520 $a Brazil's privatization has not been a giveaway to the private sector, as privatization is generally understood. Brazil's banking system was peculiar: several state-level banks acted as "local" Central Banks, issuing money and lending with a political focus. The fiscal cost of removing non-performing loans was 27% of Brazil's GDP. This burden should be understood as a sunk cost: the federal government would assume those debts anyway, since they were issued by the "local" Central Banks. The smallest state-owned banks that did not attract interest were liquidated and the National Treasury effectively covered all their non-performing loans.
520 $a Empirical results in Brazil show statistically significant efficiency improvements for all the usual indicators in the literature, especially profitability and operating efficiency. They also show, however, a large reduction in labor benefits, in sharp contrast to the literature. These results have two primary causes. First, non-performing loans were removed from the banking system prior to the privatization process. Second, state-owned employees received enormous labor benefits compared to private employees.
520 $a A final discussion links the theories of privatization and fragmentation. Privatization fosters fragmentation in several ways. First, privatization acts as a shock, causing the use of a new technology. This is illustrated by the discussion of mergers and international fragmentation in Jones and Kierzkowski (2001b and 1990). Secondly, privatization breaks restrictions imposed by regulations. This enables alliances between foreigners and the younger domestic generation, supporting the theoretical view in Jones and Marjit (2001). The Embraer case study shows that privatization has fragmented its production plant, which supports the theories of Jones and Kierzkowski (2001b and 1990).
590 $a School code: 0188.
650 4 $a Economics, Finance. $3 626650
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710 2 0 $a The University of Rochester. $3 1249304
773 0 $t Dissertation Abstracts International $g 64-08A.
790 1 0 $a Jones, Ronald, $e advisor
790 $a 0188
791 $a Ph.D.
792 $a 2003
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3102276