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On Privatisation and Restructuring

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Author Info
Schröder, Philipp J.H.

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Abstract

This essay deals with the issues of privatisation and restructuring in transition economies. The topics are addressed in both a descriptive and empirical manner. The centre of the analysis is the interrelation of privatisation, the resulting ownership form and the expected and actual effect on restructuring behaviour of firms. The essay identifies a slow progress in privatisation, paired with an overweight of insider owners. Furthermore substantial evidence on slow restructuring is collected. Overmanning and excessive social assets prevail in the privatised firms - in part regardless of the new ownership structure. Finally, the link to the government’s fiscal situation is drawn, the costs of restructuring to the government budget are identified. In presenting such account of the privatisation and restructuring situation, the essay provides a basis for formal explanations of slow privatisation and sluggish restructuring.

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File URL: http://mpra.ub.uni-muenchen.de/89/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 89.

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Date of creation: 2000
Date of revision: 2006
Handle: RePEc:pra:mprapa:89

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Related research
Keywords: Privatization; Restructuring; Transition; Central adn Eastern Europe;

Find related papers by JEL classification:
P2 - Economic Systems - - Socialist Systems and Transition Economies
P31 - Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions
P26 - Economic Systems - - Socialist Systems and Transition Economies - - - Political Economy
L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Boundaries of Public and Private Enterprise; Privatization; Contracting Out

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References listed on IDEAS
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  1. Wendy Carlin & Philippe Aghion, 1996. "Restructuring outcomes and the evolution of ownership patterns in Central and Eastern Europe," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 4(2), pages 371-388, October. [Downloadable!] (restricted)
  2. Simeon Djankov & Gerhard Pohl, 1997. "Restructuring of Large Firms in Slovakia," William Davidson Institute Working Papers Series 73, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  3. Simeon Djankov & Gerhard Pohl, 1998. "The restructuring of large firms in the Slovak Republic," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 6(1), pages 67-85, 05. [Downloadable!] (restricted)
  4. Hans-Werner Sinn & Alfons J. Weichenrieder, 1997. "Foreign direct investment, political resentment and the privatization process in eastern Europe," Economic Policy, CEPR, CES, MSH, vol. 12(24), pages 177-210, 04. [Downloadable!] (restricted)
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  5. Philipp J.H. Schroeder, . "How Stakes in Restructuring put Restructuring at Stake," Economics Working Papers 1998-1, School of Economics and Management, University of Aarhus. [Downloadable!]
  6. Mayhew, Ken & Seabright, Paul, 1992. "Incentives and the Management of Enterprises in Economic Transition: Capital Markets Are Not Enough," CEPR Discussion Papers 640, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  7. Freinkman, Lev M. & Starodubrovskaya, Irina, 1996. "Restructuring of enterprise social assets in Russia : trends, problems, possible solutions," Policy Research Working Paper Series 1635, The World Bank. [Downloadable!]
    Other versions:
  8. Philipp J.H. Schroeder, . "The Fiscal Constraint to Restructuring of Firms in Transition Economies," Economics Working Papers 1998-2, School of Economics and Management, University of Aarhus. [Downloadable!]
  9. Simon Commander & Mark Schankerman, 1997. "Enterprise restructuring and social benefits," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 5(1), pages 1-24, 05. [Downloadable!] (restricted)
  10. Shleifer, Andrei & Vishny, Robert W, 1994. "Politicians and Firms," The Quarterly Journal of Economics, MIT Press, vol. 109(4), pages 995-1025, November. [Downloadable!] (restricted)
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