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Non-standard methods in the privatization strategies of the Czech Republic, Hungary and Poland

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  • Morris Bornstein
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    Abstract

    The Czech Republic, Hungary and Poland followed different strategies in the use of non-standard methods of privatization. In regard to "restitution", the Czech Republic carried out physical return of property, Hungary weakly implemented financial compensation and Poland has not yet approved a programme. "Management and employee buyouts" were eschewed in the Czech Republic, took the form of employee stock ownership plans in Hungary and were accomplished chiefly by lease-purchase in Poland. The Czech "mass privatization" programme distributed a considerable amount of joint-stock company shares free through voucher auctions in which citizens participated directly or through financial intermediaries. In contrast, the Polish programme provided citizens free shares in investment trusts that exercise corporate governance over operating companies and restrure them for divestiture. Hungary's programme, which offered people only interest-free loans to buy some shares in intial public offerings, was abandoned soon after its start. Copyright The European Bank for Reconstruction and Development, 1997.

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    Bibliographic Info

    Article provided by The European Bank for Reconstruction and Development in its journal Economics of Transition.

    Volume (Year): 5 (1997)
    Issue (Month): 2 (November)
    Pages: 323-338

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    Handle: RePEc:bla:etrans:v:5:y:1997:i:2:p:323-338

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    Cited by:
    1. Morris Bornstein, 2000. "Post-Privatization Enterprise Restructuring," William Davidson Institute Working Papers Series 327, William Davidson Institute at the University of Michigan.
    2. Marc Duponcel, 1998. "Restructuring of food industries in the five Central and Eastern European front-runners towards EU membership (CEEC-5). A comparative review," CERT Discussion Papers 9806, Centre for Economic Reform and Transformation, Heriot Watt University.
    3. Christian Bjørnskov & Niklas Potrafke, 2011. "Politics and privatization in Central and Eastern Europe," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 19(2), pages 201-230, 04.
    4. Wladimir Andreff, 2004. "Would a Second Transition Stage Prolong the Initial Period of Post-socialist Economic Transformation into Market Capitalism?," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 1(1), pages 7-31, June.

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