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The Economics of Enterprise Restructuring in Central and Eastern Europe

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  • Aghion, Philippe
  • Blanchard, Olivier J
  • Carlin, Wendy

Abstract

This paper begins from the twin observation that on the one hand, privatization which leaves control in the hands of the insiders has produced little restructuring while on the other, state-owned enterprises have engaged in some restructuring even in the absence of a clear prospect of privatization. It situates enterprise restructuring at the heart of the process of transition of the state-owned enterprise sector. A set of theoretical tools is assembled which permits the analysis of the speed and depth of restructuring, and clarifies the roles of managers, employees, the state, and banks in bringing it about. A mapping is provided between the theoretical predications and a large body of anecdotal evidence on enterprise behaviour in the Central and East European economies.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1058.

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Date of creation: Nov 1994
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Handle: RePEc:cpr:ceprdp:1058

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Related research

Keywords: Bank Recapitalization; Eastern Europe; Managerial Incentives; Privatization; Restructuring; Transition; Unemployment;

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Citations

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Cited by:
  1. Gabor Korosi & Laszlo Halpern, 2000. "Efficiency and Market Share in Hungarian Corporate Sector," IEHAS Discussion Papers 0009, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
  2. Ray Barrell & Dirk Willem te Velde, 2000. "Catching-up of East German Labour Productivity in the 1990s," German Economic Review, Verein für Socialpolitik, vol. 1(3), pages 271-297, 08.
  3. J. Earle & S. Estrin & L. Leshchenko, 1996. "Ownership structures, patterns of control and enterprise behavior in Russia," LSE Research Online Documents on Economics 20642, London School of Economics and Political Science, LSE Library.
  4. Wendy Carlin & Peter Richthofen, 1995. "Finance, economic development and the transition: the East German case," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 3(2), pages 169-195, 06.
  5. Evžen Kocenda & Jan Hanousek, 2011. "Divide and Privatize: Firm Break-up and Performance," CESifo Working Paper Series 3465, CESifo Group Munich.
  6. Gerling, Katja & Schmidt,Klaus-Dieter, 1997. "On the competitive position of Eastern German manufacturing: Why is catching-up so slow?," Kiel Working Papers 825, Kiel Institute for the World Economy.
  7. Luigi Sacco, Pier & Scarpa, Carlo, 2000. "Critical mass effect and restructuring in the transition towards a market economy," European Economic Review, Elsevier, vol. 44(3), pages 587-608, March.
  8. John Marangos, 2002. "A post Keynesian critique of privatization policies in transition economies," Journal of International Development, John Wiley & Sons, Ltd., vol. 14(5), pages 573-589.
  9. Hau, Harald, 1998. "Privatization under political interference: Evidence from Eastern Germany," European Economic Review, Elsevier, vol. 42(7), pages 1177-1201, July.
  10. J Earle & S Estrin & L Leshchenko, 1996. "Ownership Structures," CEP Discussion Papers dp0315, Centre for Economic Performance, LSE.
  11. A. Marcincin & S. van Wijnbergen, 1997. "The Impact of Czech Privatisation Methods on Enterprise Performance Incorporating Initial Selection Bias Correction," CERT Discussion Papers 9704, Centre for Economic Reform and Transformation, Heriot Watt University.
  12. Uhlig, H., 1995. "Transition and Financial Collapse," Discussion Paper 1995-66, Tilburg University, Center for Economic Research.
  13. Randolph Luca Bruno, 2003. "Speed of Transition, Unemployment Dynamics and Nonemployment Policies: Evidence from the Visegrad Countries," LEM Papers Series 2003/23, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  14. Janez Prasnikar & Jan Svejnar, 1998. "Investment Wages and Ownership During the Transition to a Market Economy: Evidence from Slovenian Firms," William Davidson Institute Working Papers Series 144, William Davidson Institute at the University of Michigan.
  15. Aizenman, Joshua & Isard, Peter, 1996. "Production bottlenecks and congestion externalities during the transition to a market economy," International Review of Economics & Finance, Elsevier, vol. 5(3), pages 225-241.

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