Privatisation and Structural Change in Transition Economies

272 Pages·2003·44.68 MB·English

by  Yelena Kalyuzhnova, Wladimir Andreff (eds.)

Privatisation and Structural Change in Transition
Economies
Euro-Asian Studies
General Editor: Christoph Bluth, Visiting Professor, Centre for Euro-Asian
Studies, University of Reading, and Professor in International Studies,
University of Leeds
The transition of the countries in Euro-Asia is one of the most important
developments affecting the international system since the end of the Cold War.
The development of market economies after decades of central planning, the
formation of new states and national identities, the creation of new, democratic
institutions of state and the reintegration into the world economy pose enor
mous challenges. Whilst some countries have progressed relatively well and are
in the process of joining the European Union, others have experienced several
economic and social dislocations, to the point of political disintegration and
armed conflicts. The Centre for Euro-Asian Studies at the University of Reading
is dedicated to the academic study of the political, economic, social and cultural
aspects of this process. This series presents the most recent contributions from
leading academics in the field. With an interdisciplinary focus, it seeks to provide
a substantial, original and ongoing contribution to our understanding of the
region which is of vital importance for academics and of high policy relevance
for governments and businesses.
Titles include:
Yelena Kalyuzhnova and Wladimir Andreff (editors)
PRIVATISATION AND STRUCTURAL CHANGE IN TRANSITION ECONOMIES
Yelena Kalyuzhnova and Dov Lynch (editors)
THE EURO-ASIAN WORLD
A Period of Transition
Yelena Kalyuzhnova, Amy Myers Jaffe, Dov Lynch and Robin C. Sickles
(editors)
ENERGY IN THE CASPIAN REGION
Present and Future
Yelena Kalyuzhnova and Michael Taylor (editors)
TRANSITIONAL ECONOMIES
Banking, Finance, Institutions
Euro-Asian Studies
Series Standing Order ISBN 978-0-333-80114-7
(outside North America only)
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Privatisation and Structural
Change in Transition
Economies
Edited by
Yelena Kalyuzhnova
The Centre for Euro-Asian Studies, University of Reading, UK
and
Wladimir Andreff
Universite de Paris I, France
The Centre for
Euro-Asian Studies
* Editorial Matter and Selection
© Yelena Kalyuzhnova and Wladimir Andreff 2003
Chapters 1-10 © Palgrave Macmillan Ltd 2003
Softcover reprint of the hardcover 1st edition 2003 978-0-333-98722-3
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DOI 10.1057/9780230378339
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Library of Congress Cataloging-in-Publication Data
Privatisation and structural change in transition economies / edited by
Yelena Kalyuzhnova and Wladimir Andreff.
p. cm. - (Euro-Asian studies)
Includes bibliographical references and index.
1. Privatization-Europe, Eastern-Case studies. 2. Privatization-Former
Soviet republics-Case studies. 3. Europe, Eastern-Economic policy-1989-
4. Former Soviet republics-Economic policy. I. Title: Privatization and
structural change in transition economies. II. Kalyuzhnova, Yelena.
III. Andreff, Wladimir, 1946- IV. Series.
HD4140.7.P75262003
338.9479'05-dc21
2003040542
10 9 8 7 6 543 2
12 11 10 09 08 07 06 05 04 03
For Marie Lavigne, our friend and colleague

Contents
List of Tables ix
List of Figures x
List of Contributors xi
Foreword xv
List of Abbreviations xvi
Introduction 1
Yelena Kalyuzhnova and Wladimir Andreff
Part I Privatisation and Structural Reforms:
Theoretical Framework
1. Ten Years After The Road to a Free Economy: The Author's
Self-evaluation of Privatisation 13
Janos Kornai
2. Twenty Lessons from the Experience of Privatisation in
Transition Economies 29
Wladimir Andreff
3. Privatisation Methods and Enterprise Governance
in Transition Economies 60
Maria Vagliasindi and Pietro Vagliasindi
4. Ownership and the Firm: Some Theoretical Gaps
Revealed by Privatisation in Transition Economies 93
Jean-Fran(:ois Nivet
5. Privatisation, Human Capital, and Long-run
Development Strategies in Transition Economies 114
James Pemberton
Part II Patterns and Features of Privatisation
in Transition
6. New Private Sector and Growth - A Tale of Two Economies
in Transition: Poland and Romania Compared 139
Gerard Duchene and Philippe Rusin
vii
viii Contents
7. Privatisation and Structural Reforms: Case Study
Kazakhstan 158
Yelena Kalyuzhnova
8. Privatisation in Serbia: Attempts, Outcome and the
Present State 180
Bozidar Cerovic and Marko Malovic
9. Privatisation in the Czech Republic: Strengths
and Weaknesses 202
Alena Zemplinerowl and Martin Machacek
10. Privatisation of Banks and Firms: the Polish Route 225
Andrzej Dudzinski and Krystyna Szymkiewicz
Conclusion 245
Yelena Kalyuzhnova and Wladimir Andreff
Index 252
List of Tables
3.1 Telecom privatisation across transition economies 64
3.2 Privatisation methods across transition economies 66
3.3 Characteristic patterns of corporate
governance systems 71
3.4 Corporate governance internal and
external mechanisms 78
6.1 Breakdown of gross value added by types of
ownership in Poland (percentages) 147
6.2 Active micro-enterprises in Poland and Romania 148
6.3 GDP breakdown in Romania, Poland, and France
(in % of GDP) 149
6.4 Growth rates and implicit deflators across sectors
in Poland, 1995-99 150
7.1 The problem of corruption 174
8.1 Privatisation in FRY (percentage shares in capital;
book-value; end 1997) 184
9.1 Shares of small- and medium-size enterprises by
sectors of the Czech economy, 2000 206
9.2 Development of Czech capital markets, 1990-2001 208
9.3 Shares of foreign investment enterprises,
Czech Republic, 2000 211
9.4 Privatisation of four large banks 215
10.1 Share of the private sector in the Polish
economy (%), 1990-2000 227
10.2 Number of banks in Poland, 1993-2001 229
10.3 Number of non-financial private companies 232
10.4 Money stock and bad debts in the Polish
banking sector 233
10.5 Credit expansion and GDP growth (%), 1993-2001 234
10.6 Structure of credit by types of firms (% of total) 235
10.7 Financing of investment outlays (% of investment
to public (Pu!) and private (PRI) sectors) 236
10.8 Demand for credit: breakdown by firms'
size 2001 (% of firms) 236
10.9 Total net credit of the banking sector (%),
1993-2001 237
ix