Privatization in Latin America: New Roles for the Public and Private Sectors

By Werner Baer; Melissa H. Birch | Go to book overview

Table 7.4
Sources of Funds for Privatization (in Percent)
Pension FundsStock MarketWorkersAuctions
CAP5942
CHILMETRO244531
CHILGENERZ14806
CHILQUINTA17749
EMEC100
EMELSA100
EMELAT100
ENDESA295120
PULLIQUE100
ECOM100
SCHWAGER16777
ENAEX100
ENTEL5546
CTC12151162
TELEX-CHILE100
IANSA373331
LAB CHILE86626
WOQUIMICH265618
TOTAL14522410
Source: Santiago Stock Exchange, CORFO annual reports; cited in
Marcel ( 1989).
Note: Percentages correspond to initial sales.

CONCLUSION

The three programs discussed occurred in the context of a privatization process that became progressively more ambitious (see table 7.A4). From the goal of selling off 30 percent of 23 companies, stated in 1985, the government in the end would sell large shares of 27 firms and fully privatize 13 using the full range of auctions, debt equity swaps, stock sales, worker capitalism, and sales to AFP. In three years, Chile exceeded the measures taken in the UK in seven. Several points merit note.

First, the widening scope of the program reflects an increasing confidence in both the political and the economic feasibility of privatizing beyond the area rara to firms traditionally considered in the public domain. To the degree that the various dimensions of Popular Capitalism together constituted

-153-

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Privatization in Latin America: New Roles for the Public and Private Sectors
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • Figures and Tables vii
  • Preface xi
  • Notes xiii
  • 1 - Privatization and the Changing Role Of The State in Brazil 1
  • References 18
  • 2 - Privatization and the Role of the State In Post-Isi Mexico 21
  • Notes 41
  • 3 - The Regulation of Newly Privatized Firms: an Illustration from Argentina 45
  • References 68
  • 4 - Privatization: the Role of Domestic Business Elites 71
  • Notes 91
  • 5 - Foreign Direct Investment in Latin America During the 1990s 95
  • Conclusion 112
  • Notes 113
  • References 114
  • 6 - The Financial Sector in Latin American Restructuring 117
  • Notes 131
  • Notes 132
  • 7 - Privatization with Share Diffusion: Popular Capitalism in Chile, 1985-1988 135
  • Conclusion 153
  • Appendix 155
  • Acknowledgements 158
  • Notes 159
  • Refferences 160
  • 8 - Liquid Equity Markets as an Engine For Long-Term Growth in Latin America 163
  • Notes 177
  • Notes 180
  • 9 - Privatization in Spain 183
  • References 200
  • Selected Bibliography 201
  • Index 207
  • About the Contributors 213
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