ALESSANDRA KHOUZAM

Le privatizzazioni nei paesi in transizione. L'esperienza ungherese

N. 165

Summary — Privatization of state-owned enterprises is a key issue in the economic reforms program of former socialist countries. We focus on the experience of Central European countries, which have gone furthest in the process of transition to a market economy. This paper analyzes causes, goals and open problems in the privatization process, by comparing different privatization schemes adopted in East European countries. Futhermore, we provide. evidence in support of the gradualist approach implemented by the Hungarian government. The somehow poor results obtained so far by the Hungarian way to privatization are viewed rather as a result of structural lags, than of substantial policy errors. Similar limitations are indeed shared by countries which adopted mass privatization schemes. The ability of economic authorities and private investors to continuously learn from on-going experience is seen as the most positive feature in the Hungarian transition process.