Privatization, technology choice and aggregate outcomes

摘要: Abstract We analyze the macroeconomic consequences of privatization policies in transition economies. Due to particular market structure those economies, strategic completnentarities restructuring privatized firms occur, giving rise multiple equilibria. Restructuring and resulting outcomes crucially depend on how property rights are distributed which method is chesen. Firm sales single or core investors may easily lead `bad' equilibria without restructuring, if employees given profit claims. This so even workers give up parts their wages as a compensation for stocks (wage-equity swaps). Contrary conventional wisdom, mass can have favourable influence micro-economic efficiency therefore `good' aggregate outcome. As an additional feature favouring privatization, we argue that Big Bang approach might equilibrium.