Author: Millard Long
Publisher: World Bank Publications
ISBN:
Category : Bancos comerciales - Europa
Languages : en
Pages : 24

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Author: Millard Long
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Book Description
February 1995 In Central and Eastern Europe, banks are less active than planned in enterprise restructuring. Corporate restructuring is not normally a major part of commercial banking -- to ask banks to restructure their weakest clients is to direct attention away from lending to their strongest clients, which should be their core business. Enterprises are thus being restructured not by banks or government agencies but by brutal market forces. Many countries in Central and Eastern Europe assigned banks the responsibility for restructuring enterprises. Such restructuring had five components: * Triage of enterprises into three classes: viable, viable with debt relief, and nonviable. * Work with management of overindebted firms on a restructuring plan beforegranting debt relief. * Trigger the bankruptcy-liquidation process on nonviable firms. * Fund new investments needed as part of physical restructuring. * Provide corporate governance through representation on boards of directors. The initial information is that banks are performing these roles only to a limited degree. Signals are mixed on how vigorously governments want banks to pursue bankruptcy proceedings. With little opportunity to recover funds, banks are accepting even dubious restructuring programs from enterprises. But banks, except under government directive, are avoiding making new loans to loss-making enterprises. Together with a cut in fiscal subsidies, this is imposing a harder budget constraint on the enterprises. Nonviable enterprises seem more likely to starve to death than to die through execution. Corporate restructuring is not a normal part of commercial banking. To ask banks to restructure weak enterprises is to direct their attention away from what should be their core business: lending to strong enterprises. In fact, banks are under attack for being excessively conservative. Enterprise restructuring is taking place in Central and Eastern Europe driven by the disintegration of regional trade relations, sharply higher input prices, falling domestic demand, inflation, and other economic dislocations in combination with the harder budget constraint. Thus far the restructuring has been more downsizing than making new investments. This paper -- a product of the Financial Sector Policy and Institutions Unit, Financial Sector Development Department -- is part of a larger effort in the department to study the role of banks in restructuring.

Author: World Bank
Publisher: World Bank Publications
ISBN: 1464814414
Category : Business & Economics
Languages : en
Pages : 254

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Seventeen in a series of annual reports comparing business regulation in 190 economies, Doing Business 2020 measures aspects of regulation affecting 10 areas of everyday business activity.

Author: Cherian Samuel
Publisher: World Bank Publications
ISBN:
Category :
Languages : en
Pages : 56

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Author: E. Rosenbaum
Publisher: Springer
ISBN: 0230286070
Category : Business & Economics
Languages : en
Pages : 291

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The volume focuses on privatisation in transition countries, addressing issues ranging from corporate governance to the relationship between privatisation and the emergence of markets, from a multi-disciplinary perspective. The contributors investigate both the theoretical groundwork of privatisation and enterprise restructuring as well as recent empirical evidence. The contributions show that changes in ownership titles are but one part of the story, being closely interwoven as they are with the transformation of corporate governance, enterprise restructuring, network transformation and the emergence of markets.

Author: N. Mathieu
Publisher: World Bank Publications
ISBN: 9780821342916
Category : Business & Economics
Languages : en
Pages : 108

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Book Description
Soon after its declaration of independence, Lithuania launched a program of market-based economic reforms that achieved remarkable results. However, a banking crisis erupted in January 1996, driven by a combination of ineffective bank supervision, poor bank practices, and deep-rooted sectoral imbalances. With financial support from the World Bank, Lithuanian authorities embarked on a broad economic reform program with two immediate objectives: the resolution of the banking system's operational and undercapitalization problems, and a reduction in the most severe imbalances in the economy. Volume I (see ordering information below) distills findings and conclusions and builds a policy action plan for fast stable growth. Volume II contains a collection of twelve policy notes that provide the technical analysis behind that plan. Also available: Volume II/Analytical Backgroung(ISBN 0-8213-4327-0) Stock no. 14327.

