State-owned enterprises privatizations in Costa Rica: How much could it reduce fiscal deficit?
DOI:
https://doi.org/10.15359/eys.26-60.5Keywords:
Privatizations, Budget Deficit, Public AssetsAbstract
The literature review on privatizations leads to mixed and contradictory conclusions on the effect of privatizations on the economy. Therefore, the conclusions of each study must be discerned and adapted to each reality, so that its implementation in practice does not have negative effects on society. Precisely in the case of Costa Rica, some have presented the idea that the sale of state-owned assets solves a large part -and some the solution- of the country’s debt, which is not true, because the impact of sales is infinitesimal and it seems that those who propose it as the "cure-all remedy", either did not make the particular calculations or are carried away by ideological approaches or simply, by a mimic effect.
References
Barnett, S. A. (2000). Evidence on the fiscal and macroeconomic impact of privatization. IMF working paper.
Buchanan, J. M. (1975). The Limits of Liberty: Between Anarchy and Leviathan. The University of Chicago Press.
Buchanan, J. M., & Tullock, G. (1958). The Calculus of Consent: Logical Foundations of Constitutional Democracy. Liberty Fund.
Capitán, A. L. H. (2003). Costa Rica en evolución. Política económica, desarrollo y cambio estructural del sistema socioeconómico costarricense (1980-2002). (2003). Editorial de la Universidad de Costa Rica y Servicio de Publicaciones de la Universidad de Huelva. https://www.academia.edu/8539567/Costa_Rica_en_evoluci%C3%B3n_Pol%C3%ADtica_econ%C3%B3mica_desarrollo_y_cambio_estructural_del_sistema_socioecon%C3%B3mico_costarricense_1980_2002_2003_
Chong, A., & Silanes, F. L. de. (2005). Privatization in Latin America: Myths and Reality. World Bank Publications.
Coase, R. H. (1959). The Federal Communications Commission. The Journal of Law & Economics, 2, 1-40.
Cook, P., & Uchida, Y. (2003). Privatisation and economic growth in developing countries. The Journal of Development Studies, 39(6), 121-154.
Cuadrado-Ballesteros, B., & Peña-Miguel, N. (2018). The socioeconomic consequences of privatization: An empirical analysis for Europe. Social Indicators Research, 139(1), 163-183.
Davis, J., Ossowski, R., Richardson, T., Barnett, S., (2000). Fiscal and Macroeconomic Impact of Privatization. IMF Occasional Paper 194.
DeWenter, K. L., & Malatesta, P. H. (2001). State-Owned and Privately Owned Firms: An Empirical Analysis of Profitability, Leverage, and Labor Intensity. American Economic Review, 91(1), 320-334. https://doi.org/10.1257/aer.91.1.320
D’souza, J., & Megginson, W. L. (1999). The Financial and Operating Performance of Privatized Firms during the 1990s. The Journal of Finance, 54(4), 1397-1438. https://doi.org/10.1111/0022-1082.00150
Galal, A., Jones, L., Tandon, P., & Vogelsang, I. (1994). Welfare consequences of selling public enterprises. The World Bank. https://doi.org/10.1596/0-8213-2976-6
Henisz, W. J., Zelner, B. A., & Guillen, M. F. (2004). INTERNATIONAL COERCION, EMULATION, AND POLICY DIFFUSION: MARKET-ORIENTED INFRASTRUCTURE REFORMS, 1977-1999. Academy of Management Proceedings, 2004(1), N1-N6.
Katsoulakos, yLikoyanni, E. (2002), Fiscal and Other Macroeconomic Effects of Privatization, Nota di Lavoro, No. 113.2002, Fondazione Eni Enrico Mattei (FEEM), Milano.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (1999). The quality of government. The Journal of Law, Economics, and Organization, 15(1), 222-279. https://doi.org/10.1093/jleo/15.1.222
Lizano Fait, E. (1999). Ajuste y crecimiento en la economía de Costa Rica: 1982-1994 (1. ed). Academia de Centroamérica.
Megginson, W. L., Nash, R. C., & Van Randenborgh, M. (1994). The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis. The Journal of Finance, 49(2), 403-452. https://doi.org/10.2307/2329158
Meseguer, C. (2004). La difusión de las privatizaciones en la OCDE y en América Latina: ¿un proceso de aprendizaje? Revista Española de Ciencia Política, 111-138.
Moshiri, S., & Abdou, A. (2010). Privatization, Regulation, and Economic Growth in Developing Countries: An Empirical Analysis (SSRN Scholarly Paper ID 1695274). Social Science Research Network. https://papers.ssrn.com/abstract=1695274
Muñoz, I., & Vargas, C. A. (1992). Le producción de fertilizantes en Costa Rica y el modelo estatal costarricense: El caso FERTICA. Anuario de Estudios Centroamericanos, 61-83.
OCDE. (2015). Board practices and financing for Latin American State-Owned Enterprises. Organisation for Economic Cooperation and Development.
Plane, P. (1997). Privatization and economic growth: An empirical investigation from a sample of developing market economies. Applied Economics, 29(2), 161-178. https://doi.org/10.1080/000368497327245
Roland, G. (2000). Transition and Economics. Politics, Markets, and Firms. The MIT Press.
Sunderland, Alexander H. 2011. Fiscal Impact of Privatization in Developing Countries" (2011). CMC Senior Theses. Paper 109.
http://scholarship.claremont.edu/cmc_theses/109
Tittenbrun, J. (1996). Private versus public enterprise: In search of the economic rationale for privatisation. Janus. https://trove.nla.gov.au/work/7135865
Published
How to Cite
Issue
Section
License
This publication is subject to the Creative Commons License; therefore, its attributions and restrictions must be respected.
Authors publishing in this Journal accept the following conditions:
- Authors retain copyright ownership and give the Journal first publication right of the paper, which is registered with the Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. This license allows third parties to use the published work provided it is sourced as firstly published in this Journal.
- Authors may enter into other independent and additional contractual agreements for the non-exclusive distribution of the article published in this Journal (e.g., to be included in an institutional repository or published in a book) provided it is clearly stated that the work was published in this Journal for the first time.
- Authors are allowed and recommended to publish their work on the Internet (for example, on institutional or personal pages) before and during the review and publication process, as it can lead to productive exchanges and a greater and faster dissemination of work published.
The Economía & Sociedad Journal, published by Universidad Nacional, is licensed under a Creative Commons Reconocimiento-NoComercial-CompartirIgual 4.0 Internacional License. Based on http://www.revistas.una.ac.cr/index.php/economia.
