The Benefits of Privatization: Evidence from Mexico
利用1983-1991年墨西哥97%的非金融私有化企业数据，分析私有化后利润率上升的来源，发现价格上涨贡献5%，裁员转移贡献31%，其余来自生产率提升。
Critics of privatization argue that the increased profitability of privatized companies comes at the expense of society. Using data from 97 percent of those nonfinancial firms privatized in Mexico during the period 1983–1991, we study two channels for social losses: (1) increased prices, and (2) layoffs and lower wages. Privatization is followed by a 24-percentage-point increase in the mean ratio of operating income to sales as firms catch up with industry-matched control groups. We estimate that higher product prices explain 5 percent of that increase; transfers from laid-off workers, 31 percent; and productivity gains, the remainder.