Infrastructure privatization in a neoclassical economy: macroeconomic impact and welfare computation
Autor(a) principal: | |
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Data de Publicação: | 1997 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/12176 |
Resumo: | In this paper a competi tive general equilibrium model is used to investigate the welfare and long run allocation impacts of privatization. There are two types of capital in this model economy, one private and the other initially public ('infrastructure'), and a positive extemality due to the latter is assumed. A benevolent governrnent can improve upon decentralized allocation intemalizing the extemality, but it introduces distortions in the economy through the finance of its investments. It is shown that even making the best case for public action - maximization of individuais' welfare, no operation inefficiency and free supply to society of infrastructure services - privatization is welfare improving for a large set of economies. Hence, arguments against privatization based solely on under-investment are incorrect, as this maybe the optimal action when the financing of public investment are considered. When operation inefficiency is introduced in the public sector, gains from privatization are much higher and positive for most reasonable combinations of parameters. |
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Ferreira, Pedro CavalcantiEscolas::EPGEFGV2014-10-22T11:51:01Z2014-10-22T11:51:01Z1997-01-23http://hdl.handle.net/10438/12176In this paper a competi tive general equilibrium model is used to investigate the welfare and long run allocation impacts of privatization. There are two types of capital in this model economy, one private and the other initially public ('infrastructure'), and a positive extemality due to the latter is assumed. A benevolent governrnent can improve upon decentralized allocation intemalizing the extemality, but it introduces distortions in the economy through the finance of its investments. It is shown that even making the best case for public action - maximization of individuais' welfare, no operation inefficiency and free supply to society of infrastructure services - privatization is welfare improving for a large set of economies. Hence, arguments against privatization based solely on under-investment are incorrect, as this maybe the optimal action when the financing of public investment are considered. When operation inefficiency is introduced in the public sector, gains from privatization are much higher and positive for most reasonable combinations of parameters.engEscola de Pós-Graduação em Economia da FGVSeminários de pesquisa econômica da EPGETodo cuidado foi dispensado para respeitar os direitos autorais deste trabalho. Entretanto, caso esta obra aqui depositada seja protegida por direitos autorais externos a esta instituição, contamos com a compreensão do autor e solicitamos que o mesmo faça contato através do Fale Conosco para que possamos tomar as providências cabíveisinfo:eu-repo/semantics/openAccessInfrastructure privatization in a neoclassical economy: macroeconomic impact and welfare computationinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleEconomiaPrivatizaçãoreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINAL1439298.pdf1439298.pdfapplication/pdf787814https://repositorio.fgv.br/bitstreams/f6e876c0-36c9-4164-b37f-e5341d5c401b/download2ed97a922c596a8845c6999dd2603fc4MD51LICENSElicense.txtlicense.txttext/plain; charset=utf-84707https://repositorio.fgv.br/bitstreams/f3195ad7-c563-4d5b-9519-b11590920ec5/downloaddfb340242cced38a6cca06c627998fa1MD52TEXT1439298.pdf.txt1439298.pdf.txtExtracted 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dc.title.eng.fl_str_mv |
Infrastructure privatization in a neoclassical economy: macroeconomic impact and welfare computation |
title |
Infrastructure privatization in a neoclassical economy: macroeconomic impact and welfare computation |
spellingShingle |
Infrastructure privatization in a neoclassical economy: macroeconomic impact and welfare computation Ferreira, Pedro Cavalcanti Economia Privatização |
title_short |
Infrastructure privatization in a neoclassical economy: macroeconomic impact and welfare computation |
title_full |
Infrastructure privatization in a neoclassical economy: macroeconomic impact and welfare computation |
title_fullStr |
Infrastructure privatization in a neoclassical economy: macroeconomic impact and welfare computation |
title_full_unstemmed |
Infrastructure privatization in a neoclassical economy: macroeconomic impact and welfare computation |
title_sort |
Infrastructure privatization in a neoclassical economy: macroeconomic impact and welfare computation |
author |
Ferreira, Pedro Cavalcanti |
author_facet |
Ferreira, Pedro Cavalcanti |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.author.fl_str_mv |
Ferreira, Pedro Cavalcanti |
dc.subject.area.por.fl_str_mv |
Economia |
topic |
Economia Privatização |
dc.subject.bibliodata.por.fl_str_mv |
Privatização |
description |
In this paper a competi tive general equilibrium model is used to investigate the welfare and long run allocation impacts of privatization. There are two types of capital in this model economy, one private and the other initially public ('infrastructure'), and a positive extemality due to the latter is assumed. A benevolent governrnent can improve upon decentralized allocation intemalizing the extemality, but it introduces distortions in the economy through the finance of its investments. It is shown that even making the best case for public action - maximization of individuais' welfare, no operation inefficiency and free supply to society of infrastructure services - privatization is welfare improving for a large set of economies. Hence, arguments against privatization based solely on under-investment are incorrect, as this maybe the optimal action when the financing of public investment are considered. When operation inefficiency is introduced in the public sector, gains from privatization are much higher and positive for most reasonable combinations of parameters. |
publishDate |
1997 |
dc.date.issued.fl_str_mv |
1997-01-23 |
dc.date.accessioned.fl_str_mv |
2014-10-22T11:51:01Z |
dc.date.available.fl_str_mv |
2014-10-22T11:51:01Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
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article |
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publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/12176 |
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http://hdl.handle.net/10438/12176 |
dc.language.iso.fl_str_mv |
eng |
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eng |
dc.relation.ispartofseries.por.fl_str_mv |
Seminários de pesquisa econômica da EPGE |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
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FGV |
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