| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP887 |
| DP887 Public Investment and Welfare: Theory and Empirical Implications | |
| Tullio Jappelli; Andrea Ripa di Meana | |
| 发表日期 | 1994-01-28 |
| 出版年 | 1994 |
| 语种 | 英语 |
| 摘要 | The transition in East Germany has been characterized by an extremely rapid privatization of state-owned enterprises and by an equally rapid process of deindustrialization. The great majority of East German SOEs have been privatized and are now genuine capitalist firms with an owner with the incentive and the power to change management behaviour. Meanwhile East Germany has been deindustrialized with employment in mining and manufacturing falling to one quarter of its pre-unification level. This paper argues that the government imposed an inconsistent policy toward employment on the privatization agency, the Treuhand. Although required to take account of the shadow price of labour in the privatization negotiations (where employment subsidies were offered to prospective purchasers), the Treuhand engaged in large-scale labour shedding prior to privatization (using the market wage). Although costly from the perspective of the economy as a whole, the Treuhand had little choice given its mandate to privatize rapidly. Finding buyers for Treuhand enterprises has required single-minded focus on the issue of corporate governance and the matching of assets to management capabilities through the policy of selling to `competent outsiders' diverted attention from the possibility that such a policy would not guarantee the retention of a minimal core of industrial activity. Late in the day, the Treuhand recognized that greater use had to be made of economies of scale in management and control to achieve the forward-looking restructuring of its remaining portfolio. It was necessary to create new institutions. |
| 关键词 | Deindustrialization East germany Privatization Treuhandanstalt |
| URL | https://cepr.org/publications/dp887 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530017 |
| 推荐引用方式 GB/T 7714 | Tullio Jappelli,Andrea Ripa di Meana. DP887 Public Investment and Welfare: Theory and Empirical Implications. 1994. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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