The international monetary fund and the global spread of privatization.

From: IMF Staff Papers | Date: July 1, 2004| Author: Brune, Nancy; Garrett, Geoffrey; Kogut, Bruce | Copyright information

Well over a trillion dollars worth of state-owned firms have been privatized since 1980. The traditional argument is that governments choose to privatize in response to fiscal pressures. In this study, the authors examine the impact of IFI conditionality on privatization and find that IMF conditionality, in particular, has an important indirect economic benefit. Investors are willing to pay more for privatized assets in countries that owe the IMF money (and hence that are subject to the pol...

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