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Privatization Trends: Stylized Facts

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The main methods of privatization, listed on the basis of the evidence of the literature in order of likely favorable impact on economic growth and development are as follows: Sale to high-quality foreign firms. There are obvious trade-offs. Free distribution ensures equality in the allocation of assets around the population, but is likely to lead to weak corporate governance. Selling to foreign owners, with appropriate safeguards, can raise company efficiency but may lead to job losses.

Privatization seeks to improve company efficiency via corporate governance. However, as we have seen, a number of side-effects may impact other key policy targets and these need to be considered in advance. Social and Economic Side Effects. Competition Side Effects. Global Impact.

Selling key assets such as banks or resource companies to foreign firms may restrict the range of domestic policy and hinder long-term development. Political Side Effects. Selling assets to elites may concentrate political power and economic wealth into fewer hands. Effects on Distribution of Income. An enhanced focus on the profitability of firms may lead to increased prices of important products for poor households, as well as reduced pay, worse employment conditions, and fewer job prospects.

Year in Review: 2018 in 14 Charts

Effects on Fiscal Balance. In principle, this should be unchanged because if the asset is priced correctly, the price should reflect the future expected earnings from the company. In practice, pricing may be set low to achieve distributional targets or to support elites and friends. This would worsen the government's balance sheet.

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At the same time, the new owners may be more productive than the state, and hence raise activity and profits, with a positive effect on GDP and government revenues. Oxford University Press is a department of the University of Oxford. It furthers the University's objective of excellence in research, scholarship, and education by publishing worldwide.

Sign In or Create an Account. Sign In. Advanced Search. Article Navigation. Close mobile search navigation Article Navigation. Volume Article Contents. Privatization Trends: Stylized Facts. Privatization Process: Distributional Impacts. Policy Implications. Concluding Comments. Saul Estrin. Correspondence to be sent to s. Oxford Academic. Google Scholar. Adeline Pelletier. Cite Citation. Permissions Icon Permissions. Abstract This paper reviews the recent empirical evidence on privatization in developing countries, with particular emphasis on new areas of research such as the distributional impacts of privatization.

Open in new tab Download slide. Value of privatisation transactions in developing countries by region, to Source: World Bank, Privatization database.

Table 1. Small sample 49 observations. Positive impact of foreign ownership on performance of banks, due to more risk-seeking strategies by foreign owners. Megginson, Nash, and van Randenborgh methodology: period of eleven years: three years before and eight years after privatization. Unbalanced sample of 69 banks with annual data for the period through , with a total of observations.

Performance improvements following privatization, but negative effects of the continuing minority government ownership on the performance of many Nigerian banks. Privatised banks increased their performance, but not restructured banks. Stochastic frontier analysis SFA to estimate bank efficiency. Transition countries Bulgaria, the Czech Republic, Croatia, Hungary, Poland, and Romania ; 67 different banks from to observations.

Foreign-owned banks are most efficient, and government-owned banks are least efficient. Voucher privatization does not lead to increased efficiency and early-privatised banks are more efficient than later-privatised banks and no evidence of selection effect. Examine three categories of controlling owners: foreign investors, local industrial groups, and the government itself.

Megginson, Nash, and van Randenborgh methodology on a panel of banks. Period of seven years: three years prior to privatization and three years post-privatization, including the year of privatization itself. Profitability increases post-privatization, but it depends on the type of owner higher economic efficiency exhibited by banks owned by local industrial groups and foreign owners. Stock market data. Megginson, Nash, and van Randenborgh methodology: 3 years pre-privatization operating performance data and 5 years post privatization.

Examines pre- and post-privatization operating performance of the privatised banks relative to that of the rival banks. Analyze 21 privatizations and 65 rival banks from middle- and low-income countries. Statistically significant improvement in operating performance for the privatized banks in the pre- and post-privatization period, apart from reduction in loan loss provisions ratio.

One reason for the lack of improvement might be the continued government ownership of these banks. Employ regressions that show the evolution of UCB, Stanbic, and the post-merger bank in terms of profitability, portfolio quality, operating efficiency, and credit growth. Uganda, to , observations quarterly data. Improvement in profitability and rate of credit growth compared to pre-privatization for UCB. Examines the privatization of National Bank of Commerce. Test whether the privatization of the two successor banks to the original National Bank of Commerce resulted in improved performance.

Sale to a foreign strategic investor Rabobank from the Netherlands resulted in improved profitability and reductions in non-performing loans, along with an increase in the ratio of loans to total assets. Megginson, Nash, and van Randenborgh, includes fixed effects. Privatization combined with an independent regulator is positively correlated with telecom performance measures. No clear benefits of privatization alone. Performance of privatization depends on regional factors related to market profitability, wealth, and geography. Efficiency is not significantly different in private companies than in public ones.

