Auctions: Theory and Possible Applications to Economies in Transition
Summary:
A major effort is taking place in many parts of the world to establish market-oriented institutions, a development that is particularly evident in the context of the transforming economies in Eastern Europe and the republics of the former Soviet Union. Against this background, this paper assesses various auction techniques to price and allocate government securities, refinance credit, foreign exchange, and state assets in the context of privatization programs. Before making our recommendations on the appropriate format for auctioning these items, the paper explains basic auction formats and assesses the advantages and disadvantages of these formats drawing on the existing, and mostly theoretical, literature.
Series:
Working Paper No. 1993/012
Subject:
Credit Financial institutions Foreign exchange Government securities Institutional arrangements for revenue administration Money Revenue administration Securities
Notes:
Assesses various auction techniques to price and allocate government securities, refinance credit, foreign exchange, and state assets in the context of privatization programs. Also published in Staff Papers, Vol. 40, No. 3, September 1993.
English
Publication Date:
February 1, 1993
ISBN/ISSN:
9781451842838/1018-5941
Stock No:
WPIEA0121993
Pages:
32
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