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Non‐standard methods in the privatization strategies of the Czech Republic, Hungary and Poland1

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  • Morris Bornstein

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.

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  • Morris Bornstein, 1997. "Non‐standard methods in the privatization strategies of the Czech Republic, Hungary and Poland1," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 5(2), pages 323-338, November.
    • Handle: RePEc:bla:etrans:v:5:y:1997:i:2:p:323-338
    DOI: 10.1111/j.1468-0351.1997.tb00020.x
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    Cited by:

    1. Zubrzycka-Czarnecka, Aleksandra, 2021. "Discursive construction of the perception of gender identity: The case of tenants and owners in re-privatization/property restitution in Warsaw," Studia z Polityki Publicznej / Public Policy Studies, Warsaw School of Economics, vol. 8(1), pages 1-22, April.
    2. 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.
    3. Lyócsa, Štefan, 2014. "Growth-returns nexus: Evidence from three Central and Eastern European countries," Economic Modelling, Elsevier, vol. 42(C), pages 343-355.
    4. Morris Bornstein, 2000. "Post-Privatization Enterprise Restructuring," William Davidson Institute Working Papers Series 327, William Davidson Institute at the University of Michigan.
    5. Eduard Baum??hl & ??tefan Ly??csa, 2014. "How smooth is the stock market integration of CEE-3?," William Davidson Institute Working Papers Series wp1079, William Davidson Institute at the University of Michigan.
    6. Wladimir Andreff, 2003. "Le cinquième élargissement européen marque-t-il la fin de la transition économique postsocialiste ?," Reflets et perspectives de la vie économique, De Boeck Université, vol. 0(3), pages 47-60.
    7. Niklas Potrafke, 2010. "Labor market deregulation and globalization: empirical evidence from OECD countries," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 146(3), pages 545-571, September.
    8. Morris Bornstein, 2001. "Post-privatisation Enterprise Restructuring," Post-Communist Economies, Taylor & Francis Journals, vol. 13(2), pages 189-203.
    9. 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, April.
    10. 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.
    11. Morris Bornstein, 1999. "Framework Issues in the Privatisation Strategies of the Czech Republic, Hungary and Poland," Post-Communist Economies, Taylor & Francis Journals, vol. 11(1), pages 47-77.

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