Publication: The fiscal impact of privatization in Latin America
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Language
eng
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Argentina
Brasil
Chile
México
América Latina
Brasil
Chile
México
América Latina
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1974-1993
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BR
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dARK
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Copyright Holder
Instituto de Pesquisa Econômica Aplicada (Ipea)
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Reproduction of this text and the data it contains is allowed as long as the source is cited. Reproductions for commercial purposes are prohibited
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Discussion Paper 53 : The fiscal impact of privatization in Latin America, O impacto fiscal da privatização na América Latina
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Advisor
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Speaker / Moderator / Discussant
Abstract
Este estudo procura contribuir para o atual debate fiscal. Acrescenta apoio empírico ao questionamento em foco, no qual os recursos obtidos com a privatização são diminutos e tardios para poder ajudar a resolver a crise fiscal. Apresenta um modelo mais abrangente, que incorpora outros efeitos indiretos, assim como preferências atuais, para demonstrar que apenas a partir de determinados preços e situações muito favoráveis, embora incomuns, a privatização faria sentido com propósitos fiscais.
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This paper seeks to make several contributions to the fiscal debate. It adds empirical support for the claims that revenues from privatization are too little and too late to help much in resolving fiscal crises. It presents a more encompassing model that incorporates other indirect effects as well as time preferences to show that only at a price and under very favorable but uncommon situations does privatization make sense for fiscal purposes. This model highlights the shorter time horizons of political leaders in Latin America which helps explain why their views of the fiscal benefits of privatization differ from those of academic economists. The paper concludes with some analysis of the value of privatization as a political signal.