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PRIVATIZATION and REGULATION in DEVELOPING COUNTRIES and ECONOMIES in TRANSITION 2Introduction: Report of the Experts

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PRIVATIZATION and REGULATION in DEVELOPING COUNTRIES and ECONOMIES in TRANSITION 2Introduction: Report of the Experts Introduction: Report of the Experts 1 ST/ESA/PAD/SER.E/19 Department of Economic and Social Affairs Division for Public Economics and Public Administration PRIVATIZATION AND REGULATION IN DEVELOPING COUNTRIES AND ECONOMIES IN TRANSITION 2Introduction: Report of the Experts United Nations . New York, 1999 NOTES The designations employed and the presentation of material in this publication do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. The designations "developed" and "developing" economies are intended for statistical convenience and do not necessarily express a judgement about the stage reached by a particular country or area in the development process. The term "country" as used in the text of this publication also refers, as appropriate, to territories or areas. The term "dollar" normally refers to the United States dollar ($) The views expressed are those of the individual authors and do not imply any expression of opinion on the part of the United Nations. Comments and inquiries regarding this report may be directed to: Mr. Guido Bertucci Director, Division for Public Economics and Public Administration United Nations, New York, N.Y. 10017 United States of America Fax : 1-212-963-9681 Introduction: Report of the Experts 3 Telex: 42231 UN U1 EXECUTIVE SUMMARY The withdrawal of Governments from the role of producing and delivering services, and their assumption of the dual roles of enabling and regulating, are major changes in the way that societies provide for their needs. Governments enable private delivery of services through financing, subsidizing, promoting and contracting. They regulate by setting policy, legal frameworks and standards of operation. These new tasks are more difficult and complex than governments had before. New organizational structures have to be built and new skills imparted to carry out new functions, and new attitudes developed to displace a culture of risk avoidance and secrecy. Governments need to be able to analyse market conditions; set policy frameworks; draw up, negotiate and enforce contracts; regulate monopolies; coordinate, finance and support producers; enable community self-provision; and provide consumers with information on their options and remedies. There is a growing realization that privatization is not the end of government participation but rather a new beginning. 4Introduction: Report of the Experts The new paradigm of governance stresses decentralization, subsidiarity, use of public-private partnerships and Non Governmental Organizations (NGOs) in former public functions, self- regulation by industry and professional associations, and citizen participation in policy formulation and implementation. Regulation is also being contracted out, eg. to specialist NGOs and firms, where they can do a better job of surveillance than a government agency. The present document presents the report of the experts together with in depth studies of various aspects of privatization and regulation such as: corporate governance and restructuring, stock market growth in developing countries, mobilization and support, social impact and promotion of competition and policies concerning monopolies. In addition a number of country experiences (Ghana, Jamaica, Malaysia, Poland) are analysed. iii FOREWORD In view of these rapid changes, and in fulfilment of United Nations General Assembly resolution 52/209 of 18 December 1997, the United Nations Department of Economic and Social Affairs held a Meeting of Experts on Privatization and Regulation in Developing Countries and Economies in Transition, in New York 16-18 February 1999. The meeting was supported by the World Bank, IMF, ILO and EBRD, and included practitioners from a number of countries, Introduction: Report of the Experts 5 academics, consultants, and UN-DESA staff members. This publication presents their papers and the overall report of the Meeting. We acknowledge with thanks the contributions of Mr Constantine Vaitsos, Mr Mark Dutz and Ms Maria Vagliasindi, Mr David Hale, Mr Ahmed Galal, Mr D.M. Bhouraskar, Mr Sanjeev Gupta, Mr Henry Ma and Mr Christian Schiller, Mr Shyam Kemani, Ms Tessie San Martin, Mr A. Horn and Ms S.R. Kim, Mr Tonny Bennett, Mr Keith Hillyer, Mr G.B. Opoku, Mr Leroy Phoenix, Ms Hanifah Hassan, and Mr Ryszard Rapacki. Guido Bertucci Director Division for Public Economics and Public Administration Department of Economic and Social Affairs. 6Introduction: Report of the Experts ii ABBREVIATIONS ASEAN Association of South East Asian Nations BO build-operate BOO build-own-operate BOT build-operate-transfer BT build transfer CAFRAD Centre Africain de Formation et de Recherche Administratives pour le Developpement CCC Caribbean Cement Company (Jamaica) CEE countries of Eastern and Central Europe CIS Commonwealth of Independent States CPI consumer price index DCF discounted cash flow DIC Divestiture Implementation Committee (Ghana) EBRD European Bank for Reconstruction and Development EC European Community ECOWAS Economic Community of West African States EDI Economic Development Institute ENTEL Argentine telecommunication company EPU Economic Planning Unit (Malaysia) ERP Economic Recovery Programme (Ghana) ESAF Enhanced Structural Adjustment Facility (IMF) ESOP employee share (or stock) ownership plan ESOS Employee Share Ownership Scheme (Malaysia) FAO Food and Agriculture Organization FDI foreign direct investment FINSAC Financial Sector Adjustment Company (Jamaica) FSU former Soviet Union GATT General Agreement on Tariffs and Trade GDP gross domestic product Introduction: Report of the Experts 7 IBRD International Bank for Reconstruction and Development (World Bank) ICAO International Civil Aviation Organization IDB Inter-American Development Bank ILO International Labour Organization IMF International Monetary Fund INTOSAI International Organization of Supreme Audit Institutions IPANet Investment Promotion Agencies Network IPO initial public offering ITU International Telecommunications Union JPSCo Jamaica Public Service Co. (light and power company) MEBO Management/employee buyout MPP mass privatisation programme NGO non-governmental organization ix NIBJ National Investment Bank of NIF National Investment Funds programme (Poland) NPV net present value NIS new independent states of the former Soviet Union OECD Organization for Economic Co-operation and Development PROTON Perusahaan Otomobil Nasional (Malaysia) R & D research and development RPI retail price index SAF structural adjustment facility (IMF) SAI supreme audit institutions SEC State Enterprises Commission (Ghana) SMI small or medium-scale industry SOE State-owned enterprise SOERP State-Owned Enterprise Recovery Programme (Ghana) TNC trans-national corporation TRIMs trade-related investment measures (WTO agreement) TRIPs trade-related intellectual property (WTO agreement) UN United Nations UNCITRAL United Nations Commission on International Trade Law UNCTAD United Nations Conference on Trade and Development UN-DESA United Nations Department of Economic and Social Affairs 8Introduction: Report of the Experts UNDP United Nations Development Programme UNICEF United Nations Children’s Fund UNIDO United Nations Industrial Development Organization USAID United Nations Agency for International Development VIF voucher investment funds WHO World Health Organization WTO World Tourism Organization Y2K Year 2000 (computer p x CONTENTS Page Foreword........................................................................................................................i Notes ............................................................................................................................. ii Abbreviations............................................................................................................... iii I. Report of the Experts .........................................................................................1 A. Nature and present state of privatization ..................................................1 B. The global context.....................................................................................1 C. Corporate governance and restructuring...................................................2 D. Capital markets.........................................................................................3 E. Political economy of privatization............................................................3 F. Mobilization of support.............................................................................4 G. Social impacts and safety nets ..................................................................4 H. Regulation and the promotion of competition ..........................................5 I. Valuation of enterprises ............................................................................6 J. Accountability, transparency and corruption............................................7 K. International cooperation ..........................................................................7 II. Globalization, Financial Instability and Privatization .....................................10 By: C. Vaitsos, Professor, Department of Economics, Athens University A. Globalization: definition and comparative experience ...........................10 B. Privatization issues..................................................................................13
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