Tax Smoothing and the Cross-Country Pattern of Privatization
Privatization generally enhances firm-level efficiency. The impact of privatization on fiscal efficiency has, however, been overlooked. Using the "tax-smoothing" ideas articulated by R. Barro (1979) [On the determination of the public debt. Journal of Political Economy, 87, 940-971] and by H. Bohn (1990) [Tax smoothing with financial instruments. American Economic Review, 80, 1217-1230], we argue that privatization may have an important impact on the welfare losses associated with tax...[Show more]
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