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Author : Noritaka Akamatsu
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.:/5 (318 download)
Download or read book Enterprise Governance and Investment Funds in Russian Privatization written by Noritaka Akamatsu and published by . This book was released on 1994 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ira W. Lieberman
Publisher : World Bank Publications
ISBN 13 : 9780821331873
Total Pages : 270 pages
Book Rating : 4.3/5 (318 download)
Download or read book Russia written by Ira W. Lieberman and published by World Bank Publications. This book was released on 1995 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book contains a collection of papers prepared at a World Bank conference held in June 1994 on privatization and private sector development in Russia. It reviews the privatization achievements of Russian reformers over the past three years, discusses emerging second-tier privatization and post-privatization issues, and summarizes the key themes in the papers presented at the conference. Between November 1991 and June 1994: 1) between 12,000 and 14,000 medium-size and large enterprises had been transferred to private ownership; 2) this set of firms employed more than fourteen million people, or about half of those employed in Russia's industrial sector; 3) about forty million Russian citizens owned shares in privatized firms or investment funds. Although the Russian privatization program has achieved impressive results, the transfer of ownership (mainly to insiders) is only a first step. This must be followed by equally essential second steps to facilitate ownership of privatized firms to external, core investors who will bring in much needed capital, managerial know-how, and access to global markets." -- Website.
Author : Raj M. Desai
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4./5 ( download)
Download or read book The Vicious Circles of Control written by Raj M. Desai and published by World Bank Publications. This book was released on 2000 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: "In Russia and other transition economies that have implemented voucher privatization programs, how can one account for the puzzling behavior of insider-managers who, in stripping assets from the very firms they own, appear to be stealing from one pocket to fill the other?"--Cover.
Author : Joseph R. Blasi
Publisher : Cornell University Press
ISBN 13 : 1501722220
Total Pages : 272 pages
Book Rating : 4.5/5 (17 download)
Download or read book Kremlin Capitalism written by Joseph R. Blasi and published by Cornell University Press. This book was released on 2018-10-18 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first book to describe Russia's massive economic transformation for an American audience, Kremlin Capitalism provides a wealth of data and analyses not previously available in this country. The authors articulate the political and economic goals of Russian privatization, examine the current ownership of the largest enterprises in Russia, and chart the serious problem of corporate governance in the new private businesses. Kremlin Capitalism is based on the only continuous study of Russian privatization throughout the Russian Federation from 1992 to the present. The authors tracked down the story of the transition in the cities, towns, and villages of fifty of Russia's eighty-nine provinces, updating their findings after the June 1996 election. The result is an up-to-the-minute report of the largest property transfer in history and an analysis of one of this century's most significant economic transformations. The volume also characterizes the position of workers in terms of unemployment, wages, union power, and their changing role as employee shareholders.What really happened when Russia privatized its economy? The Kremlin brokered the initial struggle among different interest groups eager to claim a portion of Russian property: workers, managers, the Mafia, the old Soviet bureaucracy, regular citizens, entrepreneurs, Russian banks, and foreigners. While competing with one another, all struggled to free themselves from seventy years of Communist economic culture. Four years after the process began, have large companies learned to offer goods and services profitably and pay dividends to shareholders? Individual stories come alive as the book explores problems Russians face in structuring a new economic system, defining the ownership and governance of thousands of corporations one by one. Russian economic practices are being forged in the heat of fierce political struggles between resurgent Communists and nationalists and old Soviet managers, on the one hand, and more liberal elements of its infant democratic system on the other. Whether a few big conglomerates and the powerful banks and holding companies from Soviet days will dominate the new Russian economy to the exclusion of most citizens remains to be seen.Many questions persist. How will billions of dollars of capital be raised to retool, restructure, and reorient the heart and soul of Russia's economy? Will open stock markets stimulate a new economic order or will that new order be imposed through strong state supports and subsidies? What role will be played by shadowy conglomerates that are trying to shape a disorganized economy into something resembling the old Soviet system? The authors note the paradox of a capitalism conceived, designed, implemented, and evaluated by the Kremlin when one aim of reform is to allow market forces to play freely. Kremlin Capitalism asks whether rapid privatization has catalyzed or complicated the transition to a more liberal political and economic system, a question that will reverberate for decades.
