Type of Document Dissertation Author Ho, Wai Hong URN etd-080699-132138 Title Economc Analysis of Privatization Degree PhD Department Economics (Arts and Sciences) Advisory Committee
Advisor Name Title Haller, Hans H. Committee Chair Kats, Amoz Committee Member Lutz, Nancy A. Committee Member Snyder, Susan K. Committee Member Stegeman, Mark Committee Member Keywords
- Credit Rationing
- Economic Growth
Date of Defense 1999-05-25 Availability unrestricted AbstractThis collection of papers originates from my
interest in the reform efforts in transitional
economies. Each of the chapters is self-contained.
Chapter one presents a brief literature survey
of those schools of thought that have contributed
to our knowledge about privatization.
In chapter two, a public firm model and a private
firm model are compared based on agency approach,
assuming that the owner of a firm has cost
information but also bears the cost of production.
I find that the question which type of ownership,
private or public, is superior does not have a clear
cut answer. Private ownership may induce higher
work effort but suffers from a discrepancy of
private and social goals. While production
distortion is less serious, an obvious disincentive
to work exists in the public firm.
Chapter three examines how privatization can be
considered as a threat to stimulate a public firm
manager's work incentive when his effort level cannot
be observed by the government. I find that, in the case
when commitment to privatize is impossible, the government
will set a strictly positive wage rate and a strictly
positive investment subsidy to signal the government's
determination to implement the privatization policy.
In chapter four, I examine the role that public investment
plays in a financial market with a credit rationing problem.
Two kinds of borrowers co-exist in the economy, namely the
public and the private. Public borrowers enjoy a "first
mover" advantage to borrow money from banks.
In this situation, the credit rationing is found escalating.
But since the success of a public project (owned by a public
borrower) can exert positive externality on the productivity
of private projects, the adverse effect induced by credit rationing
can be alleviated. We show that if the quality of the public
projects is good enough, the economic growth rate can be higher
than the case without public projects in the economy.
Filename Size Approximate Download Time (Hours:Minutes:Seconds)
28.8 Modem 56K Modem ISDN (64 Kb) ISDN (128 Kb) Higher-speed Access CHAPTER1.PDF 58.90 Kb 00:00:16 00:00:08 00:00:07 00:00:03 < 00:00:01 CHAPTER2.PDF 85.42 Kb 00:00:23 00:00:12 00:00:10 00:00:05 < 00:00:01 CHAPTER3.PDF 83.10 Kb 00:00:23 00:00:11 00:00:10 00:00:05 < 00:00:01 CHAPTER4.PDF 81.74 Kb 00:00:22 00:00:11 00:00:10 00:00:05 < 00:00:01 ETD.PDF 16.04 Kb 00:00:04 00:00:02 00:00:02 00:00:01 < 00:00:01 VITA.PDF 6.18 Kb 00:00:01 < 00:00:01 < 00:00:01 < 00:00:01 < 00:00:01
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