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Privatisation in India: challenging economic orthodoxy

Author: Ram Mohan, T. T. Series: India in the modern world Publisher: RoutledgeCurzon, 2005.Language: EnglishDescription: 218 p. : Graphs ; 24 cm.ISBN: 0415331919Type of document: BookBibliography/Index: Includes bibliographical references and index
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Book Europe Campus
Main Collection
Print HD3850 .R36 2005
(Browse shelf)
001188444
Available 001188444
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Includes bibliographical references and index

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Privatisation in India Challenging Economic Orthodoxy Contents List of figures List of tables List of appendices Foreword Preface Acknowledgements List of abbreviations 1 Introduction 1.1 Public sector versus private sector: the policy debate in India 1.2 Public ownership in India: origins 1.3 Winds of change 1.4 The Memorandum of Understanding 1.5 Competition and disinvestment 1.6 The Navratna' concept 1.7 On to privatisation 1.8 Disinvestment in the banking sector 1.9 The public sector in the Indian economy 1.10 Conclusion 2 Privatisation: theory and evidence 2.1 Introduction 2.2 Theory 2.3 Empirical evidence Case studies Cross-sectional comparisons of public and private enterprises Statistical analysis of pre- and post-privatisation performance Privatisation in less-developed countries 2.4 Conclusion ix x xiv xv xix xxi xxii 1 1 3 5 6 10 13 15 20 21 24 25 25 25 32 32 35 37 39 42 vi Contents 3 Comparison of performance in industry and study of impact of privatisation, using financial measures 3.1 Introduction 3.2 Our methodology 3.3 Results Aggregate data Sectoral analysis Pre- and post-privatisation performance Case studies Comparison of industry-adjusted performance of sample firms 3.4 Conclusion 4 Comparison of performance in industry, using input­output quantities 4.1 Introduction 4.2 Performance measures and DEA Overview of DEA Technical efficiency Tornquist and Malmquist indices Cost efficiency 4.3 Previous studies and our methodology Previous studies Methodology: firm sample, output and inputs 4.4 Results Technical efficiency scores Malmquist total factor productivity growth Tornquist productivity index Cost efficiency Aggregate results 4.5 Discussion of results 5 Performance of public- and private-sector banks in India and the impact of privatisation 5.1 Background: Indian banking before and after deregulation The nationalisation era The post-reform era Reforms and performance Public sector banks in the post-reform era 5.2 Review of literature 5.3 Methodology Comparison of performance using financial ratios Comparison of performance using input­output quantities Comparison of pre- and post-disinvestment performance 44 44 45 49 49 55 65 71 79 79 84 84 85 85 86 87 93 93 93 95 97 97 103 106 109 111 113 115 115 115 116 118 121 125 128 128 130 133 Contents vii 5.4 Results Comparison of performance using financial ratios Comparison of performance using input­output quantities Pre- and post-privatisation performance of listed PSBs 5.5 Conclusion 6 Method of sale: is strategic sale the best option? 6.1 Introduction 6.2 From disinvestment to strategic sale 6.3 Does strategic sale maximise efficiency and revenues? Reserve prices Auctions, efficiency and revenue maximisation First-price sealed bids Collusion in auctions 6.4 Empirical evidence 6.5 Popular misconceptions about strategic sales Share-price movements and market structure Superior valuations in strategic sales Market impact of strategic sales A false comparison 6.6 Conclusion 7 Governance and privatisation 7.1 Institutions and governance 7.2 Governance in the public sector 7.3 Governance in the private sector 7.4 Conclusion 8 China's privatisation: a synoptic view 8.1 SOE reform in China: an overview 8.2 Disinvestment and performance of Chinese enterprises 8.3 SOE reform versus privatisation 8.4 Conclusion 9 Summary and implications for privatisation policy 9.1 Comparing public and private-sector performance 9.2 Comparing financial performance Aggregate level results Sectoral level results Post-privatisation performance 9.3 Comparison based on input­output quantities 136 136 139 144 148 150 150 151 153 153 154 156 158 160 163 164 164 166 167 168 170 170 173 177 181 183 183 186 190 192 194 194 194 194 195 196 197 viii Contents 9.4 Banking sector Comparison of financial performance Comparison of bank performance based on input­output quantities Post-privatisation performance State ownership in banking versus state ownership in industry 9.5 Privatisation and the fiscal deficit 9.6 Implications for privatisation policy and role of SOEs in India Limitations imposed by weak governance A role for SOEs 9.7 Implications for privatisation policy References Index 197 197 198 198 199 200 202 202 203 205 207 213

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