Work detail

The italian way if privatization: Case of the bankig sector

Author: Mgr.Tomáš Vyhnánek
Year: 2005 - winter
Leaders: doc. Ing. Karel Půlpán CSc.
Work type: Economic Policy
Language: Czech
Pages: 84
Awards and prizes: M.A. with distinction from the Dean of the Faculty of Social Sciences for an excellent state-final examination performance and for an extraordinarily good masters diploma thesis
Abstract: Issue of this thesis is background, design and outcomes of the privatization of the italian banking sector. The state ownership played a crucial role during the 20th century. It encouraged such an allocation of resources which was important because of the development of the national economy. The state ownership became a great burden for the public finance with the coming globalisation and european integration and discouraged competitive behaviour across the banking sector. The privatizaton was also necessary and privatization of the state banks prioritary. This thesis focuses on a design and a legal framework of the privatization process and describes its concrete application on three banks and one insurance company: Credit, Comit, IMI a INA. The results of privatizations are checked-up by present development of above-mentioned banks.
The privatization was criticised because of a vaste cross-ownership and remaining dominant position of foundations in the share capital of some banks. This opinion is examined from the point of view of a czech economist: regarding the nature of the italian economy – low transaction costs and unaffected evolution of the property consequent on deep cultural and historical roots as well as a good position of recently privatized italian banks on global markets – we can take this rather remarkable ownership structure as a medium-term optimum.

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