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Privatization and Natural Advantage

We investigate the role of natural advantage (substantial oil reserves or mineral deposits) in the shaping of privatization policies. We find that governments tend to retain high ownership in natural advantage based firms. In addition, our results suggest the existence of too-big-to-relinquish firms in the natural advantage based industries. Finally, we show that access to the sea plays an important role in the drafting of privatization policies in those industries.