Author : Michael Mcfaul
Publisher : Routledge
ISBN 13 : 1000308189
Total Pages : 219 pages
Book Rating : 4.0/5 (3 download)
Download or read book Privatization, Conversion, And Enterprise Reform In Russia written by Michael Mcfaul and published by Routledge. This book was released on 2019-09-05 with total page 219 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume provides an evaluation of initial efforts to convert post-Soviet Russian industry from that of a highly-centralized, military-oriented economy to that of a civilian economy with a stronger base in private enterprise. The authors address crucial issues of the embattled economic transformation at the level of particular enterprises and geographic regions as well as in the contexts of state policy, finance and planning. Their analyses offer readers an understanding of the various obstacles that impede post-Soviet economic restructuring and point to ways in which they may be overcome.
Author : Ira W. Lieberman
Publisher : Elsevier
ISBN 13 : 076231463X
Total Pages : 383 pages
Book Rating : 4.7/5 (623 download)
Download or read book Privatization in Transition Economies written by Ira W. Lieberman and published by Elsevier. This book was released on 2008 with total page 383 pages. Available in PDF, EPUB and Kindle. Book excerpt: Annotation.
Author : Roman Frydman
Publisher :
ISBN 13 :
Total Pages : 360 pages
Book Rating : 4.F/5 ( download)
Download or read book Corporate Governance in Central Europe and Russia written by Roman Frydman and published by . This book was released on 1996 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this, the first of three volumes to be published by the CEU Press on corporate governance in Central Europe and Russia, distinguished economists, legal scholars, political scientists and sociologists examine the emerging institutions of corporate governance in privatized firms in transition economies. They investigate the role of banks, investment funds, and pension funds, as well as the role and impact of residual state ownership. Each paper combines experience from advanced market economies with in-country empirical work in transition settings. Together these papers represent the most comprehensive and up-to-date comparative analysis yet undertaken of privatization struggles and their impact on corporate governance in Central Europe and Russia.
Author : Maxim Boycko
Publisher : MIT Press
ISBN 13 : 9780262522281
Total Pages : 180 pages
Book Rating : 4.5/5 (222 download)
Download or read book Privatizing Russia written by Maxim Boycko and published by MIT Press. This book was released on 1997-01-22 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: Privatizing Russia offers an inside look at one of the most remarkable reforms in recent history. Having started on the back burner of Russian politics in the fall of 1991, mass privatization was completed on July 1, 1994, with two thirds of the Russian industry privately owned, a rapidly rising stock market, and 40 million Russians owning company shares. The authors, all key participants in the reform effort, describe the events and the ideas driving privatization. They argue that successful reformers must recognize privatization as a process of depoliticizing firms in the face of massive opposition: making the firm responsive to market rather than political influences. The authors first review the economic theory of property rights, identifying the political influence on firms as the fundamental failure of property rights under socialism. They detail the process of coalition building and compromise that ultmately shaped privatization. The main elements of the Russian program -- corporatization, voucher use, and voucher auctions -- are described, as is the responsiveness of privatized firms to outside investors. Finally, the market values of privatized assets are assessed for indications of how much progress the country has made toward reforming its economy. In many respects, privatization has been a great success. Market concepts of property ownership and corporate management are shaking up Russian firms at a breathtaking pace, creating powerful economic and political stimuli for continuation of market reforms. At the same time, the authors caution, the political landscape remains treacherous as old-line politicians reluctantly cede their property rights and authority over firms.
