The Privatization Process in East-Central Europe: Evolutionary Process of Czech Privatization

Author:   Michal Mejstrík
Publisher:   Springer
Edition:   1997 ed.
Volume:   36
ISBN:  

9780792340966


Pages:   333
Publication Date:   31 December 1996
Format:   Hardback
Availability:   In Print   Availability explained
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The Privatization Process in East-Central Europe: Evolutionary Process of Czech Privatization


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Overview

Describing the evolution process of privatization in Central and Eastern Europe based on the experiences of the Czech Republic, this work argues that privatization is a critical complement to the standard International Monetary Fund restructuring and adjustment package (anti-inflationary macroeconomic policy, liberalization of prices, and foreign trade). The Czech experience is unique in its combination of mass and individual privatization, resulting in a rapid capital market evolution.

Full Product Details

Author:   Michal Mejstrík
Publisher:   Springer
Imprint:   Springer
Edition:   1997 ed.
Volume:   36
Dimensions:   Width: 15.50cm , Height: 2.00cm , Length: 23.50cm
Weight:   1.490kg
ISBN:  

9780792340966


ISBN 10:   0792340965
Pages:   333
Publication Date:   31 December 1996
Audience:   College/higher education ,  Professional and scholarly ,  Undergraduate ,  Postgraduate, Research & Scholarly
Format:   Hardback
Publisher's Status:   Active
Availability:   In Print   Availability explained
This item will be ordered in for you from one of our suppliers. Upon receipt, we will promptly dispatch it out to you. For in store availability, please contact us.

Table of Contents

1. The Initial Economic Environment for Privatization.- 1.1. Introduction.- 1.2. Initial Conditions for Change of Ownership Relations.- 1.4. Reform Pitfall.- 1.5. Necessary Conditions for Avoiding the Reform Pitfall.- 1.6. Making It Easier to Develop the Private Sector.- 1.7. Foreign Investments and Outside Shocks.- 1.8. Conclusion.- Appendix: Selected Official Indicators for the Czech Republic, 1995..- 2. The Restructuring of Property Rights Through the Institutional Economist’s Eyes.- 2.1. Introduction.- 2.2. The Institution of Property In “Real Socialism”.- 2.3. Restructuring Property Rights: The Alternatives to Institutional Evolution.- 2.4. The Formation of Property Rights Institutions.- 2.5. Some Theoretical Comments on Practical Ways of Reestablishing Property Rights.- 2.6. Instrumental Rationality and Spontaneous Evolution of Institutions: The Moral Dimension of Property.- 3. Initialization of Privatization Through Restitution and Small Privatization.- 3.1. Introduction.- 3.2. Restitution.- 3.3. The Small Privatization Program.- 3.4. Conclusion.- Notes.- 4. Large Privatization: Theory and Practice.- 4.1. Case By Case or Mass Privatization.- 4.2. Voucher Privatization, Ownership Structures, and Emerging Capital Market in the Czech Republic.- 4.3. A Technical Analysis of The Prague Stock Exchange.- 4.4. A Multicriteria Evaluation of Alternative Privatization Methods.- Appendix 4.1. The Criteria Tree Used to Evaluate Privatization Methods by the Expert Choice System.- Appendix 4.2. The Dependence of the Final Ranking of Alternatives on the Global Weight of Social Criteria C1 and C5, All Firms.- Acknowledgment.- 5. Fiscal Impact of Privatization and Fiscal Policy.- 5.1. Introduction.- 5.2. The Macroeconomic Situation.- 5.3. Budget and Tax System Reform.- 5.4.Review of Fiscal Policy For 1990 Through 1995.- 5.5. Privatization.- 5.6. The National Property Fund and Its Ties to the Budget.- 5.7. Development of Budget Revenues and Expenditures.- 5.8. Conclusions.- Notes.- 6. The Emergence of Institutional Owners: The Role of Banks and Nonbanking Financial Institutions in the Privatization of the Economy and the Banks.- 6.1. Introduction.- 6.2. The Czech Financial Institutions after 1989.- 6.3. Compensation for Inherited Debt by the Proceeds of Privatization.- 6.4. Development of the Czech Banking Sector.- 6.5. The Evolutionary Development of the Nonbanking Financial Sector.- 6.6. The Privatization of Major Banking Groups.- 6.7. Further Evolution of Privatized Major Financial Groups.- 6.8. Conclusion.- 7. Privatization, Postprivatization, and Structural Problems.- 7.1. Structural Changes and the Privatization Process.- 7.2. Enterprises Restructuring During and After Privatization.- 7.3. The New Private Sector in the Czech Republic.- 7.4. Monopoly in The Context of the Privatization Process.- 7.5. Monitoring of Borrowers under Asymmetric Information: The Czech Experience in the Early 1990s.- 7.6. The Impact of Privatization and Capital Market Development on Posttransitional Exchange-Rate Policies.- 7.7. The Phillips Curve and Market Structures.- Acknowledgments.- Notes.- References.

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