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Ajustement des entreprises et distribution du crédit pendant la transition

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  • Jérôme Sgard

    (CERI - Centre de recherches internationales (Sciences Po, CNRS) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique)

Abstract

Enterprise adjustment and the distribution of credit during transition. a comparison of four central european countries On the basis of monetary and banking statistical series, this article highlights the very large ex post divergences between credit policies in four transitional economies (Bulgaria, Hungary, Poland, the Czech and Slovak Republics). These national patterns are then interpreted as the result of different paths of evolution in the credit relationship, between banks and enterprises, since 1990. Three main categories of variables are identified as decisive in this process : macroeconomic constraints (esp. public deficits and foreign debt), public intervention in the banking sector i.a. under the form of recapitalisation programs ; then the conditions under which accumulated stocks of assets and liabilities have been either preserved or drastically run down during the early months of remoneti-sation.

Suggested Citation

  • Jérôme Sgard, 1995. "Ajustement des entreprises et distribution du crédit pendant la transition," Post-Print hal-03585825, HAL.
    • Handle: RePEc:hal:journl:hal-03585825
    DOI: 10.2307/3502424
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03585825
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    References listed on IDEAS

    as
    1. Jérôme Sgard, 1995. "Recapitalisations des banques et aléa moral en Hongrie et en Pologne," Revue Économique, Programme National Persée, vol. 46(2), pages 481-500.
    2. Pinto, Brian & Belka, Marek & Krajewski, Stefan, 1993. "Transforming state enterprises in Poland : macroeconomic evidence on adjustment," Policy Research Working Paper Series 1101, The World Bank.
    3. John P. Bonin & István P. Székely (ed.), 1994. "The Development and Reform of Financial Systems in Central and Eastern Europe," Books, Edward Elgar Publishing, number 55.
    4. Abel, István & Siklos, Pierre L, 1993. "Constraints on Enterprise Liquidity and their Impact on the Monetary Sector in Formerly Centrally Planned Economies," CEPR Discussion Papers 841, C.E.P.R. Discussion Papers.
    5. Mullineux, A. & Belka, M., 1993. "Hardening Micro Budget Constraints: Bank Behaviour and Corporate Governance in Poland," Papers 93-08, University of Birmingham - International Financial Group.
    6. 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.
    7. repec:fth:wilfau:93012 is not listed on IDEAS
    8. Abel, I. & Siklos, P.L., 1993. "Constraints on Enterprise Liquidity and its Impact on the Monetary Sector in Hungary," Working Papers 93012, Wilfrid Laurier University, Department of Economics.
    9. repec:spo:wpmain:info:hdl:2441/8101 is not listed on IDEAS
    10. Mr. Guillermo Calvo & Mr. Eduardo Borensztein & Mr. Paul R Masson & Mr. Manmohan S. Kumar, 1993. "Financial Sector Reforms and Exchange Arrangements in Eastern Europe," IMF Occasional Papers 1993/002, International Monetary Fund.
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