Privatization and Restructuring in Central and Eastern Europe

One of the most important policy questions in the transition economies is what governments can do to speed the restructuring of firms and thus hasten the transition to a mature market economy. The authors report on a study that provides some answer...

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Main Authors:	Anderson, Robert E., Dejankov, Simeon, Pohl, Gerhard, Claessons, Stijn
Format:	Viewpoint
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	ACCOUNTING ACCOUNTING STANDARDS BANK RECAPITALIZATION BANKING SECTOR BANKS DEBT EMPLOYMENT ENTERPRISE RESTRUCTURING FINANCIAL RESTRUCTURING FIRMS GOVERNMENT POLICIES GROWTH INSIDER BUYOUTS INTERNATIONAL ACCOUNTING STANDARDS LABOR PRODUCTIVITY LENDERS METALS NONPERFORMING LOANS PRIVATIZATION PRODUCTIVITY PRODUCTIVITY GROWTH PROFITABILITY PURCHASING POWER REAL WAGES RETAINED EARNINGS SOLVENCY STATE ENTERPRISES STATE OWNERSHIP TAX LAWS TRANSITION ECONOMIES TRANSPORT VOUCHER PRIVATIZATION WAGES WORKING CAPITAL DENATIONALIZATION GOVERNMENT OWNERSHIP DEBT RESCHEDULING MARKET ECONOMY LABOR COSTS
Online Access:	http://documents.worldbank.org/curated/en/1997/07/441497/privatization-restructuring-central-eastern-europe http://hdl.handle.net/10986/11576

