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On the Role of Banks in Enterprise Restructuring: The Polish Example

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  • van Wijnbergen, Sweder

Abstract

Governments throughout Eastern Europe have been singularly unsuccessful in dealing with large loss-making SOEs. A more promising approach would create an incentive framework and legal environment where the SOE's major non-government creditor can take the lead in initiating restructuring and the design of a new, viable capital structure. Such a lead bank is much more likely to gain access to the inside knowledge that gives the firm its surplus value as a going concern. The details of such an environment are laid out using the recent Polish attempt to launch a wholesale cleanup of the loss-making SOEs along lines promoted in this paper.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Comparative Economics.

Volume (Year): 24 (1997)
Issue (Month): 1 (February)
Pages: 44-64

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Handle: RePEc:eee:jcecon:v:24:y:1997:i:1:p:44-64

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Web page: http://www.elsevier.com/locate/inca/622864

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Cited by:
  1. Julian Fennema, 2006. "An Alternative Estimation Framework for Firm-Level Capital Investment," CERT Discussion Papers, Centre for Economic Reform and Transformation, Heriot Watt University 0602, Centre for Economic Reform and Transformation, Heriot Watt University.
  2. Gerald A. McDermott, 2000. "Network Restructuring and Firm Creation in East-Central Europe: A Public-Private Venture," William Davidson Institute Working Papers Series 361, William Davidson Institute at the University of Michigan.
  3. Nunnenkamp, Peter, 1995. "The German model of corporate governance: basic features, critical issues, and applicability to transition economies," Kiel Working Papers 713, Kiel Institute for the World Economy.
  4. John P. Bonin & Bozena Leven, 2000. "Can Banks Promote Enterprise Restructuring?: Evidence From a Polish Bank's Experience," William Davidson Institute Working Papers Series 294, William Davidson Institute at the University of Michigan.
  5. Uhlig, H., 1995. "Transition and Financial Collapse," Discussion Paper, Tilburg University, Center for Economic Research 1995-66, Tilburg University, Center for Economic Research.
  6. Mike Wright & Judit Karsai & Zbigniew Dudzinski & Jan Morovic, 1999. "Transition and Active Investors: Venture Capital in Hungary, Poland and Slovakia," Post-Communist Economies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 11(1), pages 27-46.
  7. Brada, Josef C. & Kutan, Ali M., 1999. "The end of moderate inflation in three transition economies?," ZEI Working Papers B 21-1999, ZEI - Center for European Integration Studies, University of Bonn.
  8. Montes-Negret, Fernando & Papi, Luca, 1997. "The Polish experience with bank and enterprise restructuring," Policy Research Working Paper Series 1705, The World Bank.
  9. Dado, Marinela E. & Klingebiel, Daniela, 2002. "Decentralized credtor-led corporate restructuring - cross-country experience," Policy Research Working Paper Series 2901, The World Bank.
  10. John Bonin & Bozena Leven, 2001. "Can State-owned Banks Promote Enterprise Restructuring? Evidence from One Polish Bank's Experience," Post-Communist Economies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 13(4), pages 431-443.
  11. Iraj Hashi, 1995. "The Economics of Bankrupcy, Reorganisation and Liquidation: Lessons for East European Transitional Economies," CASE Network Studies and Analyses, CASE-Center for Social and Economic Research 0041, CASE-Center for Social and Economic Research.
  12. Irena Grosfeld, 1994. "Comparing Financial Systems. Problems of Information and Control in Economies in Transition," CASE Network Studies and Analyses, CASE-Center for Social and Economic Research 0026, CASE-Center for Social and Economic Research.
  13. Coricelli, Fabrizio, 1996. "Finance and growth in economies in transition," European Economic Review, Elsevier, vol. 40(3-5), pages 645-653, April.
  14. Iraj Hashi, 1997. "Mass Privatisation and Corporate Governance in the Czech Republic," Working Papers 003, Staffordshire University, Business School.
  15. Boris Marinov & Bruce Heiman, 1998. "Company Law and Corporate Governance Renewal in Transition Economies: The Bulgarian Dilemma," European Journal of Law and Economics, Springer, Springer, vol. 6(3), pages 231-261, November.

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