Privatisation around the world: Evidence from panel data

Bernardo Bortolotti, Marcella Fantini, Domenico Siniscalco

Research output: Contribution to journalArticlepeer-review


Why do countries privatise? This paper presents new evidence from a panel of 34 countries over the 1977-1999 period. The empirical analysis shows that privatisation takes place typically in wealthy democracies, encumbered by high public debt, but endowed with deep and liquid stock markets. Budget and 'market' constraints matter, but legal institutions are also important. Indeed, the extent of privatisation in terms of revenues and stakes sold appears more limited in civil law countries, where shareholders are poorly protected, banks powerful, and capital markets less developed.

Original languageEnglish (US)
Pages (from-to)305-332
Number of pages28
JournalJournal of Public Economics
Issue number1-2
StatePublished - Jan 2004


  • Capital markets
  • Law and finance
  • Political economy
  • Privatisation
  • Public finance

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics


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