Author: Helena Tang
Publisher: World Bank Publications
ISBN: 9780821348031
Category : Business & Economics
Languages : en
Pages : 76

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Book Description
Ten countries of Central and Eastern Europe and the Baltic (CEECs) are candidates to join an enlarged European Union (EU) in the years to come. The ten are Bulgaria, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, the Slovak Republic and Slovenia. This enlargement will bring many opportunities to the both the EU and the candidate countries. For the EU it will bring enhanced weight and influence. For the candidate countries it should mean an improvement of their long term growth prospects by providing access to an open single market. The accession process is providing the impetus for the acceleration of much needed economic, political, institutional and social reforms in some of the CEECs as they strive to meet EU membership requirements. The key for the CEECs is to achieve sustained, high long-term growth in order to meet their ultimate objective of accession. The EU has already concluded agreements with the CEECs which went beyond the narrowly conceived ideas of market access to include the alignment of the CEEC economic system with that of the EU's. This report sets out the future agenda for the successful integration of the CEECs into an enlarged EU. The first priority is for each country to complete its own process of transition to a free market democratic state. In short this will mean that many will have to address: their fiscal challenges, and ensure fiscal sustainability; the challenge of global financial integration, opening of their capital accounts; the strengthening of their administrative capacity; the reduction of unemployment; and the promotion of social inclusion.

Author: Lisa Román
Publisher: Springer Science & Business Media
ISBN: 1461549817
Category : Business & Economics
Languages : en
Pages : 232

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Book Description
"If you want to become a doctor, practice in a war; if you want to become an economist, practice in Vietnam". 1 Phan Van Tiem Vietnam is one of many countries presently undergoing fundamental institutional change: the market mechanism is replacing central planning. So far, the achievements are impressive. In the mid-1980s, the country failed to feed its population, suffered from hyperinflation and faced general economic stagnation. In the early 1990s, the annual economic growth rate had accelerated to some eight to nine percent, the inflation rate had fallen to two-digit levels - sometimes even lower - and the country had become one of the world's largest rice exporters. Add some more details - the increased foreign trade, the inflow of foreign investments, the diversification of agriculture, and ~e various reform measures taken to alter the basic economic structure - and the success story of the Vietnamese transition is told. The country has hence followed the same path as its northern neighbor China, and provided a counterexample to much more cumbersome processes that have been adopted in a number of other transforming countries, notably those of the former USSR. This transition is by no means over. Indeed, it is misleading to think of transition as a process that departs from a well-defined pre-condition and moves towards an equally well defined end-point.

Author: Benton E. Gup
Publisher: Bloomsbury Publishing USA
ISBN: 0313017425
Category : Business & Economics
Languages : en
Pages : 368

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Book Description
Usually associated with large bank failures, the phrase too big to fail, which is a particular form of government bailout, actually applies to a wide range of industries, as this volume makes clear. Examples range from Chrysler to Lockheed Aircraft and from New York City to Penn Central Railroad. Generally speaking, when a corporation, an organization, or an industry sector is considered by the government to be too important to the overall health of the economy, it will not be allowed to fail. Government bailouts are not new, nor are they limited to the United States. This book presents the views of academics, practitioners, and regulators from around the world (e.g., Australia, Hungary, Japan, Europe, and Latin America) on the implications and consequences of government bailouts.

Author: Rym Ayadi
Publisher:
ISBN: 9789461380425
Category : Business & Economics
Languages : en
Pages : 0

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Book Description
A midst stormy waters, financial systems develop and evolve. New institutional forms and instruments are invented and put into use. Some of them turn out to be successful while others disappear: a natural process of creative and dynamic competition argues for diversity. Diversity offers an optimal environment in which new ideas can come to life, existing ideas can evolve and old ideas make a comeback. In the aftermath of the financial crisis, the foundations of several decades of modern and innovative financial systems have suffered serious damage. This has triggered massive state interventions and has led authorities to revamp the regulatory structures and frameworks. While many voices have called for a return to more traditional approaches to banking and finance, no one has argued the merits of diversity. This book investigates the merits of a diverse banking system with a special focus on the performance and role of cooperative banks in seven European countries where they are prominent (Austria, Finland, France, Germany, Italy, the Netherlands and Spain). The theoretical and empirical arguments that are developed in this book tend to support the view that it is economically beneficial to have stakeholder-value banks with a dual bottom-line function, such as cooperative banks. For those who accept this premise, it would suggest that policy-makers should not take or support actions that could jeopardise this valuable element of the financial system in various countries in Europe and of the emerging integrated European financial system. Book jacket.