Enterprise Restructuring In Eastern Europe
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Enterprise Restructuring In Eastern Europe
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Author : Bernard M. Hoekman
language : en
Publisher:
Release Date : 1999
Enterprise Restructuring In Eastern Europe written by Bernard M. Hoekman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
March 1995 The Czech Republic, the Eastern European country that has pursued mass privatization most actively and credibly, has also done best in restructuring its industries and reorienting them toward world markets. Countries that pursued a gradualist approach -- Hungary being the main example -- have changed their export structure less but have also experienced above-average export growth. What kind of privatization program is best suited to stimulate enterprise restructuring in former centrally planned economies? One view, expressed by most Western business and political leaders, is that privatization is best pursued case by case, with emphasis on sales to new owners, including foreign investors. Another view, espoused by a minority of radical economists and economists-turned-politician, was that restructuring is best pursued through economic incentives, combined with mass privatization of state enterprises so that they become widely held (public) joint stock corporations. The ultimate test, of course, is future productivity growth and rising welfare standards. We cannot yet measure these. The disaggregated data on production and employment by industry required for such a measure either are not available or are unreliable. The only objective measure available -- comparable across countries -- is export performance. Trade data reveal to what extent firms have been able to reorient themselves to create and exploit competitive advantages. We now have four years of data, enough to get an idea of what is going on, and to compare one Central or Eastern European country's performance against another's. The data suggest that the Czech Republic, the country that has pursued mass privatization most actively and credibly, has also done best in restructuring its industries and reorienting them toward world markets. Those that pursued a gradualist approach -- Hungary being the main example -- have changed their export structure less, but export growth has also been above average. This paper -- a product of the Finance and Private Sector Development Division, Europe and Central Asia, and Middle East and North Africa Regions, Technical Department -- is part of a larger effort in the region to analyze progress and policy options in transition economies. The authors may be contacted at [email protected] or [email protected].
Enterprise Restructuring In Eastern Europe
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Author : Bernard Hoekman
language : en
Publisher:
Release Date : 2016
Enterprise Restructuring In Eastern Europe written by Bernard Hoekman 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 Czech Republic, the Eastern European country that has pursued mass privatization most actively and credibly, has also done best in restructuring its industries and reorienting them toward world markets. Countries that pursued a gradualist approach - Hungary being the main example - have changed their export structure less but have also experienced above-average export growth.What kind of privatization program is best suited to stimulate enterprise restructuring in former centrally planned economies? One view, expressed by most Western business and political leaders, is that privatization is best pursued case by case, with emphasis on sales to new owners, including foreign investors.Another view, espoused by a minority of radical economists and economists-turned-politician, was that restructuring is best pursued through economic incentives, combined with mass privatization of state enterprises so that they become widely held (public) joint stock corporations.The ultimate test, of course, is future productivity growth and rising welfare standards. We cannot yet measure these. The disaggregated data on production and employment by industry required for such a measure either are not available or are unreliable.The only objective measure available - comparable across countries - is export performance. Trade data reveal to what extent firms have been able to reorient themselves to create and exploit competitive advantages. We now have four years of data, enough to get an idea of what is going on, and to compare one Central or Eastern European country's performance against another's.The data suggest that the Czech Republic, the country that has pursued mass privatization most actively and credibly, has also done best in restructuring its industries and reorienting them toward world markets. Those that pursued a gradualist approach - Hungary being the main example - have changed their export structure less, but export growth has also been above average.This paper - a product of the Finance and Private Sector Development Division, Europe and Central Asia, and Middle East and North Africa Regions, Technical Department - is part of a larger effort in the region to analyze progress and policy options in transition economies. The authors may be contacted at [email protected] or [email protected].
Enterprise Restructuring In Eastern Europe
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Author : Bernard M. Hoekman
language : en
Publisher: World Bank Publications
Release Date : 1995
Enterprise Restructuring In Eastern Europe written by Bernard M. Hoekman 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 1995 with Business enterprises categories.
The Role Of Commercial Banks In Enterprised Restructuring In Central And Eastern Europe
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Author : Millard Long
language : en
Publisher: World Bank Publications
Release Date : 1995
The Role Of Commercial Banks In Enterprised Restructuring In Central And Eastern Europe written by Millard Long 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 1995 with Bancos comerciales - Europa categories.
Enterprise Restructuring And Foreign Investment In The Transforming East
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Author : Valdas Samonis
language : en
Publisher: Psychology Press
Release Date : 1998
Enterprise Restructuring And Foreign Investment In The Transforming East written by Valdas Samonis and has been published by Psychology Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Business & Economics categories.
