After Voucher Privatization
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After Voucher Privatization
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Author : John S. Earle
language : en
Publisher:
Release Date : 1997
After Voucher Privatization written by John S. Earle and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Manufactures categories.
Voucher Privatization With Investment Funds
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Author : David Ellerman
language : en
Publisher:
Release Date : 2016
Voucher Privatization With Investment Funds written by David Ellerman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
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].
Privatizing Russia
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Author : Maxim Boycko
language : en
Publisher: MIT Press
Release Date : 1997-01-22
Privatizing Russia written by Maxim Boycko and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-01-22 with Business & Economics categories.
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.
Voucher Privatization With Investment Funds
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Author : David P. Ellerman
language : en
Publisher: World Bank Publications
Release Date : 1998
Voucher Privatization With Investment Funds written by David P. Ellerman and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Capital investments categories.
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].
Privatization In Transition Economies
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Author : Ira W. Lieberman
language : en
Publisher: Elsevier
Release Date : 2008
Privatization In Transition Economies written by Ira W. Lieberman and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business & Economics categories.
Annotation.
Voucher Privatization In Russia
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Author : Władysław Jermakowicz
language : en
Publisher:
Release Date : 1994
Voucher Privatization In Russia written by Władysław Jermakowicz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with categories.
Bureaucracies In The Russian Voucher Privatization
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Author : GUIDO FRIEBEL
language : en
Publisher:
Release Date : 1998
Bureaucracies In The Russian Voucher Privatization written by GUIDO FRIEBEL and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with categories.
Privatization In Russia
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Author : Dmitri Ouvarovskii
language : en
Publisher: GRIN Verlag
Release Date : 2007-09
Privatization In Russia written by Dmitri Ouvarovskii and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-09 with categories.
Seminar paper from the year 2007 in the subject Politics - International Politics - Region: Russia, grade: A, York University, 13 entries in the bibliography, language: English, abstract: Fragmentation of state authority, lack of a clear legislative base, unreliability of the legal system, collapse of the industry, bisection of the GDP, runaway inflation, capital flight, rises in crime and corruption, tremendous decline in life expectancy: the political, economic and social results of Russia's transition from plan to market under Yeltsin are devastating. Within a few years the "mighty" Soviet Union fell back from a major power to a third world economy, dealing with problems like mass poverty and epidemics. In light of these disastrous outcomes the question of what "went right" during the transition process seems to be even more appropriate then the question of what "went wrong". However, while it seems to be obvious that the stabilization and liberalization attempts by the Russian government predominantly failed, privatization, the third core facet of transition1, "has been touted as a one of the major successes of the Russian government's economic transformation policy. By the beginning of 1996 77.2% of medium-size and large enterprises had been privatised, accounting for 88.3% of total industrial output."2 On the one hand, according to the Russian government's Western advisers this privatization is the fastest in human history and "seems to be one of the few positive fruit of Russian economic policy since 1991"3. On the other hand, a common point of view is that its implementation led to an unfair distribution of state assets and only benefited a minority of Russian population. This debate is going to be the main focus of this paper. By discussing the general importance of the private sector to a democracy, the aims of privatization, its subsequent reforms, and its results, I intend to assess the contribution of these reforms to the process of Russian
Case By Case Privatization In The Russian Federation
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Author : Harry G. Broadman
language : en
Publisher: World Bank Publications
Release Date : 1998
Case By Case Privatization In The Russian Federation written by Harry G. Broadman and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Political Science categories.
Since the advent of reform in 1992, the Russian authorities have made substantial strides toward creating a market economy through privatization. Recently, Russian authorities have established an institutional framework for a 'case-by-case' approach that ensures transparency and competition through the use of independent financial and other advisers. This paper contains the principal presentations made at a World Bank workshop on the lessons of international experience in case-by-case privatization.
Privatization In Eastern Europe
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Author : Hans Smit
language : en
Publisher: Martinus Nijhoff Publishers
Release Date : 2023-09-20
Privatization In Eastern Europe written by Hans Smit and has been published by Martinus Nijhoff Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-09-20 with Business & Economics categories.
A hands-on approach to the privatization process in Eastern Europe, divided into the following categories: - Guidelines for Foreign Purchasers of State Enterprises - A Business Survival Guide for Getting Things Done in Kiev - Critical Challenges of Capital Formation - The Greenfield Approach to Privatization - Vouchers and their Practical Use - Detailed Analysis of the Particulars of the Privatization Procedures in Russia, Ukraine, Poland, the Czech Republic and Slovakia, and Hungary. Furthermore, Privatization in Eastern Europe includes a list of all privatization laws