Despite the inefficiencies documented in empirical studies, state ownership of productive assets persists worldwide. One explanation is the “market failure” view, positing that the raison d'être of state-owned firms is to enable projects the private sector is reluctant to sponsor. I analyze...

Despite the inefficiencies documented in empirical studies, state ownership of productive assets persists worldwide. One explanation is the “market failure” view, positing that the raison d'être of state-owned firms is to enable projects the private sector is reluctant to sponsor. I analyze...

Co-lending by private-sector and government-owned lenders accounts for over one-tenth of all syndicated-loan funding to corporate borrowers from 1980 to 2010. Co-lending is often rationalized as a mean to impose market discipline on government-owned lenders. We investigate whether that is really...

The scope of privatization -- Why do countries privatize? -- How do countries privatize? -- Empirical evidence on privatization's effectiveness in non-transition economies -- Empirical evidence on privatization in transition economies -- The structure and investment performance of privatization...