No strong evidence of differences in the performance of state-owned water utilities and water utilities involving some private capital in Africa. Case study graphs and statistics. Different ownerships: public ownership, corporatized, public—private, private. No evidence of improvement in efficiency and capital investment after privatization. The privatization variable used in the study was constructed as the percentage of generating capacity owned by private investors. Fixed effects country and year to deal with endogeneity. Panel data for 36 developing and transitional countries, over the period to Competition seems to be most effective to increase performance.

On their own privatization and regulation do not lead to significant improvement in performance. Privatization measured as the cumulative investment in the electricity sector as a percentage of average gross capital formation in the period to Country-level analysis. Countries with higher private investment tend to provide more efficient and better-quality electricity services.

Open in new tab. Table 2. If the asset is under-priced and rewards political cronyism. If the sale is non-transparent. Prices may increase if they were previously below cost-recovery level. If the private owner decreases its engagement in specific market segments that are beneficial to the poor. In addition, poorer consumers can see their access reduced if privatization is accompanied by the end of illegal water and electricity connections. Privatization may affect real income net of taxes if it reduces the tax burden differentially across households. Saul Estrin is a professor of management at the London School of Economics; correspondence to be sent to s.

This work was supported by the U. Kikeri and Nellis have also conducted a wide-ranging assessment of privatization. The privatization barometer database provides world aggregate data on privatization and a country breakdown for developed countries. We are not aware of an alternative database providing such information.

This was also confirmed by several academic and practitioner experts on privatization whom we contacted during the course of this research. Infrastructure includes transportation, water and sewerage, telecommunications, natural gas transmission and distribution, and electricity generation, transmission, and distribution. The manufacturing and services sector includes agribusiness, cement, chemicals, construction, steel, hotels, tourism, airlines, maritime services and other sub-sectors that are not infrastructure or finance related. The financial sector includes banks, insurance, real estate, and other financial services.

The energy sector includes the exploration, extraction, and refinement of hydrocarbons, oil, and natural gas. The primary sector includes the extraction, refinement, and sale of primary minerals and metals such as coal and iron ore. The ownership pattern resulting from privatization often depends on the mode of privatization chosen. Thus, private sales usually lead to concentrated strategic owners, while mass privatization usually generates widespread ownership, at least initially.

The impact of mode of privatization on national economic performance in transition economies is explored in Bennett, Estrin, and Urga Note, however, that in the utilities sector particularly for water , the technology and the nature of the product restrict the possibility of competition in the market and therefore the efficiency gains following privatization.

In this case, competition for the market to win the contract or concession agreement has to be organized. Given the ambiguous results of privatization in noncompetitive markets in terms of improving economic performance Megginson and Netter , regulation may prove to be more effective Kirkpatrick, Parker, and Zhang The performance of privatized banks in the seven countries of the West African Economic and Monetary Union from to improved in the first year after privatization, but not after that.

Improvements in performance in Nigeria were observed in fully-divested banks, but not in the ones where the government retained minority shareholdings. Whereas competition is feasible in telecommunications markets, it is usually cost-inefficient in the market for water services, given the scale of the investment in network assets required to deliver the product.

Privatization is also not associated with the profitability and efficiency of government-owned firms. Note, however, that this method may suffer from a trade-off with competition objectives since foreign firms may seek local monopoly power.


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Such sales may be accompanied by conditions with respect to technology transfer, domestic content of inputs, employment, environment, etc. Google Preview. Search ADS. Empirical Evidence from Latin America. La Porta. Privatization Barometer. World Bank. Theory and Evidence from Latin America and the Caribbean. All rights reserved. For permissions, please e-mail: journals. Issue Section:. Download all figures.

View Metrics. Email alerts New issue alert. Advance article alerts. Article activity alert. JEL classification alert. Receive exclusive offers and updates from Oxford Academic. Related articles in Web of Science Google Scholar. Citing articles via Web of Science 3. Azam, Biais and Dia Beck, Cull and Jerome Beck, Crivelli, and Summerhill Brazil, unbalanced panel of banks with quarterly data over the period January to September , with a total of 4, observations.

Bonin, Hasan, and Wachtel Measures of performance: cost and profit efficiency, ROA Four ownership types: foreign greenfield, domestic de novo, state-owned, privatised. Boubakri et al. Measures of performance: ROE, net interest margin, credit risk. Otchere Clarke, Cull and Fuchs Cull and Spreng Wallsten Measures of performance: mainline penetration, payphones, connection capacity, prices for local calls, labour efficiency.

Gasmi, et al. Measures of performance: Mainline penetration cellular subscription, mainlines per employee, Monthly subscription to fixed, price of cellular. Estache and Rossi Kirkpatrick, Parker, and Zhang Tan Measures of performance: Nonrevenue water NRW , unit costs, tariffs, water production capacity the amount of water treated for distribution , length of pipes. Zhang, Parker, and Kirkpatrick Measures of performance: net electricity generation per capita of the population, installed generation capacity per capita of the population, net electricity generation per employee in the industry and electricity generation to average capacity capacity utilization.

