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Author: Nemat Shafik Publisher: World Bank Publications ISBN: Category : Privatization Languages : en Pages : 62
Book Description
The mass privatization scheme put information about enterprise values in the public domain by allowing increasingly informed bidders to interact. This quickly differentiated enterprises with favorable prospects from those with unfavorable prospects. The design of the program served the objectives of speed and equity more than those of corporate governance.
Author: Nemat Shafik Publisher: World Bank Publications ISBN: Category : Privatization Languages : en Pages : 62
Book Description
The mass privatization scheme put information about enterprise values in the public domain by allowing increasingly informed bidders to interact. This quickly differentiated enterprises with favorable prospects from those with unfavorable prospects. The design of the program served the objectives of speed and equity more than those of corporate governance.
Author: Michal Mejstrík Publisher: Springer Science & Business Media ISBN: 1461563518 Category : Business & Economics Languages : en Pages : 346
Book Description
It is beyond any doubt that East-Central European countries such as Czech Republic, Hungary, Poland and Slovakia has dramatically changed its shape through its radical transition from centrally planned to the market economies in last 7 years. Many economists divide the process of economic transformation into areas of Stabilization, Liberalization, and Privatization/Restructuring. The traditional view is that stabilization and liberalization can be achieved rather quickly-by balancing budgets, balance of payments, tightening money supply, freeing prices and liberalizing trade-but that the area of privatization is one that could be moved to the future and will require much more time. Until 1991, none of the post-communist nations except former East Germany (which had a large decree of support from West Germany) had succeeded in privatizing large numbers of enterprises, even though more than two years had passed since the changes in government in these nations. The privatization has been, however, seen as an extremely important part of reform package together with stabilization and liberalization especially in the Czech Republic from the very beginning. The Czechs originally as a part of the Czechoslovak Federal Republic embarked on an unprecedented path that should have lead not only to stabilization and liberalization, but also to very rapid, mass privatization of its sector of large enterprises that have dominated its economy to an extreme extent.
Author: Andrew Harrison Schwartz Publisher: Rowman & Littlefield Publishers ISBN: 1461645158 Category : History Languages : en Pages : 379
Book Description
With the dissolution of the Soviet Empire, it seemed that market capitalism had triumphed and that democracy might replace authoritarian regimes. Economic reformers in the former Eastern Bloc rushed to liberalize prices and transfer state assets to private hands. They assumed that private owners in a market setting would have no choice but to behave rationally—that is, to invest in restructuring privatized enterprises so as to maximize profits. They also assumed that these owners would perceive a stable institutional environment as conducive to economic success and thus become a powerful lobby in favor of the rule of law, paving the way for democracy. The post-communist reality turned out to be very different. Private owners found that in a weak state with limited laws and regulations and ineffective corporate governance structures, it was more lucrative to steal enterprise assets and exploit opportunities for arbitrage than to restructure enterprises. The lesson learned is that not all forms of private ownership are the same. As this book's in-depth political history of privatization in Central and Eastern Europe demonstrates, the way that assets are privatized matters, both with respect to national economic performance and the successful development of the rule of law. Andrew Harrison Schwartz had unprecedented access to high-level Czech government officials during the Czech Republic's privatization process. This book is the result of the unique insights he gained and the innovative analytical framework he subsequently developed—ownership regime theory—which for the first time places ownership structures at the center of political transition analysis. Engaging and important, The Politics of Greed applies ownership regime theory to a broad range of post-communist privatization cases, including those of the Czech Republic, Poland, Hungary, Russia, and Ukraine.
Author: Hans Smit Publisher: Martinus Nijhoff Publishers ISBN: 9004637974 Category : Business & Economics Languages : en Pages : 263
Book Description
A hands-on approach to the privatization process in Eastern Europe, divided into the following categories: - Guidelines for Foreign Purchasers of State Enterprises - A Business Survival Guide for Getting Things Done in Kiev - Critical Challenges of Capital Formation - The Greenfield Approach to Privatization - Vouchers and their Practical Use - Detailed Analysis of the Particulars of the Privatization Procedures in Russia, Ukraine, Poland, the Czech Republic and Slovakia, and Hungary. Furthermore, Privatization in Eastern Europe includes a list of all privatization laws
Author: Clemens Schütte Publisher: Edward Elgar Publishing ISBN: Category : Business & Economics Languages : en Pages : 360
Book Description
The book discusses the role of the most important players in corporate control including the big bank-centred financial groups, capital markets, the board model of Czech corporations and the institutional base of debt control and minority shareholder protection. It also reveals the conflict of political intentions and real-time developments.
