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Author: United Nations. Division for Public Economics and Public Administration
Publisher: United Nations Publications
ISBN: 9789211231427
Category : Finance, Public
Languages : en
Pages : 0
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Book Description
The UN General Assembly has encouraged UN bodies to foster the environment for entrepreneurship, privatisation, administrative deregulation, and to provide policy advice and technical assistance to the economies in transition (the former Soviet Union, central and eastern Europe). Financial restructuring and the development of new financial management institutions in these countries have been spurred by political urgency arising from deteriorating social conditions, and by the desire of some to join the European Union. The removal of state controls had led to rapid inflation, and much hardship for the people. The speed of reform from the "big bang" approach was intended to overcome the political difficulties created by that hardship. An alternative argument, that gradual change, allowing time for the development of financial, banking, legal and accounting services, and for retraining, would have had a less negative impact, is also suggested. "On the ideal pace of financial reform and institution-building, the jury is still out"
Author: United Nations. Division for Public Economics and Public Administration
Publisher: United Nations Publications
ISBN: 9789211231427
Category : Finance, Public
Languages : en
Pages : 0
Get Book Here
Book Description
The UN General Assembly has encouraged UN bodies to foster the environment for entrepreneurship, privatisation, administrative deregulation, and to provide policy advice and technical assistance to the economies in transition (the former Soviet Union, central and eastern Europe). Financial restructuring and the development of new financial management institutions in these countries have been spurred by political urgency arising from deteriorating social conditions, and by the desire of some to join the European Union. The removal of state controls had led to rapid inflation, and much hardship for the people. The speed of reform from the "big bang" approach was intended to overcome the political difficulties created by that hardship. An alternative argument, that gradual change, allowing time for the development of financial, banking, legal and accounting services, and for retraining, would have had a less negative impact, is also suggested. "On the ideal pace of financial reform and institution-building, the jury is still out"
Author: Anna Meyendorff
Publisher: MIT Press
ISBN: 9780262133913
Category : Business & Economics
Languages : en
Pages : 340
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Book Description
This collection examines the design of financial systems for central and eastern European countries engaged in the transition to market-based economies. It highlights the need for better approaches to measuring performance and providing incentives in banking and for financial mechanisms to encourage private-sector growth. Written by leading European and North American scholars, the essays apply modern finance theory and empirical data to the development of new financial sectors.
Author: Roy L. Crum
Publisher: World Bank Publications
ISBN: 9780821336588
Category : Business & Economics
Languages : en
Pages : 428
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Book Description
A wide gap still exists between Western concepts and their application in the ex-socialist countries during transition. Most Western models in financial management make assumptions about the efficiency and stability of markets and the signals that can be obtained and also assume that traditional accounting information is available and can be used for management purposes. A new paradigm is needed to manage the finance function in a transition economy experiencing hyperinflation since stamdard assumptions are not valid in most ex-socialist countries. This book describes the adaptations of financial techniques as it reviews standard financial concepts and tools, adjusts them when necessary to the unique conditions in the ex-socialist enterprises, and then presents the restructuring context and some strategies that are based on the application of these tools.
Author: Mr. M. Cangiano
Publisher: International Monetary Fund
ISBN: 1475512198
Category : Business & Economics
Languages : en
Pages : 468
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Book Description
The first two decades of the twenty-first century have witnessed an influx of innovations and reforms in public financial management. The current wave of reforms is markedly different from those in the past, owing to the sheer number of innovations, their widespread adoption, and the sense that they add up to a fundamental change in the way governments manage public money. This book takes stock of the most important innovations that have emerged over the past two decades, including fiscal responsibility legislation, fiscal rules, medium-term budget frameworks, fiscal councils, fiscal risk management techniques, performance budgeting, and accrual reporting and accounting. Not merely a handbook or manual describing practices in the field, the volume instead poses critical questions about innovations; the issues and challenges that have appeared along the way, including those associated with the global economic crisis; and how the ground can be prepared for the next generation of public financial management reforms. Watch Video of Book Launch
Author: Eric Milliot
Publisher: Routledge
ISBN: 1000694801
Category : Business & Economics
Languages : en
Pages : 265
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Book Description
Economic Transition and International Business brings together academic experts in International Business and sheds new light on the international phenomenon of transitions in the worldwide economy. It includes both academic investigations as well as in-depth empirical studies. The purpose of the book is to investigate how international transitions reshape the environment, as they reallocate and renew activities, and create new strategies for actors and stakeholders. It provides essential insights into a number of contextual changes that organisations are facing internationally, and is structured around three complementary themes. In the first part, recent economic and financial crises are analysed and presented as revealing transitions for the business world. In the second part, the impact of these transitions is assessed at the level of various key economic players in today’s societies (states, business networks, companies, associations, etc.). In the third part, certain decision-making and managerial transitions are retained to illustrate the new deal linked to international transitions. This book is recommended reading for scholars and students in management and economics, as well as international business managers. They will find insightful information, either theoretical or practical, including various countries impacted by socio-economic transitions.
