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Should New Zealand Sell 100% of Its SOE Stake? A Debate on Public vs Private Ownership

In the recent VUW-GEN Public Finance Debate, Paul Dyer argues that the New Zealand Government should sell 100% of its State-Owned Enterprises (SOEs), rather than just 49%. The discussion delves into the implications of public versus private ownership, examining the operational efficiency of SOEs and raising critical questions on competition, welfare impacts, and governance challenges. Drawing from past empirical studies, the debate explores the potential gains from privatization and how the Crown's balance sheet has evolved.

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Should New Zealand Sell 100% of Its SOE Stake? A Debate on Public vs Private Ownership

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  1. THE PUBLIC FINANCE DEBATES: “The New Zealand Government should sell 100% of its SOE stake, not 49%” Proponent: Paul Dyer

  2. Outline • The NZ debate to date. • Why public vs private ownership matters. • How have NZ SOEs actually been operating, and will anything change? The VUW-GEN Public Finance Debates October 24, 2012

  3. Growth of the Crown Balance Sheet Source: Budget 2012 and FY2012 Financial Statements The VUW-GEN Public Finance Debates October 24, 2012

  4. NZ’s equity investment with the world is essentially balanced Source: Statistics NZ, Balance of Payments, Table 11 The VUW-GEN Public Finance Debates October 24, 2012

  5. Public v private ownership turns on three questions: • Does competition matter more than ownership? • Are SOEs subject to welfare reducing interventions? • Are SOE governance problems intractable? Mary M. Shirley and Patrick Walsh, “Public vs Private Ownership: The Current State of the Debate”, World Bank Research Paper 2420, Mar 2001. The VUW-GEN Public Finance Debates October 24, 2012

  6. Studies of operating efficiency, public vs private ownership Mary M. Shirley and Patrick Walsh, “Public vs Private Ownership: The Current State of the Debate”, World Bank Research Paper 2420, Mar 2001. The VUW-GEN Public Finance Debates October 24, 2012

  7. How large are the gains? William Megginson and Jeffry Netter, “From State to Market: A survey of Empirical Studies of Privatisation””, J. Economic Literature, June 2001 The VUW-GEN Public Finance Debates October 24, 2012

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