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Author: Roman Frydman
Publisher: Central European University Press
ISBN: 9633864917
Category : Business & Economics
Languages : en
Pages : 239
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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: Roman Frydman
Publisher: Central European University Press
ISBN: 9633864917
Category : Business & Economics
Languages : en
Pages : 239
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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: Madsen Pirie
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 392
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Book Description
Author: Maxim Boycko
Publisher: MIT Press
ISBN: 9780262522281
Category : Business & Economics
Languages : en
Pages : 180
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Book Description
Privatizing Russia offers an inside look at one of the most remarkable reforms in recent history. Having started on the back burner of Russian politics in the fall of 1991, mass privatization was completed on July 1, 1994, with two thirds of the Russian industry privately owned, a rapidly rising stock market, and 40 million Russians owning company shares. The authors, all key participants in the reform effort, describe the events and the ideas driving privatization. They argue that successful reformers must recognize privatization as a process of depoliticizing firms in the face of massive opposition: making the firm responsive to market rather than political influences. The authors first review the economic theory of property rights, identifying the political influence on firms as the fundamental failure of property rights under socialism. They detail the process of coalition building and compromise that ultmately shaped privatization. The main elements of the Russian program -- corporatization, voucher use, and voucher auctions -- are described, as is the responsiveness of privatized firms to outside investors. Finally, the market values of privatized assets are assessed for indications of how much progress the country has made toward reforming its economy. In many respects, privatization has been a great success. Market concepts of property ownership and corporate management are shaking up Russian firms at a breathtaking pace, creating powerful economic and political stimuli for continuation of market reforms. At the same time, the authors caution, the political landscape remains treacherous as old-line politicians reluctantly cede their property rights and authority over firms.
Author:
Publisher:
ISBN:
Category : Computer network resources
Languages : en
Pages : 300
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Book Description
Author: OECD
Publisher: OECD Publishing
ISBN: 9264402780
Category :
Languages : en
Pages : 110
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Book Description
Policy makers and privatisation experts agree that it is critical to “get privatisation right.” A well-planned and executed transaction, backed by sound rationales, institutional and regulatory arrangements, good governance, and integrity can have consequences on future divestment activity by enhancing investor confidence while gaining the support of stakeholders and the public.
Author: John R. Nellis
Publisher: World Bank Publications
ISBN: 9780821345030
Category : Business & Economics
Languages : en
Pages : 44
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Book Description
IFC Discussion Paper No. 38.QUOTEIt is now universally acknowledged that ownership matters; that private ownership in and of itself is a major determinant of good performance in firms... Decent economic policy and well-functioning legal and administrative institutions... matter greatly as well.QUOTEThis paper looks at what happens when the shift to private ownership gets far out in front of the effort to build the institutional underpinnings of a capitalist economy. The emphasis is on what went wrong and why and what, if anything, can be done to be correct it. Proposals include renationalization and/or postponement of further privatization, both to be accompanied by measures to strengthen the managerial capacities of the state. Neither approach seems likely to produce short-term improvements. The regrettable fact is that governments that botch privatization are equally likely to botch the management of state-owned firms. In a number of Central European transition countries, privatization is living up to expectations; and there is no need for such measures. For institutionally-weak countries, the less dramatic but reasonable short-term course of action is to push ahead more slowly with case- by-case and tender privatization in cooperation with the international assistance community in hopes of producing some success stories that will lead by example.
Author: World Bank Publications
Publisher: World Bank Publications
ISBN: 1464802297
Category : Business & Economics
Languages : en
Pages : 391
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Book Description
This Toolkit provides an overall framework with practical tools and information to help policymakers design and implement corporate governance reforms for state-owned enterprises. It concludes with guidance on managing the reform process, in particular how to prioritize and sequence reforms, build capacity, and engage with stakeholders.
Author: John Heath
Publisher: Routledge
ISBN: 1134949588
Category : Business & Economics
Languages : en
Pages : 285
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Book Description
In many parts of the world public enterprise is in crisis. Privatisation programmes are being widely touted as the solution to many of the problems of inefficiency and slow rates of growth associated with public enterprise. This book discusses the underlying causes of those problems, and critically examines some of the solutions that have been adopted. Its geographical coverage is wide and it cuts across the political spectrum. The experiences of countries in four continents are analysed in an attempt to shed light on current dilemmas. Recurrent patterns are found; problems are frequently seen to be political as much as economic, and bureaucracy and administrative confusion is often found to be at the heart of poor financial performance.Yet since political aims, economic environment, and administrative and managerial capabilities vary so widely, universal solutions remain more difficult to define than universal problems.
Author: Randall K. Morck
Publisher: University of Chicago Press
ISBN: 0226536831
Category : Business & Economics
Languages : en
Pages : 700
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Book Description
For many Americans, capitalism is a dynamic engine of prosperity that rewards the bold, the daring, and the hardworking. But to many outside the United States, capitalism seems like an initiative that serves only to concentrate power and wealth in the hands of a few hereditary oligarchies. As A History of Corporate Governance around the World shows, neither conception is wrong. In this volume, some of the brightest minds in the field of economics present new empirical research that suggests that each side of the debate has something to offer the other. Free enterprise and well-developed financial systems are proven to produce growth in those countries that have them. But research also suggests that in some other capitalist countries, arrangements truly do concentrate corporate ownership in the hands of a few wealthy families. A History of Corporate Governance around the World provides historical studies of the patterns of corporate governance in several countries-including the large industrial economies of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States; larger developing economies like China and India; and alternative models like those of the Netherlands and Sweden.
Author: World Bank
Publisher: World Bank
ISBN: 9780821358825
Category : Business & Economics
Languages : en
Pages : 506
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Book Description
This publication examines the empirical evidence on the privatisation measures introduced in the Latin American region since the 1980s, in light of recent criticisms of the record of privatisation and allegations of corruption, abuse of market power and neglect of the poor. It includes case studies on the privatisation debate in Argentina, Bolivia, Brazil, Chile, Colombia, Mexico, and Peru; and sets out recommendations for future reforms.
