Privatization and the Capital Market
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Publication date: 2007-06-30
GNPJE 2007;216(5-6):97-110
The article examines the relationship between privatization and the development of Poland’s capital market during the country’s transition from central planning to a free market. The paper traces the role of privatization in the process of building a capital market and the influence of the capital market on the course of privatization. The analysis is based on some widely known capital market theories, methods of analysis and simple statistical methods including correlation coefficients. As a result of the analysis, the author formulates the following conclusions: first, privatization, accompanied by the necessary legal and institutional regulations, was indispensable for the development of the stock market; second, the capital market had a significant contribution to the effectiveness of privatization processes; third, the government, in its capacity as the seller of shares of privatized enterprises on the capital market, acted no less rationally than private investors.
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