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Author: Robert Edward Anderson
Publisher: World Bank Publications
ISBN:
Category : Economia - Checoslovaquia
Languages : en
Pages : 54
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Author: Robert Edward Anderson
Publisher: World Bank Publications
ISBN:
Category : Economia - Checoslovaquia
Languages : en
Pages : 54
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Book Description
Author: Robert A. Anderson
Publisher:
ISBN:
Category : Corporate governance
Languages : en
Pages : 47
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Author: David P. Ellerman
Publisher: World Bank Publications
ISBN:
Category : Capital investments
Languages : en
Pages : 18
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May 1998 The most likely outcome of the strategy of voucher privatization with investment funds may be a two-sided grab fest by fund managers and enterprise managers-along with drift, stagnation, and decapitalization of the privatized industrial sector. Common wisdom among post-socialist reformers has been to use voucher investment funds to provide the corporate governance needed to restructure newly privatized enterprises after mass privatization efforts. The idea has been that mass privatization would spread the ownership too wide and make corporate governance difficult. Ellerman examines the likely institutional behavior of voucher funds and the possible effects of their development on a transition economy. Since most policy advice has been in favor of voucher privatization with investment finds, Ellerman can be seen as playing the devil's advocate, but his argument is institutional, not statistical. Policymaking requires insight and foresight into how institutions will tend to function. He concludes that voucher funds will introduce a bias in the economy away from the real industrial sector toward an ersatz financial sector that will have little if any positive financial role but will be well-protected by friendly regulators. One long-term consequence of voucher privatization with investment funds, according to this view, is a de facto industrial policy of real sector decapitalization in favor of short-term rent-seeking by fund managers through board sinecures and lucrative side deals with portfolio companies and through financial market manipulation and paper entrepreneurship in the financial sector. Without strong corporate governance from the funds and without stable ownership of their own, many enterprise managers will exploit the post-socialist version of the separation of ownership and control to grab what they can in the form of salaries, bonuses, perquisites, and side deals. The most likely results of the strategy of voucher privatization with investment funds may be a two-sided grab fest by fund managers and enterprise managers-together with the accompanying drift, stagnation, and decapitalization of the privatized industrial sector. This paper-a product of the Office of the Senior Vice President, Development Economics-is part of a larger effort in the Bank to define policymaking using institutional analysis. The author may be contacted at
[email protected].
Author: RANDALL K. FILER AND DANIEL MILNICH
Publisher:
ISBN:
Category :
Languages : en
Pages : 70
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Author: Ira W. Lieberman
Publisher: Elsevier
ISBN: 076231463X
Category : Business & Economics
Languages : en
Pages : 383
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Annotation.
Author: Ira W. Lieberman
Publisher: World Bank Publications
ISBN: 9780821339473
Category : Political Science
Languages : en
Pages : 270
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Book Description
IFC Discussion Paper No. 32. Over the years, demand for education at all levels in Kenya has greatly outpaced supply, a gap that has been reduced by private schools catering to the needs of a wide range of socioeconomic groups. This gap will widen further unless the private sectors role is expanded, but private educational institutions face a number of serious constraints, primarily stemming from lack of adequate finance and, in many cases, limited management skills. This paper reviews the market and its constraints and focuses on conditions under which private financial institutions and the International Finance Corporation might play a useful role in the sector. Annexes include 1996 operating costs of Kenya's academic, technical, and vocational schools.
Author: C. Harvie
Publisher: Springer
ISBN: 023059719X
Category : Business & Economics
Languages : en
Pages : 315
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Book Description
As a prospective economic giant in the next century, developments in the Chinese economy are of significance to the global economy. This book consists of contributions concerned with analysing contemporary developments and issues facing the country after two decades of economic reform, and key policies which will exert a profound influence upon the country's prospective growth and development momentum into the next millennium. This well-researched book, although comprehensive in its coverage, is succinct and very readable, and will be of interest to scholars and students of developing and transitional economies, business practitioners and policy-makers.
Author: Gusztáv Báger
Publisher: Routledge
ISBN: 0429851278
Category : Business & Economics
Languages : en
Pages : 488
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Book Description
Published in 1998. Global convergence has many aspects. The first part of this volume deals with European convergence, the second with convergence especially between Eastern and Western Europe. The third part with practical and the fourth with theoretical issues related to Global Convergence. The last part juxtaposes Hayekian and Triffian economic thought. The first of these, the Hayekian relies exclusively on the profit motive of the only arbiter of the economic decision-making. The Triffians thought insists that satisfactory balances can be brought about only through racial negotiation among market participants within countries and on a global scale. The Hayek-Triffin juxtaposition gains particular importance at a time when capital mobility, labour and social mobility have reached hitherto new levels on a global scale and this challenges social coherence. This difference will put social coherence under unusual stress. The solution of the problems created will be the greatest challenge to economic, social and political statemanship during the 21st century.
Author: Peter F. Orazem
Publisher: World Bank Publications
ISBN:
Category : Education
Languages : en
Pages : 56
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Author: Delfin S. Go
Publisher: World Bank Publications
ISBN:
Category : Administracion fiscal - Europa oriental
Languages : en
Pages : 42
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