Oil Privatisation and the Institutional Environment: the Russian Example
Article from: OGEL 3 (2004), in Energy, Institutional Reforms and Development in Latin America
English Summary
Privatisation is at the heart of the structural reforms for economies in transition. In theory, the main aim of privatisation is to change the structures of corporate governance in order to improve the efficiency of the enterprises. The adoption of formal market institutions would be sufficient to secure the new property rights. In Russia that didn't happen. This paper discusses the narrowed vision of institutional change, without consideration of the previous environment of formal and informal institutions. It offers explanations of the 'unexpected' results of the reforms in a ...