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Author: Aldo Musacchio
Publisher: Inter-American Development Bank
ISBN: 1597823716
Category : Business & Economics
Languages : en
Pages : 259
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Book Description
The situation of state-owned enterprises (SOEs) in Latin America and the Caribbean continues to be dire. This book uses an original database of SOE performance that shows that every year about one-third of such enterprises in the region report losses (up to 70 percent in some countries) and that they require between 0.3 and one percentage point of GDP in fiscal transfers to cover such losses. Countries in the region have adopted centralized agency monitoring of their SOEs, managed to reduce the fiscal burden of SOEs, shown better financial returns, and accumulated less liabilities to GDP, thus generating less fiscal risk for the government overall. Each of the chapters provides a practical way to solve either asymmetry of information problems in the monitoring of SOEs or solutions to reduce the discretionary nature of the fiscal governance of SOEs. Chapter 2 details the kinds of fiscal risks and contingent liabilities that SOEs create for governments and provides a set of controls to limit those risks. Chapter 3 shows that allowing SOEs to issue bonds has been an ineffective way of hardening their budget constraint, given that investors price those bonds at a discount. Chapter 4 presents a state-contingent financial instrument that allows investors to value an SOE. Chapter 5 provides empirical evidence on the advantages of SOE centralized monitoring agencies in Latin America and the Caribbean, highlighting Chile, Peru, and Paraguay. Chapter 6 examines the experience of East Asian countries with holding companies and discusses when holding companies are a better vehicle to control SOEs. Chapter 7 suggests ways to align the incentives of politicians and SOE managers to provide better goods and services. Finally, Chapter 8 provides a practical guide to improve the monitoring of SOEs and to design a centralized monitoring agency.
Author: Aldo Musacchio
Publisher: Inter-American Development Bank
ISBN: 1597823716
Category : Business & Economics
Languages : en
Pages : 259
Get Book Here
Book Description
The situation of state-owned enterprises (SOEs) in Latin America and the Caribbean continues to be dire. This book uses an original database of SOE performance that shows that every year about one-third of such enterprises in the region report losses (up to 70 percent in some countries) and that they require between 0.3 and one percentage point of GDP in fiscal transfers to cover such losses. Countries in the region have adopted centralized agency monitoring of their SOEs, managed to reduce the fiscal burden of SOEs, shown better financial returns, and accumulated less liabilities to GDP, thus generating less fiscal risk for the government overall. Each of the chapters provides a practical way to solve either asymmetry of information problems in the monitoring of SOEs or solutions to reduce the discretionary nature of the fiscal governance of SOEs. Chapter 2 details the kinds of fiscal risks and contingent liabilities that SOEs create for governments and provides a set of controls to limit those risks. Chapter 3 shows that allowing SOEs to issue bonds has been an ineffective way of hardening their budget constraint, given that investors price those bonds at a discount. Chapter 4 presents a state-contingent financial instrument that allows investors to value an SOE. Chapter 5 provides empirical evidence on the advantages of SOE centralized monitoring agencies in Latin America and the Caribbean, highlighting Chile, Peru, and Paraguay. Chapter 6 examines the experience of East Asian countries with holding companies and discusses when holding companies are a better vehicle to control SOEs. Chapter 7 suggests ways to align the incentives of politicians and SOE managers to provide better goods and services. Finally, Chapter 8 provides a practical guide to improve the monitoring of SOEs and to design a centralized monitoring agency.
Author: Aldo Musacchio
Publisher:
ISBN: 9781597823708
Category :
Languages : en
Pages :
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Book Description
Author: Yair Aharoni
Publisher: Cambridge, Mass. : Ballinger Pub.
ISBN:
Category : Business & Economics
Languages : en
Pages : 504
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Book Description
Author: Pier Angelo Toninelli
Publisher: Cambridge University Press
ISBN: 9780521088862
Category : History
Languages : en
Pages : 0
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Book Description
This book examines the rise and fall in the twentieth-century Western world of state-owned enterprises (SOEs), a chief instrument of state economic intervention. The authors offer historical perspectives on the origins and purpose of SOEs, their performance, and the reasons for their precipitate decline. The volume explores the theory of state business as well as the permutations and future prospects of the institution in practice. The contributors present studies of the development of state-owned enterprises in seven Western European countries and the United States.
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: Ms.Anja Baum
Publisher: International Monetary Fund
ISBN: 1513522221
Category : Social Science
Languages : en
Pages : 43
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Book Description
State-owned enterprises (SOEs) are present in key sectors of the economies around the world. While they can provide an important public service, there is widespread concern that their activities are negatively affected by corruption. However, there is limited cross-country analysis on the costs of corruption for SOEs. We present new evidence on how corruption affects the performance of SOEs using firm level data across a large number of countries. One striking result is that SOEs perform as well as private firms in core sectors when corruption is low. Taking advantage of a novel database reforms, we also show that SOE governance reforms can generate significant performance gains.