Author : Christine Polzin
Publisher : GRIN Verlag
ISBN 13 : 3640858875
Total Pages : 61 pages
Book Rating : 4.6/5 (48 download)
Download or read book Privatisation in Russia - a Successful Experiment on the Way to a Market Economy? written by Christine Polzin and published by GRIN Verlag. This book was released on 2011-03-20 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2003 in the subject Cultural Studies - East European Studies, grade: 1,0, European University Viadrina Frankfurt (Oder), course: Reforming Russia - Objectives and Obstacles. Seminar: MA, Soziale Bewegungen-Institutionen-Kulturelle Orientierungen, language: English, abstract: ABSTRACT Dieser Aufsatz beschäftigt sich mit der Umsetzung der Privatisierung in Russland im Rahmen des Transformationsprozesses. Die Umwandlung von Staats- in Privateigentum in einer ehemaligen sozialistischen Planwirtschaft galt als einer der konstituierenden Grundbausteine beim Aufbau einer Marktwirtschaft. Hierzu musste ein umfangreiches Privatisierungsprogramm erarbeitet und umgesetzt werden. Die Besonderheit in der ehemaligen Sowjetunion bestand dabei vor allem darin, dass es für eine derart weit reichende Privatisierung fast sämtlicher Industriezweige innerhalb kürzester Zeit bis dato noch kein praktisches Äquivalent gab, an dem man sich hätte orientieren können. Westliche Ökonomen, die als Berater der russischen Reformer wesentlichen Einfluss auf das Programm nahmen, legten bei ihren Annahmen und Zielen neoklassische Wirtschaftstheorien zugrunde, die im wesentlichen rationale und nutzenmaximierende Akteure voraussetzen. Sie hatten jedoch relativ wenig Erfahrung mit dem tatsächlichen Verhalten russischer Akteure. Woran diese westlichen Ansätze bei ihrer praktischen Umsetzung scheiterten, wird der folgende Aufsatz versuchen zu beschreiben. Einige der zu erwartenden Restriktionen des Privatisierungsprozesses, wie z.B. die ungünstigen ökonomischen und rechtlichen Rahmenbedingungen, politische Instabilität und das wahrscheinliche Fortbestehen bestimmter informeller Netzwerke, waren den Reformern durchaus bewusst und konnten dementsprechend teilweise bei der Planung Berücksichtigung finden. Zur inhaltlichen Eingrenzung soll in diesem Aufsatz jedoch nur auf jene Faktoren eingegangen werden, die größtenteils unterschätzt wurden, und welche sich auch als nur schw
Author : Bernard Black, Reinier Kraakman and Anna Tarassova
Publisher :
ISBN 13 :
Total Pages : 86 pages
Book Rating : 4.L/5 ( download)
Download or read book Russian Privatization and corporate Governance: What Went Wrong? written by Bernard Black, Reinier Kraakman and Anna Tarassova and published by . This book was released on 2000 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Katharina Pistor
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.F/5 ( download)
Download or read book Investment Funds in Mass Privatization and Beyond written by Katharina Pistor and published by . This book was released on 1996 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ira W. Lieberman
Publisher : World Bank Publications
ISBN 13 : 9780821339473
Total Pages : 270 pages
Book Rating : 4.3/5 (394 download)
Download or read book Between State and Market written by Ira W. Lieberman and published by World Bank Publications. This book was released on 1997-01-01 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: IFC Discussion Paper No. 32. Over the years, demand for education at all levels in Kenya has greatly outpaced supply, a gap that has been reduced by private schools catering to the needs of a wide range of socioeconomic groups. This gap will widen further unless the private sectors role is expanded, but private educational institutions face a number of serious constraints, primarily stemming from lack of adequate finance and, in many cases, limited management skills. This paper reviews the market and its constraints and focuses on conditions under which private financial institutions and the International Finance Corporation might play a useful role in the sector. Annexes include 1996 operating costs of Kenya's academic, technical, and vocational schools.
Author : Alfred Kokh
Publisher : SP Books
ISBN 13 : 9781561719846
Total Pages : 248 pages
Book Rating : 4.7/5 (198 download)
Download or read book The Selling of the Soviet Empire written by Alfred Kokh and published by SP Books. This book was released on 1998 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Never before has there been an attempt to transform a massive state-owned economy into a dynamic free market system. The story of the conversion of the dinosaur Marxist Soviet state into the free-wheeling capitalist society of today's Russian Federation is one of the most compelling dramas in history. This tale includes violence, corruption, and a web of political conspiracy. It is a true-life economic-political thriller. Who are the new Russian financial magnates who are grabbing former state property? What were the terms for disposing of the state's immense wealth to private investors? What was the role of American financiers? These questions, and more, are answered here. In addition to what he saw with his own eyes (in the crucial period between 1992 and 1997), Kokh also paints vivid pictures of the influential decision-makers that he worked closely with, including Anatoly Chubais, the little known Kremlin kingpin who ran Boris Yeltsin's re-election campaign and served as both Deputy Prime Minister and Finance Minister. Kokh uses his expert knowledge of the Russian government to bring readers into the momentous meetings that changed the world, including his cogent analysis of events occurring in Russia at the present time.
Author : Linda M. Randall
Publisher : Routledge
ISBN 13 : 113595741X
Total Pages : 220 pages
Book Rating : 4.1/5 (359 download)
Download or read book Reluctant Capitalists written by Linda M. Randall and published by Routledge. This book was released on 2001-08-06 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reluctant Capitalists examines Russia's plodding, sometimes painful, journey toward a free-market. Through case studies, interviews and first-hand observation, Randall tells us of Russia's economic troubles and offers suggestions for making market reform work.
