Abstract
ABSTRACT*: This paper examines the privatization experiences in Austria. Nationalized industries historically played a great role in Austria. Mainly for budgetary reasons a far reaching privatization was rapidly effected, the state holding company acting as the privatization agency. In privatization decisions not only micro‐economic but also macro‐economic and structural aspects had been considered, such as the impact on national research and development, employment perspectives and market structures, all this being of special relevance for privatization projects in small countries. From the point of view of both the privatized enterprises and the economy as a whole, privatization in Austria has been successful. Privatizations also had a strong impact on Austrian capital markets: 90 per cent of privatizations were carried out on the stock exchange. In 1995 30 per cent of the turnover of the Vienna stock exchange was accounted for by shares of private enterprises.
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