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Privatization in Hungary, Poland and Czechoslovakia

Author

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  • Grosfeld, I.
  • Hare, P.

Abstract

Several East European countries are embarking on major programmes both to expand their private sectors by encouraging new firm formation, and to transfer much of the existing state sector into private ownership. This paper studies the early experience of Hungary, Poland and Czechoslovakia in these areas, and reviews in detail their privatization plans for the three years 1991-3. All three countries envisage that about half the existing state sector will be in private hands by 1994 an extremely rapid rate of ownership change. While all countries will use a mixture of privatization methods, Hungary intends to sell its state firms, while the other two countries will also give away to the population a substantial fraction of the shares in the largest firms. Both approaches involve some very difficult problems. In the case of sales, it is uncertain how rapidly these can take place if a `reasonable' share price is to be maintained. In the case of giving away shares, which in practice requires some important institutional developments such as the creation of Privatization Funds (as suggested in Poland), the main difficulty is likely to be associated with the sheer administrative complexity of the privatization process.
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Suggested Citation

  • Grosfeld, I. & Hare, P., 1991. "Privatization in Hungary, Poland and Czechoslovakia," DELTA Working Papers 91-15, DELTA (Ecole normale supérieure).
    • Handle: RePEc:del:abcdef:91-15
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    Cited by:

    1. MARINI, Marco, 1996. "Property Rights and Market : Employee Privatization as a Cooperative Bargaining Process," LIDAM Discussion Papers CORE 1996023, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    2. W Z Michalak, 1993. "Foreign Direct Investment and Joint Ventures in East-Central Europe: A Geographical Perspective," Environment and Planning A, , vol. 25(11), pages 1573-1591, November.
    3. Karp, Larry & Stefanou, Spiro, 1991. "Polish Agriculture in Transition: Does it Hurt to be Slapped by an Invisible Hand?," CUDARE Working Papers 198594, University of California, Berkeley, Department of Agricultural and Resource Economics.
    4. 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, vol. 11(1), pages 27-46.
    5. Olivier LECLERCQ, 1996. "Les Entreprises Publiques Dans Le Processus De Transition En Europe Del' Est," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 67(2), pages 235-266, June.
    6. Simon Johnson, 1994. "Private Business in Eastern Europe," NBER Chapters, in: The Transition in Eastern Europe, Volume 2, Restructuring, pages 245-292, National Bureau of Economic Research, Inc.
    7. Igor Filatotchev & Trevor Buck & Mike Wright, 1992. "Privatisation and Entrepreneurship in the Break-up of the USSR," The World Economy, Wiley Blackwell, vol. 15(4), pages 505-524, July.
    8. Paul G. Hare, 1991. "Hungary: In Transition to a Market Economy," Journal of Economic Perspectives, American Economic Association, vol. 5(4), pages 195-201, Fall.
    9. R. Daviddi, 1994. "Privatisation in the transition to a market economy," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 47(191), pages 399-429.
    10. Tardos, Márton, 1998. "Sikeres-e a privatizáció?. Magyarországi tapasztalatok (1990-1997) [Has privatization been successful?. Hungarian experiences 1990-1997]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(4), pages 317-332.
    11. R. Daviddi, 1994. "Privatisation in the transition to a market economy," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 47(191), pages 399-429.
    12. repec:ilo:ilowps:322116 is not listed on IDEAS
    13. Judit Karsai & Mike Wright & Igor Filatotchev, 1997. "Venture Capital in Transition Economies: The Case of Hungary," Entrepreneurship Theory and Practice, , vol. 21(4), pages 93-110, July.
    14. Gács, János & Karimov, Il'dar & Schneider, Christoph, 1992. "Small Scale Privatization in Eastern Europe and Russia from a Historical and Comparative Perspective," MPRA Paper 60799, University Library of Munich, Germany.

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