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The privatisation and nationalisation of European roads : success and failure in public-private partnerships
This distinctive and timely book examines the current state and trends in the ownership, management and financing of European high capacity roads. Offering an analysis of three pioneer countries in road privatization, Spain, France and Italy, from their origins to their recent developments, it evaluates how the design of privatisation policies may lead to their success or failure. Describing the trend in favouring public-private collaboration and road charging, Professor Daniel Albalate presents the theoretical framework of road privatisation and its relevant design issues. Exhaustively studying the national experiences in historical perspective, he aims at providing lessons on the good, the bad and the ugly of road privatisation. As a result, this excellent study shows the increasing role of private financing and ownership in Europe, a trend mainly explained by fiscal motivations and the thrust of the European Commission. Presenting an evaluation of the critical elements of the contractual and regulatory design of the public-private collaboration that determines the likelihood of success and failure, this unique book will be of special interest to academics, graduate students and policy makers interested in the public provision and financing of road infrastructure, and public finance more generally. --Publisher description.
Book
Research on the Training Model of Social Sports Athletes under the Network Information Environment
Social sports athletes are one of the important conditions to promote national fitness activities. Therefore, it is necessary to carry out systematic training for social sports athletes in order to adapt to the development of sports nationalization. Therefore, based on the network information environment, the author studies the training mode of social sports athletes. At the same time, the characteristics and existing problems of the training mode of social sports athletes in our country at the present stage are analyzed. This model is supported by the learning activity management system and focuses on the improvement of coaching professional ability. It consists of a work-oriented training course, a task-driven, coach-led teaching model and a multi-evaluation model based on formative evaluation. The research results show that the athletes participating in the training generally reflect the novel training methods, the training content is practical, and the training effect is better.
Journal Article
COUPS, CORPORATIONS, AND CLASSIFIED INFORMATION
We estimate the impact of coups and top-secret coup authorizations on asset prices of partially nationalized multinational companies that stood to benefit from U.S.-backed coups. Stock returns of highly exposed firms reacted to coup authorizations classified as top-secret. The average cumulative abnormal return to a coup authorization was 9% over 4 days for a fully nationalized company, rising to more than 13% over 16 days. Precoup authorizations accounted for a larger share of stock price increases than the actual coup events themselves. There is no effect in the case of the widely publicized, poorly executed Cuban operations, consistent with abnormal returns to coup authorizations reflecting credible private information. We also introduce two new intuitive and easy to implement nonparametric tests that do not rely on asymptotic justifications.
Journal Article
Search for Effective Governments in Post-Soviet Russia While Excluding the Factor of World Oil Prices from the Results of the Country’s Economic Development
The method of multi-criteria assessment of economic development based on an econometric model with the identification of production, market and institutional factors in relation to the parameters of economic growth and development risks is developed. The methodology is applied to the study of actual data on the economic development of post-Soviet Russia, which allowed us to obtain objective assessments of the activities of individual governments on a large set of criteria: oil-dependent, oil-dependent and diversifying, progressive, regressive and passive, conservative and destructive, managed and unmanaged development, etc.both in terms of growth and development risks, as well as individual development factors. The article describes the parameters of economic development during periods of shock therapy, radical reforms, post-devaluation recovery, building a \"vertical of power\" and \"nationalization of the elite\". It is concluded that the last periods only preserved the institutionally degraded society, but did not ensure its development. The period 2004-2008 is the only one when a positive purposeful impact of the government on development risk was revealed, namely, it was organized to reduce the fluctuation of economic growth during the period of rising oil prices. There were no positive targeted effects of governments on economic growth.
Journal Article
Reclaiming public ownership
As the environmental limits and socially destructive tendencies of the current profit-driven economic model become daily more self-evident, Cumbers argues that a reconstituted public ownership is central to the creation of a more just and sustainable society.
eBook
Determinants of Nationalization in the Oil Sector: A Theory and Evidence from Panel Data
In this article, we study nationalizations in the oil industry around the world during 1960–2006. We show, both theoretically and empirically, that governments are more likely to nationalize when oil prices are high and when political institutions are weak. We consider a simple dynamic model of the interaction between a government and a foreign-owned oil company. Even though nationalization is inefficient, it does occur in equilibrium when oil prices are high. The model's predictions are consistent with the analysis of panel data on nationalizations in the oil industry around the world since 1960. Nationalization is more likely to happen when oil prices are high and the quality of institutions is low, even controlling for country fixed effects.
Journal Article
Risk Aversion of Public Service Marketization Based on Fuzzy Analytic Hierarchy Process
With the development of China’s economy, people’s demand for public services is increasing. While meeting the public better through marketization, it is also easy to lead to some risks. The purpose of this study is to use the fuzzy analytic hierarchy process (FAHP) to evaluate the risk of public service marketization and make effective measures to avoid it. This study selects the Public Gymnasiums in different districts of our city as the research object and selects one as the nationalized public service place and the other as the market-oriented public service place. In this study, the amount of service, service equipment, service supervision status, and people’s score under the situation of nationalization and marketization is used as the evaluation indexes of public service marketization. At the same time, combined with the fuzzy analytic hierarchy process (FAHP), the risks to the normal operation of the place after marketization are summarized. The results show that the turnover of the nationalized public service places is about 40 million yuan in the past five years, and the capital flow rate gradually decreases from 1.5%; while the market-oriented turnover reaches the maximum of 90 million yuan, the capital flow rate also rises to 2.21%. However, with the marketization, the scores are high and low. This shows that the marketization of public services leads to the improvement of service items and the increase of service charges. The conclusion is that the marketization of public services will have certain risks, but with the control and fine adjustment of enterprises, it is gradually supported by the public.
Journal Article
There Will Be Killing: Collectivization and Death of Draft Animals
The elimination of private property rights can lead to ineffcient use of productive assets. In China's collectivization movement from 1955 to 1957, instead of transferring draft animals to the ownership of the collectives, peasants slaughtered them to keep the meat and hide. By comparing 1,600 counties that launched the movement in different years, the difference-in-differences estimates suggest that the animal loss during the movement was 12 to 15 percent, or 7.4–9.5 million head. Grain output dropped by 7 percent due to lower animal inputs and lower productivity. (JEL N45, N55, O13, P26, P32, Q11)
Journal Article
When it rains, it pours: Mexico's bank nationalisation and the debt crisis of 1982
How are expropriations related to governments' debt defaults? The literature has shown that expropriation episodes and debt defaults have rarely coincided, suggesting that each event resulted from a different set of factors. The aim of this article is twofold. First, I analyse default–expropriation relationships in the years previous to the debt crisis of 1982. I show that while default and expropriation episodes did not always coincide, countries that expropriated at least once during the period were also those that defaulted more often. I observe that countries that expropriated had worse macroeconomic indicators than countries that did not. Second, I focus on the case of Mexico, when its announcement of a debt moratorium in August 1982 was followed, less than one month later, by the nationalisation of its banking system. Both events were outcomes of an acute economic crisis. The nationalisation announcement aggravated the crisis because an agreement with the International Monetary Fund (IMF) seemed increasingly uncertain. I provide evidence from the largely overlooked bond market (on which the government never defaulted) that shows that investors reacted negatively to the bank nationalisation. Finally, I present original, published and unpublished primary sources to demonstrate that commercial banks, as well as international organisations, expressed misgivings about the banks' nationalisation. This fact may have hindered the country's economic recovery through the deterioration of public confidence and a decline in foreign investment.
Journal Article