id	okr-10986-11576
recordtype	oai_dc
spelling	okr-10986-115762021-06-14T11:03:40Z Privatization and Restructuring in Central and Eastern Europe Anderson, Robert E. Dejankov, Simeon Pohl, Gerhard Claessons, Stijn ACCOUNTING ACCOUNTING STANDARDS BANK RECAPITALIZATION BANKING SECTOR BANKS DEBT EMPLOYMENT ENTERPRISE RESTRUCTURING FINANCIAL RESTRUCTURING FIRMS GOVERNMENT POLICIES GROWTH INSIDER BUYOUTS INTERNATIONAL ACCOUNTING STANDARDS LABOR PRODUCTIVITY LENDERS METALS NONPERFORMING LOANS PRIVATIZATION PRODUCTIVITY PRODUCTIVITY PRODUCTIVITY GROWTH PROFITABILITY PURCHASING POWER REAL WAGES RETAINED EARNINGS SOLVENCY STATE ENTERPRISES STATE OWNERSHIP TAX LAWS TRANSITION ECONOMIES TRANSPORT VOUCHER PRIVATIZATION WAGES WORKING CAPITAL DENATIONALIZATION GOVERNMENT OWNERSHIP WAGES DEBT RESCHEDULING MARKET ECONOMY LABOR COSTS One of the most important policy questions in the transition economies is what governments can do to speed the restructuring of firms and thus hasten the transition to a mature market economy. The authors report on a study that provides some answers. Privatization encourages restructuring if it is rapid and comprehensive and leads to concentrated ownership. Privatization also promotes restructuring because privatized firms are more likely than state-owned enterprises to exercise wage restraint--and wage restraint is vital to free up the necessary internal finance. But policies that increase bank lending to firms, such as debt forgiveness and recapitalization, may do more harm than good. The safest course is to recapitalize banks only as part of privatization and to encourage negotiations for financial restructuring only after the banks are privatized. 2012-08-13T15:26:27Z 2012-08-13T15:26:27Z 1997-07 http://documents.worldbank.org/curated/en/1997/07/441497/privatization-restructuring-central-eastern-europe http://hdl.handle.net/10986/11576 English Viewpoint: Public Policy for the Private Sector; Note No. 123 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Viewpoint Publications & Research Europe and Central Asia
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	ACCOUNTING ACCOUNTING STANDARDS BANK RECAPITALIZATION BANKING SECTOR BANKS DEBT EMPLOYMENT ENTERPRISE RESTRUCTURING FINANCIAL RESTRUCTURING FIRMS GOVERNMENT POLICIES GROWTH INSIDER BUYOUTS INTERNATIONAL ACCOUNTING STANDARDS LABOR PRODUCTIVITY LENDERS METALS NONPERFORMING LOANS PRIVATIZATION PRODUCTIVITY PRODUCTIVITY PRODUCTIVITY GROWTH PROFITABILITY PURCHASING POWER REAL WAGES RETAINED EARNINGS SOLVENCY STATE ENTERPRISES STATE OWNERSHIP TAX LAWS TRANSITION ECONOMIES TRANSPORT VOUCHER PRIVATIZATION WAGES WORKING CAPITAL DENATIONALIZATION GOVERNMENT OWNERSHIP WAGES DEBT RESCHEDULING MARKET ECONOMY LABOR COSTS
spellingShingle	ACCOUNTING ACCOUNTING STANDARDS BANK RECAPITALIZATION BANKING SECTOR BANKS DEBT EMPLOYMENT ENTERPRISE RESTRUCTURING FINANCIAL RESTRUCTURING FIRMS GOVERNMENT POLICIES GROWTH INSIDER BUYOUTS INTERNATIONAL ACCOUNTING STANDARDS LABOR PRODUCTIVITY LENDERS METALS NONPERFORMING LOANS PRIVATIZATION PRODUCTIVITY PRODUCTIVITY PRODUCTIVITY GROWTH PROFITABILITY PURCHASING POWER REAL WAGES RETAINED EARNINGS SOLVENCY STATE ENTERPRISES STATE OWNERSHIP TAX LAWS TRANSITION ECONOMIES TRANSPORT VOUCHER PRIVATIZATION WAGES WORKING CAPITAL DENATIONALIZATION GOVERNMENT OWNERSHIP WAGES DEBT RESCHEDULING MARKET ECONOMY LABOR COSTS Anderson, Robert E. Dejankov, Simeon Pohl, Gerhard Claessons, Stijn Privatization and Restructuring in Central and Eastern Europe
geographic_facet	Europe and Central Asia
relation	Viewpoint: Public Policy for the Private Sector; Note No. 123
description	One of the most important policy questions in the transition economies is what governments can do to speed the restructuring of firms and thus hasten the transition to a mature market economy. The authors report on a study that provides some answers. Privatization encourages restructuring if it is rapid and comprehensive and leads to concentrated ownership. Privatization also promotes restructuring because privatized firms are more likely than state-owned enterprises to exercise wage restraint--and wage restraint is vital to free up the necessary internal finance. But policies that increase bank lending to firms, such as debt forgiveness and recapitalization, may do more harm than good. The safest course is to recapitalize banks only as part of privatization and to encourage negotiations for financial restructuring only after the banks are privatized.
format	Publications & Research :: Viewpoint
author	Anderson, Robert E. Dejankov, Simeon Pohl, Gerhard Claessons, Stijn
author_facet	Anderson, Robert E. Dejankov, Simeon Pohl, Gerhard Claessons, Stijn
author_sort	Anderson, Robert E.
title	Privatization and Restructuring in Central and Eastern Europe
title_short	Privatization and Restructuring in Central and Eastern Europe
title_full	Privatization and Restructuring in Central and Eastern Europe
title_fullStr	Privatization and Restructuring in Central and Eastern Europe
title_full_unstemmed	Privatization and Restructuring in Central and Eastern Europe
title_sort	privatization and restructuring in central and eastern europe
publisher	World Bank, Washington, DC
publishDate	2012
url	http://documents.worldbank.org/curated/en/1997/07/441497/privatization-restructuring-central-eastern-europe http://hdl.handle.net/10986/11576
_version_	1764417233895817216

Privatization and Restructuring in Central and Eastern Europe

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