Author: Neil Efird
Publisher:
ISBN: 9781461099840
Category :
Languages : en
Pages : 72
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Book Description
As providers of essential public or commercial services, state-owned enterprises (SOEs) are important in modern economies. Since SOEs are ubiquitous in the global economy, they are likely to be present in conflict-prone societies. In such environments, the defining political and economic systems within which the SOEs exist are likely to embody the interests both of participants in the conflict and of those hoping for an end to the conflict. In stability operations, the imperative for SOEs is to become productive in a way that helps create stability. Achieving this result is apt to be difficult. SOEs are often tainted with the very elements that created the original conflict. They can be microcosms of the societal and economic problems that led to conflict, and the struggle for control over them among actual or former combatants can serve to sustain the original conflict. To avoid that outcome, campaign and development plans must address SOE issues decisively, comprehensively, and pragmatically. Although revitalizing SOEs can be complex and ambiguous, the task can be a useful, intermediate objective on the road to the end state of a sustainable economy. One multinational force commander with experience in Kosovo and Afghanistan described those particular conflict environments as "mosaic wars" offering many perspectives, which therefore made them difficult to visualize. In similar contexts, SOEs offer focal points for visualizing the intended end state of the operational environment, precisely because they often are a microcosm of a country's pre conflict power structure. Consequently, if handled correctly, SOEs can be stepping stones toward stability. Recent experience in stability operations demonstrates the value of gaining early control of and effectively restructuring SOEs. In one Liberian example, United Nations (UN) security forces took steps to enable the state-owned electric power company and state-managed rubber plantations to serve as the basis for political stability. This action yielded three immediate benefits that enhanced stabilization: (1) economic production, (2) employment, and (3) symbolization of governmental control. In contrast, the hands-off approach of the occupying UN authority in Kosovo allowed ex combatants to assume control of the all-important electric power company, which resulted in a politicized workforce and continued instability. In Iraq, Coalition forces lost opportunities for stabilization when they initially failed to reactivate potentially viable state enterprises, which might have absorbed into the legitimate workforce the potential recruits for the insurgency. In Mozambique, UN authorities failed to integrate the SOEs in a comprehensive short- and long-term development plan, owing to the UN agencies' own competing visions. The experience of countries at peace confirms the potential for SOEs to contribute to mid- and long-term economic development even in conflictprone environments. In former centrally-managed economies, as well as in free market, efforts to make SOEs more productive have centered on privatization, the process of transferring ownership to private interests. Generally, post-conflict privatization is the end state of a lengthy process, the preliminary phase of which involves repair and refurbishing of plant and equipment, restructuring of management, and revision of policies and procedures, all of which aim to make SOEs competitive in the market-place.
Author: Ms. Emilia M Jurzyk
Publisher: International Monetary Fund
ISBN: 1513571923
Category : Business & Economics
Languages : en
Pages : 45
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Book Description
We document that publicly listed Chinese state-owned enterprises (SOEs) are less productive and profitable than publicly listed firms in which the state has no ownership stake. In particular, Chinese listed SOEs are more capital intensive and have a lower average product of capital than non-SOEs. These productivity differences increased between 2002 and 2009, and remain sizeable in 2019. Using a heterogeneous firm model of resource misallocation, we find that there are large potential productivity gains from reforms which could equalize the marginal products of listed SOEs and listed non-SOEs.
Author: Gambhir Bhatta
Publisher: Routledge
ISBN: 0429683308
Category : Business & Economics
Languages : en
Pages : 350
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Book Description
This book looks at the state of governance in countries of Developing Asia, ie, the poorer countries in the region and those with inadequate creditworthiness and with risk of debt stress. It assesses the state of public sector management and their attempts at governance reforms in these countries. It further considers the space for these countries to initiate and sustain reforms in a few key areas of public policy, including (i) generating more resources domestically; (ii) reforming the state-owned enterprises so that primarily governments do not lose a lot of resources in the form of subsidies; (iii) strengthening local governments so that services can be provided more effectively; and (iv) strengthening the agencies of government such that public sector functions, such as service delivery, are better and more effectively delivered. The book’s main conclusion is that while countries in Developing Asia have had difficulties in instituting governance and public sector reforms, the scope for doing so has never been better.
Author: Uwe Böwer
Publisher: International Monetary Fund
ISBN: 1484326261
Category : Business & Economics
Languages : en
Pages : 27
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Book Description
State-owned enterprises (SOEs) play an important role in Emerging Europe’s economies, notably in the energy and transport sectors. Based on a new firm-level dataset, this paper reviews the SOE landscape, assesses SOE performance across countries and vis-à-vis private firms, and evaluates recent SOE governance reform experience in 11 Emerging European countries, as well as Sweden as a benchmark. Profitability and efficiency of resource allocation of SOEs lag those of private firms in most sectors, with substantial cross-country variation. Poor SOE performance raises three main risks: large and risky contingent liabilities could stretch public finances; sizeable state ownership of banks coupled with poor governance could threaten financial stability; and negative productivity spillovers could affect the economy at large. SOE governance frameworks are partly weak and should be strengthened along three lines: fleshing out a consistent ownership policy; giving teeth to financial oversight; and making SOE boards more professional.