Balza, Jimenez, and Mercado Measures of performance: real end-user prices for residential electricity excluding taxes ; percentage of households with access to electricity; electricity capacity generation; and electricity loss as a percentage of total electricity production. If the sale is conducted in a transparent way, with a wide distribution of vouchers with positive returns. If newly-privatized firms become more efficient and dynamic, total employment might recover after the initial restructuring phase.

Privatization can lead to a fall in prices if it is accompanied by increased competition. Here's a breakdown of the typical costs for a 50 gallon batch of Biodiesel. Commissioning and start-up is the final step before production runs in a processing plant. Do It Yourself! Build a Small-Scale Ethanol Fuel Plant Find out what it takes to build an ethanol fuel plant, including sourcing feedstock. How much does it cost to build different types of power plants in the United States? The U. The objectives pf this Feasibility Study are to evaluate the current commercial potential of a small scale wood-fed methanol plant using the SERI oxygen-blown, pressurized down-draft gasifier technology and There are almost a dozen companies racing to build the first next-generation cellulosic ethanol plants in the United States over the next few years.

This invention relates to a process and plant for the production of methanol. Modules 1 and 2 being positioned for connection.

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A rebounding U. Is it true that there are two phases to the proposed Kalama methanol plant? When phase 1 is completed it will have a capacity of 1. The CEPCI consists of a composite index assembled from a set The project will convert natural gas into up to three million metric tonnes of methanol per year, feeding end uses such as fuels, electronics, construction materials, solvents and petrochemicals. The OCI Natgasoline unit provides a clear comparison of the rising cost of methanol plants. Methanol is synthesised in large volumes annually by conversion of a carbonaceous feedstock, usually a hydrocarbonaceous feedstock such as natural gas, into a mixture of carbon oxides and hydrogen.

What is a Mixed Economy?

The plant will utilize steam reforming and methanol synthesis technologies from Johnson Matthey Davy Technologies Limited. The company is seeking to build methanol plants at two other Northwest ports — the Port of St. This confirms. By the s, methanol was being made almost solely from natural gas and naphtha using low pressure reforming and high pressure synthesis, with Congratulations to them!

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Mega Methanol Plants These are the plants now being built. The cost of a corn ethanol plant in the United States per annual unit of production capacity is around USD 0. Without solvent reclaiming, these contaminants would build-. This segment would make the site one of the first natural gas-to-gasoline plants in the United States. Final building module positioned for commissioning. Any information provided on this website is not intended to be a substitute for legal services from a competent professional. The R3 Sciences methanol production system is the first of its kind to employ several key advancements in micro-plant and gas-to-liquid technology.

As companies pivot to solidify demand for gas by exporting products such as liquefied natural gas LNG and methanol, their promises are coming under mounting scrutiny. James output bio-chemical ethanol plant. It is clear that the majority of the total investment is consumed by the production of required hydrogen. Task 1: Cost Estimates of Small. Companies will also save time by using existing equipment and engineering when constructing a plant in a new location.

This basic fact is mostly overlooked in planning the requirement for building structures. Construction of a small-scale biodiesel plant The purpose of our internship was to design and construct a small-scale biodiesel plant for NativeSun NRG. Order of Magnitude estimate.

As part of our larger product lifecycle solutions, AMG, Inc. Denmark — The demonstration plant, scheduled to be fully operational in the Gov. Methanol is a 'building block' molecule for just about any hydrocarbon using well known 'hydrogenation' processes Fisher-Tropsch is used in oil refineries to produce gasoline, diesel fuel And if the CO2 from such power plants is captured and shipped back to the Ocean Nuclear Power plants to produce more methanol then the methanol fuel economy would be— carbon negative.

Industrial Plant Services Limited IPSL is a privately owned organization that provides a dynamic range of expert plant management services to clients in the petrochemical sector both locally and globally. The production cost of methanol has been evaluated on the basis of. Where this scheme is required to make a higher output, a more conventional higher pressure scheme may still be economic. Methanol use in clean alternative fuels is leading to significant growth in global demand, Nauticol noted in a statement.

Most biodiesel producers build up a relationship with a few restaurants in their area and buy the oil from them. Methanex to relocate Chile methanol plant to Louisiana A shale gas boom in the U. Parish coal plant south of Houston. Gaines said that although the utility can spread that cost among all of its customers, he would recommend the new business pay for the increased cost. As of June , the United States had the nameplate capacity to produce 16, The biggest cost that you will encounter when setting up a biodiesel plant is the cost of the actual vegetable oil.

The English-language online portal of Estonian Public Broadcasting. The nameplate capacity of the plant is 2, MTPD of refrigerated ammonia with The Methanol Industry. As stated methanol, the lowest production cost after paying off construction loans would be. Study Estimate. This is similar to other grain-based plants. Tariffs could delay, sink Louisiana methanol plant: Fluor. Among the 11 units under construction, three are sour shifts in coal gasification. Biodiesel is a more sustainable and environmentally friendly fuel that is made with vegetable oil and methanol through a process known as transesterification.