Author : Raj M. Desai
Publisher :
ISBN 13 :
Total Pages : 24 pages
Book Rating : 4.:/5 (129 download)
Download or read book The Vicious Circles of Control written by Raj M. Desai and published by . This book was released on 2004 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Russia and other transition economies that have implemented voucher privatization programs, how can one account for the puzzling behavior of insider-managers who, in stripping assets from the very firms they own, appear to be stealing from one pocket to fill the other?How can one account for the puzzling behavior of insider-managers who, in stripping assets from the very firms they own, appear to be stealing from one pocket to fill the other?Desai and Goldberg suggest that such asset-stripping and failure to restructure are the consequences of interactions between insiders (manager-owners) and regional governments in a particular property rights regime. In this regime, the ability to realize value is limited by uncertainty and illiquidity, so managers have little incentive to increase value. As the central institutions that rule Russia have ceded their powers to the regions, regional governments have imposed various distortions on enterprises to protect local employment.Prospective outsider-investors doubt they can acquire the control rights they need for restructuring firms and doubt they can avoid the distortions regional governments impose on the firms in which they might invest. The result: little restructuring and little new investment. And regional governments, knowing the firms' taxable cash flows will have been reduced through cash flow diversion, have responded by collecting revenues in kind.To disentangle these vicious circles of control, Desai and Goldberg propose a pilot for transforming ownership in insider-dominated firms through a system of simultaneous tax-debt-for-equity conversion and resale through competitive auctions.The objective: to show regional governments, by example, that a more sustainable way to protect employment is to give managers incentives to increase enterprises' value by transferring effective control to investors.The proposed mechanism would provide cash benefits to insiders who agree to sell control to outside investors. The increased cash revenue (rather than in-kind or money surrogates) would enable regional governments to finance safety nets for the unemployed and to promote other regional initiatives.This paper - a product of the Private and Financial Sectors Development Unit, Europe and Central Asia Region - is part of a larger effort in the region to address growth, governance, and poverty in the former Soviet Union. The authors may be contacted at [email protected] or [email protected].
Author : Saul Estrin
Publisher : Edward Elgar Publishing
ISBN 13 :
Total Pages : 214 pages
Book Rating : 4.:/5 (321 download)
Download or read book The Governance of Privatization Funds written by Saul Estrin and published by Edward Elgar Publishing. This book was released on 1999 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: Privatization investment funds are the key feature of mass privatization programmes in transitional economies. This book offers a thorough survey of mass privatization programmes in the Czech Republic, Poland and Slovenia, supported with extensive empirical analysis. The study of 'top-down' privatization funds in Poland and 'bottom-up' funds in the Czech Republic and Slovenia offers different solutions to the problem of how to improve the governance of privatization funds. The authors argue that the institutional structure of closed-end investment companies and open-end mutual funds has not provided the right incentives to maximize the value for the shareholders. In addition too many regulations are in place in underdeveloped markets to protect new shareholders unaccustomed to exercising their ownership rights. Instead, the authors argue that they need to promote adjustment in fund portfolios and ownership structures in order to spur the development of capital markets and effective mechanisms of corporate governance.
Author : John R. Nellis
Publisher : World Bank Publications
ISBN 13 : 9780821345030
Total Pages : 44 pages
Book Rating : 4.3/5 (45 download)
Download or read book Time to Rethink Privatization in Transition Economies? written by John R. Nellis and published by World Bank Publications. This book was released on 1999-01-01 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: IFC Discussion Paper No. 38.QUOTEIt is now universally acknowledged that ownership matters; that private ownership in and of itself is a major determinant of good performance in firms... Decent economic policy and well-functioning legal and administrative institutions... matter greatly as well.QUOTEThis paper looks at what happens when the shift to private ownership gets far out in front of the effort to build the institutional underpinnings of a capitalist economy. The emphasis is on what went wrong and why and what, if anything, can be done to be correct it. Proposals include renationalization and/or postponement of further privatization, both to be accompanied by measures to strengthen the managerial capacities of the state. Neither approach seems likely to produce short-term improvements. The regrettable fact is that governments that botch privatization are equally likely to botch the management of state-owned firms. In a number of Central European transition countries, privatization is living up to expectations; and there is no need for such measures. For institutionally-weak countries, the less dramatic but reasonable short-term course of action is to push ahead more slowly with case- by-case and tender privatization in cooperation with the international assistance community in hopes of producing some success stories that will lead by example.
