Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/119722 
Year of Publication: 
2002
Series/Report no.: 
Nota di Lavoro No. 114.2002
Publisher: 
Fondazione Eni Enrico Mattei (FEEM), Milano
Abstract: 
This paper evaluates the impact of privatization on the development of capital markets in a two-country general equilibrium model. We draw particular attention to two divestment techniques, share issue privatizations (in developed market systems) and voucher privatizations (in transition economies). It is shown how these two privatization methods can have an impact, by diversification effects, on supplies of private assets, demands for assets, market capitalizations and international asset allocation strategies. We show that even a non-marketed privatization (free distribution of public assets to private individuals) has market-effects, by altering portfolio choices.
Subjects: 
Financial integration
international risk-sharing
share issue privatization
stock market development
voucher privatization
JEL: 
F3
G1
L33
Document Type: 
Working Paper

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