Enterprise Restructuring and Foreign Investment in the Transforming East: The Impact of Privatization explores the dynamic interrelationships between enterprise restructuring and foreign investment in transition economies of postcommunist countries, especially those of Central and Eastern Europe (CEE). This important book offers investors and international businesses a continuum from theory to praxis as it discusses theoretical and methodological issues and empirical and practical implications of economic relationships to show how these interrelationships manifest themselves in prevailing trends, policy tradeoffs, and business strategies. Contending that the transformation to a state-owned enterprise to a capitalistic corporation involves more than reacting to economic incentives, Enterprise Restructuring and Foreign Investment in the Transforming East examines why enterprises need access to capital markets, finance investments, and acquire new capabilities in order to successfully compete in a market economy. Some of the strategies you will find that relate to common elements of the restructuring process include: a shift to a less hierarchal organization structure the adoption of Western financial management and accounting practices the introduction of stricter budget constraints the evolution of the marketing function and the rationalization of product ranges according to market needs Informative and intelligent, this book offers you a firsthand look at the complex and critical topic of restructuring as it relates to the realization of benefits of privatization at both the micro and macro levels. Using a case study approach, Enterprise Restructuring and Foreign Investment in the Transforming East gives you in-depth knowledge of the actual empirical/practical processes as they have been experienced in transition economies.
The Economics Of Enterprise Restructuring In Central And Eastern Europe
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Author : Philippe Aghion
language : en
Publisher:
Release Date : 1994
The Economics Of Enterprise Restructuring In Central And Eastern Europe written by Philippe Aghion and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Business enterprises categories.
Enterprise Restructuring In The Transition
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Author : Wendy Carlin
language : en
Publisher:
Release Date : 1994
Enterprise Restructuring In The Transition written by Wendy Carlin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Europe, Central categories.
Recent empirical and theoretical work on the transition economies has emphasised the importance of internal bargaining and incentives. This paper constitutes, the first attempt to systematise the large and growing body of case studies of enterprise restructuring in Poland, Hungary, Slovakia, Russia and the Czech Republic. We begin from a framework in which the incentives and constraints on managers are crucial for the success of transforming enterprises into value maximising firms. The forms of, and the constraints on, active behaviour are examined for each enterprise across the dimensions of internal organisation, product and labour markets and investment.
Enterprise Restructuring And Economic Policy In Russia
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Author : Simon Commander
language : en
Publisher: World Bank Publications
Release Date : 1996-01-01
Enterprise Restructuring And Economic Policy In Russia written by Simon Commander 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 1996-01-01 with Business & Economics categories.
Considers the achievements and challenges facing East Asia's workers. The report reviews labor outcomes and evaluates the benefits of rapid growth to workers and the impact that the region's role in the global economy has had on them. It also examines labor market policies and institutions in the region, labor in the transition economies, and the outlook for East Asian workers in the 21st century. Also available: World Development Report 1995: Workers in an Integrating World Stock no. 61102 (ISBN 0-19-521102-2).
Transition In Survival Enterprise Restructuring In Twenty East German And Hungarian Companies 1990 1997
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Author : Enese Lieb-Doczy
language : en
Publisher: Routledge
Release Date : 2019-07-16
Transition In Survival Enterprise Restructuring In Twenty East German And Hungarian Companies 1990 1997 written by Enese Lieb-Doczy and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-07-16 with Social Science categories.
This title was first published in 2001. This work features different companies and their change in situation between 1990 and 1997. The author focused on changes in each company's vertical integration; its integration with and relationship to its investor; changes in its human resource policies and the general handling of labour shedding; changes in its product range, production methods, product markets and competitive situation; and the regional effects of FDI and changes in the company's procurement policies. The study comprises mainly of manufacturing companies with a few construction companies included to examine issues arising from localized company operations.
The Role Of Commercial Banks In Enterprise Restructuring In Central And Eastern Europe
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Author : Millard Long
language : en
Publisher:
Release Date : 1999
The Role Of Commercial Banks In Enterprise Restructuring In Central And Eastern Europe written by Millard Long and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
February 1995 In Central and Eastern Europe, banks are less active than planned in enterprise restructuring. Corporate restructuring is not normally a major part of commercial banking -- to ask banks to restructure their weakest clients is to direct attention away from lending to their strongest clients, which should be their core business. Enterprises are thus being restructured not by banks or government agencies but by brutal market forces. Many countries in Central and Eastern Europe assigned banks the responsibility for restructuring enterprises. Such restructuring had five components: * Triage of enterprises into three classes: viable, viable with debt relief, and nonviable. * Work with management of overindebted firms on a restructuring plan beforegranting debt relief. * Trigger the bankruptcy-liquidation process on nonviable firms. * Fund new investments needed as part of physical restructuring. * Provide corporate governance through representation on boards of directors. The initial information is that banks are performing these roles only to a limited degree. Signals are mixed on how vigorously governments want banks to pursue bankruptcy proceedings. With little opportunity to recover funds, banks are accepting even dubious restructuring programs from enterprises. But banks, except under government directive, are avoiding making new loans to loss-making enterprises. Together with a cut in fiscal subsidies, this is imposing a harder budget constraint on the enterprises. Nonviable enterprises seem more likely to starve to death than to die through execution. Corporate restructuring is not a normal part of commercial banking. To ask banks to restructure weak enterprises is to direct their attention away from what should be their core business: lending to strong enterprises. In fact, banks are under attack for being excessively conservative. Enterprise restructuring is taking place in Central and Eastern Europe driven by the disintegration of regional trade relations, sharply higher input prices, falling domestic demand, inflation, and other economic dislocations in combination with the harder budget constraint. Thus far the restructuring has been more downsizing than making new investments. This paper -- a product of the Financial Sector Policy and Institutions Unit, Financial Sector Development Department -- is part of a larger effort in the department to study the role of banks in restructuring.