Author: Soner Gokten
Publisher: BoD – Books on Demand
ISBN: 9535137360
Category : Computers
Languages : en
Pages : 334
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Book Description
One of the main reasons to name this book as Financial Management from an Emerging Market Perspective is to show the main differences of financial theory and practice in emerging markets other than the developed ones. Our many years of learning, teaching, and consulting experience have taught us that the theory of finance differs in developed and emerging markets. It is a well-known fact that emerging markets do not always share the same financial management problems with the developed ones. This book intends to show these differences, which could be traced to several characteristics unique to emerging markets, and these unique characteristics could generate a different view of finance theory in a different manner. As a consequence, different financial decisions, arrangements, institutions, and practices may evolve in emerging markets over time. The purpose of this book is to provide practitioners and academicians with a working knowledge of the different financial management applications and their use in an emerging market setting. Six main topics regarding the financial management applications in emerging markets are covered, and the context of these topics are "Capital Structure," "Market Efficiency and Market Models," "Merger and Acquisitions and Corporate Governance," "Working Capital Management," "Financial Economics and Digital Currency," and "Real Estate and Health Finance."
Author: Vincent Edwards
Publisher: Routledge
ISBN: 1134305583
Category : Business & Economics
Languages : en
Pages : 228
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Book Description
Based on extensive research, this comparative study examines the past, present and future of management in the transitional economies of East and Central Europe, Russia, the People's Republic of China, and Vietnam. It discusses the nature of the transition process, identifying different transition paths, highlighting common features and outlining useful theoretical approaches. Each chapter covers a wide range of aspects of management in the countries covered, including details of the historical and cultural background, the transition process, and both external and internal factors, and the macro and micro situation. Its multidisciplinary approach, makes this book suitable for both a practitioner and an academic readership
Author: Mr.Jack Diamond
Publisher: International Monetary Fund
ISBN: 1451875886
Category : Business & Economics
Languages : en
Pages : 40
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Book Description
For the republics of the former Socialist Federal Republic of Yugoslavia (SFRY) as for many other transition economies, an important step in introducing a more market-oriented system was the restructuring of their budget systems. This paper reviews and evaluates the process of budget system reform during the transition period extending from the time they emerged from the collapse of the SFRY in 1989 until the end of 2002. For at least a decade of this period, the Fiscal Affairs Department of the IMF has been providing technical assistance (TA) to these countries to facilitate such reforms. Based on the material generated by this effort, the authors offer a review of the progress made and an assessment of the reform elements still to be completed. Given that the former Yugoslav republics all commenced the reform process with the same institutions, this paper offers a unique opportunity to analyze the critical elements in successful budget system reform. An attempt is made to explain the varying degrees of success experienced by different countries, and a reform agenda is suggested to guide future TA.
Author: Herbert L. Baer
Publisher: World Bank Publications
ISBN:
Category : Credito - Hungria
Languages : en
Pages : 56
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Book Description
Author: W. Cheryl Gray
Publisher:
ISBN:
Category : Electronic books
Languages : en
Pages :
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Book Description
June 1995 The motivation for most of the reforms debated in transition economies is to impose market-based constraints on enterprise managers, whether through competition or through direct corporate governance. Baer and Gray explore debt's role as a control device in such economies, focusing on Hungary and Poland. The basic economic challenge in the transition from socialism to capitalism is creating incentive structures and institutions that promote enterprise change and restructuring. This is the motivation for most of the reforms debated during the transition--whether privatization, demonopolization, trade reform, or financial sector reform. Most research on corporate governance and privatization has focused on the role of owners--whether on the problems inherent in the separation of ownership and management (most Western literature) or on the need for true owners who represents the interests of capital (most literature on transition economies). But debt is also an important control device, as Western literature on corporate finance increasingly recognizes. Baer and Gray explore debt's role as a control device in transition economies, focusing especially on Hungary and Poland, which are relatively far along in the reform process. They ask, first, in what ways creditors exert control over firms in advanced market economies and how such control interacts with that exerted by equity holders. They then ask whether creditors in Central and Eastern European countries play similar roles and, if not, what roles they should play, and what can be done to give them the capacity and incentives to play those roles. They focus on three fundamental requirements for debt to function as a control device: information, proper incentives for creditors (including banks, suppliers, and government), and an efficient legal framework for debt collection (including collateral, workout, and bankruptcy regimes). While both countries are making progress in all three areas, there is still much to be done. Hungary and Poland illustrate only two of many approaches. Other transitional economies, such as the Czech Republic, Estonia, and Russia, are following different approaches that should be explored in future analysis. This paper--a joint product of the Finance and Private Sector Development Department and the Transition Economics Division, Policy Research Department--is part of a larger effort in the Bank to explore issues of corporate governance in transition economies.
