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On Privatisation and Restructuring

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  • Schröder, Philipp J.H.

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.

Suggested Citation

  • Schröder, Philipp J.H., 2000. "On Privatisation and Restructuring," MPRA Paper 89, University Library of Munich, Germany, revised 2006.
  • Handle: RePEc:pra:mprapa:89
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    File URL: https://mpra.ub.uni-muenchen.de/89/1/MPRA_paper_89.pdf
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    References listed on IDEAS

    as
    1. 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.
    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.
    3. J Earle & S Estrin & L Leshchenko, 1996. "Ownership Structures," CEP Discussion Papers dp0315, Centre for Economic Performance, LSE.
    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, April.
    5. M Belka & S Estrin & M Schaffer & I.J. Singh, 1995. "Enterprise Adjustment in Poland: Evidence from a Survey of 200 Private," CEP Discussion Papers dp0233, Centre for Economic Performance, LSE.
    6. 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.
    7. 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, May.
    8. Wendy Carlin & John Van Reenen & Toby Wolfe, 1995. "Enterprise restructuring in early transition: the case study evidence from Central and Eastern Europe," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 3(4), pages 427-458, December.
    9. Vito Tanzi, 1993. "The Budget Deficit in Transition: A Cautionary Note," IMF Staff Papers, Palgrave Macmillan, vol. 40(3), pages 697-707, September.
    10. Andrei Shleifer & Robert W. Vishny, 1994. "Politicians and Firms," The Quarterly Journal of Economics, Oxford University Press, vol. 109(4), pages 995-1025.
    11. 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, May.
    12. Mayhew, Ken & Seabright, Paul, 1992. "Incentives and the Management of Enterprises in Economic Transition: Capital Markets Are Not Enough," Oxford Review of Economic Policy, Oxford University Press, vol. 8(1), pages 105-129, Spring.
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    More about this item

    Keywords

    Privatization; Restructuring; Transition; Central adn Eastern Europe;

    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 - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out

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