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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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  • van Wijnbergen, Sweder, 1997. "On the Role of Banks in Enterprise Restructuring: The Polish Example," Journal of Comparative Economics, Elsevier, vol. 24(1), pages 44-64, February.
    • Handle: RePEc:eee:jcecon:v:24:y:1997:i:1:p:44-64
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    References listed on IDEAS

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    1. Sweder van Wijnbergen, 1993. "Enterprise reform in Eastern Europe," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 1(1), pages 21-38, January.
    2. Stanislaw Gomulka, 1995. "The IMF-Supported Programs of Poland and Russia, 1990-1994: Principles, Errors and Results," CASE Network Studies and Analyses 0036, CASE-Center for Social and Economic Research.
    3. Gomulka Stanislaw, 1995. "The IMF-Supported Programs of Poland and Russia, 1990-1994: Principles, Errors, and Results," Journal of Comparative Economics, Elsevier, vol. 20(3), pages 316-346, June.
    4. Dittus Peter, 1994. "Bank Reform and Behavior in Central Europe," Journal of Comparative Economics, Elsevier, vol. 19(3), pages 335-361, December.
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    More about this item

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G3 - Financial Economics - - Corporate Finance and Governance

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