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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 Edward Anderson
Publisher: World Bank Publications
ISBN:
Category : Economia - Checoslovaquia
Languages : en
Pages : 54
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Book Description
Author: David P. Ellerman
Publisher: World Bank Publications
ISBN:
Category : Capital investments
Languages : en
Pages : 18
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Book Description
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: Robert A. Anderson
Publisher:
ISBN:
Category : Corporate governance
Languages : en
Pages : 47
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Book Description
Author: Merritt B. Fox
Publisher: Princeton University Press
ISBN: 0691229295
Category : Law
Languages : en
Pages : 434
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Book Description
Corporate Governance Lessons from Transition Economy Reforms explores a timely topic at the intersection of economics, law, and policy reform. To date, most sophisticated theoretical work on corporate governance has focused on advanced market economies. In post-socialist countries, corporate finance and transition economics scholars have often done little more than convey the received theory to transition policymakers. This volume focuses, for the first time, on the reverse concern: what, if anything, do the reform experiences of transition countries teach about corporate governance theory more generally? To investigate this question, Merritt Fox and Michael Heller have assembled a stellar group of corporate governance theorists. The answers are startling. The principal essays approach the problem from three complementary perspectives that form the organizing themes of the book. The first part refines core corporate theory terms. The second presents important empirical work that explores the channels through which "good corporate governance" may link to the real economy. The final part links corporate governance theory to practical reforms. After fifteen years of experience, practice can now inform theory. Together, these essays present a comprehensive new view on a provocative theme. Written in an accessible style, they will be of interest to a broad range of scholars, commentators, and policymakers.
Author:
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 706
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Book Description
Distributed to some depository libraries in microfiche.
Author: John P. Hardt
Publisher: Routledge
ISBN: 1315481758
Category : Business & Economics
Languages : en
Pages : 915
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Book Description
This volume makes JEC-commissioned expert studies of economic developments in East-Central Europe available to business people, educators and students. Coverage includes economic, political and social reform issues, regional relations, and the impact of Western assistance programmes.
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: Ira W. Lieberman
Publisher: Elsevier
ISBN: 076231463X
Category : Business & Economics
Languages : en
Pages : 383
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Book Description
Annotation.
Author: Gerhard Pohl
Publisher: World Bank Publications
ISBN: 9780821333709
Category : Business & Economics
Languages : en
Pages : 46
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Book Description
Addresses the challenge Hungary faces in overcoming threatening deficits in its current and fiscal accounts without hampering economic growth. The Hungarian economy is emerging from a severe four-year recession with positive developments on numerous economic fronts, but with major weaknesses remaining because of large current and fiscal account deficits. This book addresses the challenge Hungary faces in overcoming these deficits without hampering economic growth. The report examines the country's macroeconomic performance in the first half of the 1990s and the stabilization package launched in March 1995. It explores the structure of fiscal revenues, pension reform, and enterprise and banking reforms. The study also looks at the impact of structural reforms on future economic growth and at Hungary's bid to integrate with the European Union.
Author: Peter F. Orazem
Publisher: World Bank Publications
ISBN:
Category : Education
Languages : en
Pages : 56
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Book Description
