We examine the macroeconomic effects of privatizing the ownership structure of the electricity market, using a novel indicator of privatization which covers 90 advanced, emerging market, and developing economies, since 1974. Privatization reforms, on average, improve outcomes in the provision of electricity and have positive macroeconomic effects: output and employment increase in the years following electricity-sector privatization reforms. Reforms are also associated also with an increase in income inequality, but the effects are small, on average. These impacts vary according to the business cycle, quality of institutions, and a country's development status, with macroeconomic and distributional outcomes generally positive when reforms are pursued during economic expansions and in countries with strong political and economic institutions. Macroeconomic outcomes also tend to be stronger in advanced economies.

我们使用了自 1974 年以来涵盖 90 个发达经济体、新兴市场和发展中经济体的新私有化指标，研究了电力市场所有权结构私有化的宏观经济影响。平均而言，私有化改革改善了电力供应和具有积极的宏观经济影响：电力部门私有化改革后的几年产出和就业增加。改革也与收入不平等的加剧有关，但平均而言影响很小。这些影响因商业周期、机构质量和国家发展状况而异，在经济扩张期间以及在政治和经济机构强大的国家推行改革时，宏观经济和分配结果通常是积极的。