Author: Ladislav Svitek Publisher: ISBN: 9781423508229 Category : Languages : en Pages : 123
Book Description
This thesis tests an important question: was privatization in the Czech Republic in the transformation period from a command economy to a market economy a success or failure. The importance of answering this question arises because privatization was the keystone for the stabilization and transformation of Central European countries. Privatization played a significant role as the private sector was missing or played an insignificant role in the command economy. privatization was not only the most observed part of the stabilization and transformation process but also the most complicated part of this process. The Czech government's top priority was to quickly denationalize a large number of state enterprises. A unique method of privatization was implemented to speed up privatization and distribute for free a significant part of state assets. The pace was more important than moral arguments. In contrast, Poland and Hungary used more moderate methods of privatization. This thesis discusses the basic facts about the privatization process in the Czech Republic, introduces the privatization methods used in the Visegrad countries, compares the pace of privatization, reveals what remains for further privatization and provides a macroeconomic comparative analysis. In addition, it discusses the success and failure of the voucher privatization method.
Author: Roman Frydman Publisher: Central European University Press ISBN: 9633864917 Category : Business & Economics Languages : en Pages : 239
Book Description
In Eastern Europe privatization is now a mass phenomenon. The authors propose a model of it by means of an illustration from the example of Poland, which envisages the free provision of shares in formerly public undertakings to employees and consumers, and the provision of corporate finance from foreign intermediaries. One danger that emerges is that of bureaucratization. On the broader canvas, mass privatization implies the reform of the whole system, the creation of a suitable economic infrastructure for a market economy and the institutions of corporate governance. The authors point out the need for a delicate balance between evolution - which may be too slow - and design - which brings the risk of more government involvement than it is able to manage. A chapter originating as a European Bank working paper explores the banking implications of setting up a totally new financial sector with interlocking classes of assets. The economic effects merge into politics as the role of the state is investigated. Teachers and graduate students of public/private sector economies, East European affairs; advisers to bankers or commercial companies with Eastern European interests.
Author: Saul Estrin Publisher: Edward Elgar Publishing ISBN: 9781782543589 Category : Business & Economics Languages : en Pages : 214
Book Description
Privatization investment funds are the key feature of mass privatization programmes in transitional economies. This book offers a thorough survey of mass privatization programmes in the Czech Republic, Poland and Slovenia, supported with extensive empirical analysis. The study of 'top-down' privatization funds in Poland and 'bottom-up' funds in the Czech Republic and Slovenia offers different solutions to the problem of how to improve the governance of privatization funds.
Author: Hans Smith Publisher: Martinus Nijhoff Publishers ISBN: 9780792326687 Category : Law Languages : en Pages : 272
Book Description
A hands-on approach to the privatization process in Eastern Europe, divided into the following categories: - Guidelines for Foreign Purchasers of State Enterprises - A Business Survival Guide for Getting Things Done in Kiev - Critical Challenges of Capital Formation - The Greenfield Approach to Privatization - Vouchers and their Practical Use - Detailed Analysis of the Particulars of the Privatization Procedures in Russia, Ukraine, Poland, the Czech Republic and Slovakia, and Hungary. Furthermore, "Privatization in Eastern Europe" includes a list of all privatization laws.
Author: Nemat Shafik
Author: Nemat Shafik
Author: Michal Mejstrík
Author: Andrew Harrison Schwartz
Author: Hans Smit
Author: Saul Estrin
Author: Clemens Schütte
Author: Ladislav Svitek
Author: Roman Frydman
Author: Saul Estrin
Author: Hans Smith