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Privatisation and aggregate output: testing for macroeconomic transmission channels

Content Provider	Springer Nature Link
Author	Bacchiocchi, Emanuele Florio, Massimo
Copyright Year	2008
Abstract	In this paper we examine empirically the impact of privatisation on output in the UK, through macroeconomic transmission channels. While most privatisation studies focus on microeconomic shocks, namely at the firm level, we are interested to see whether a large scale privatisation policy, as the one pursued in the UK in the 1980 and 1990s, had a measurable impact on output. This may contribute to the ex post evaluation of this policy and complement the microeconomic evidence. We use quarterly data from 1979 to 1998 of privatisation proceeds, as our impulse policy variable, and of private consumption, gross fixed capital formation, net government expenditures, as transmission channels, and aggregate output as our final response variable. The econometric methodology is based on Structural Vector Auto-regressive models and Impulse Response Functions. Non-stationarity and cointegration properties of the time series have also been considered. We find that privatisation shocks do not have an impact in the consumption-output model, but have a moderate and transitory impact in the investment and the public expenditures models. Such positive demand effects, however, have not been completely matched by supply side effects, and, consequently, privatisation in the UK did not contribute to a sustained economic growth.
Starting Page	525
Ending Page	545
Page Count	21
File Format	PDF
ISSN	03408744
Journal	Empirica
Volume Number	35
Issue Number	5
e-ISSN	15736911
Language	English
Publisher	Springer US
Publisher Date	2008-05-14
Publisher Place	Boston
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Privatisation in Great Britain Macroeconomic impact of policy reforms Structural VAR analysis Public Finance & Economics Industrial Organization Econometrics Macroeconomics/Monetary Economics International Economics European Integration
Content Type	Text
Resource Type	Article
Subject	Geography, Planning and Development Development Economics and Econometrics

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