The fiscal impact of privatisation in Latin America
研究了拉丁美洲四国私有化对财政平衡的实际效果，发现私有化收入很少能及时、足够地控制预算赤字，仅在阿根廷有显著贡献，并构建模型解释了这一现象。
The goal of achieving fiscal balance through privatisation is misplaced because the revenues generated are rarely large or timely enough to bring the budget deficit under control. In Mexico, Argentina, Brazil, and Chile fiscal crisis preceded and encouraged the decision to privatise, but only in Argentina did the revenues from privatisation contribute significantly to fiscal adjustment. The article develops a model, incorporating time preferences and longer term fiscal impacts, which shows that major fiscal benefits can be expected only under rare circumstances. Politicians continue to tout the fiscal benefits of privatisation perhaps to gain support or to signal their commitment to economic reform.