Download or read book BANKRUPTCY EXPERIENCE IN HUNGARY AND THE CZECH REPUBLIC written by JANET MITCHELL and published by . This book was released on 1998 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Hungary s Bankruptcy Experience 1992 93 written by Cheryl W. Gray and published by . This book was released on 2016 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Hungary s Bankruptcy Experience 1992 93 written by Sabine Schlorke and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: September 1995 Policymakers looking for policies and processes to spur enterprise restructuring in transition economies should study Hungary's experience with bankruptcy reform since 1992. It is unique in the post-socialist world. Hungary adopted a tough new bankruptcy law in late 1991 that took effect on January 1, 1992. It required managers of firms with arrears over 90 days to any creditor to file for either reorganization or liquidation within eight days (the so-called automatic trigger) and provided a rather sympathetic framework in which to do so. The result: Since January 1992, more than 25,000 cases have been filed -- far beyond lawmakers' expectations. Both positive and negative views about the law have been expressed, but details about how the process has actually worked have been scarce. Gray, Schlorke, and Szanyi help fill this information gap by providing detailed data on a randomly selected stratified sample of actual cases filed in 1992 - 93, supplemented by information gained through interviews with judges, liquidators, and firms involved in bankruptcy. They conclude, among other things, that: * The bankruptcy process appears to have had some degree of economic logic in 1992 and 1993. Better firms were more likely to enter and emerge successfully from reorganization, while worse firms were more likely either to fail in reorganization or to file directly for liquidation. * Judicial reorganization need not be slow and costly. The first wave of reorganizations was handled surprisingly quickly, especially considering the sheer number of cases, the novelty of the process, and the shortage of trained judges. This quickness was possible largely because of the decentralized design of the process. Once the court approved a case, the court had little role. (Amendments added in 1993 may have made the process more bureaucratic and expensive.) * In this sample, major delays occurred not in reorganization but in liquidation. Creditors will do almost anything to avoid filing for liquidation, and once firms enter liquidation they are still likely to be kept alive indefinitely. In the end, this lack of a viable creditor-led exit and debt collection mechanism harms firms by increasing the cost and reducing the flow of credit. * Although the bankruptcy process displays some degree of economic logic, one should not assume that it operates as a similar law would in a market economy. In particular, a likely source of private gain in Hungary appears to be asset or other value diversion (or value-stripping) before bankruptcy. * The main need is to strengthen the incentives of creditors to monitor the process closely and to improve their ability to do so. This paper -- a product of the Transition Economics Division, Policy Research Department -- is part of a larger effort in the department to understand processes of enterprise restructuring in transition economies.
Download or read book revisiting hungary s bankruptcy episode written by john p. bonin\ mark e. schaffer and published by . This book was released on 1999 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Role of Financial Markets in the Transition Process written by Emilio Colombo and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Markets play an important role in economic development, channeling saving to investments and facilitating growth. In Eastern Europe financial markets were initially much underdeveloped, and lacked the skills and infrastructure they needed to be efficient, having not acquired them in the pre-transition era. The book offers a both theoretical and empirical analysis of financial markets in transitional economies. It investigates financial markets in Hungary, the Czech Republic, and Poland, and their role in the developments in the 1990s.
Download or read book Transition and Economics written by Gérard Roland and published by MIT Press. This book was released on 2000 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt: The transition from socialism to capitalism in former socialist economies has transformed the economic structure. This book provides an overview of research on the issues raised by the shift from collective to private ownership.
Download or read book Designing Financial Systems in Transition Economies written by Anna Meyendorff and published by MIT Press. This book was released on 2002 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection examines the design of financial systems for central and eastern European countries engaged in the transition to market-based economies. It highlights the need for better approaches to measuring performance and providing incentives in banking and for financial mechanisms to encourage private-sector growth. Written by leading European and North American scholars, the essays apply modern finance theory and empirical data to the development of new financial sectors.
Download or read book Privatisation and the Creation of a Market Based Legal System written by Bahaa Ali El-Dean and published by BRILL. This book was released on 2002 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Volume aims to provide an analysis of problems and challenges relating to the creation of a legal infrastructure that meets the needs and capabilities of emerging market economies in the light of the privatisation process.
Download or read book Enterprise Exit Processes in Transition Economies written by Leszek Balcerowicz and published by Central European University Press. This book was released on 1998-01-01 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume gathers together a collection of essays integrated by two central themes: the comparative economic performance of different economic systems (centralized socialism, reformed socialism, competitive socialism), and the transition from socialism to capitalism under newly established pluralistic political systems in Central and Eastern Europe. Most of the essays are based on the first-hand experience of the author in stabilizing an economy in an early stage of hyperinflation and in transforming it into a competitive capitalist market economy.
Download or read book Bankruptcy Around the World written by Stijn Claessens and published by World Bank Publications. This book was released on 2002 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Financial Market Imperfections and Corporate Decisions written by Emilio Colombo and published by Springer Science & Business Media. This book was released on 2006-01-27 with total page 179 pages. Available in PDF, EPUB and Kindle. Book excerpt: We would like to thank Akos Valentinyi and Mark Schaffer for their advice on various stages of this research project. We also would like to thank our col leagues at the Department of Economics of the University of Milan - Bicocca for their advice and support. This book is the result of a long term project financed by various research grants: in particular the Phare-Ace programme (Project P-96-6151-R) and a research grant from the Italian Ministry of Education under the young researchers scheme. Milan, March 2005 Emilio Colombo Luca Stanca Contents Introduction 1 Financial market imperfections and corporate decisions: theory and evidence 7 2. 1 Introduction 7 2. 2 Financial market imperfections, investment and cycles 9 2. 2. 1 The Stiglitz view 9 2. 2. 2 Agency costs and macroeconomic fluctuations 15 2. 2. 3 Assessing the differences 18 2. 2. 4 Further developments 20 2. 2. 5 Empirical evidence 22 2. 3 Financial market imperfections and corporate capital structure 24 2. 3. 1 Asymmetric information and capital structure choice . . 25 2. 3. 2 Agency costs and capital structure choice 30 2. 3. 3 Empirical evidence 32 The transformation of the Hungarian financial system 35 3. 1 Introduction 35 3. 2 Macroeconomic background 36 3. 3 Liberalisation, privatisation and financial development 44 3. 3. 1 Banking and credit 45 3. 3. 2 Equity market 48 3. 3. 3 Foreign direct investment 49 3. 4 Financial sector reform 50 3. 4.
Download or read book Banking Reform in Central Europe and the Former Soviet Union written by Jacek Rostowski and published by Central European University Press. This book was released on 1995-06-01 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study analyzes the main requirements placed on Central and Eastern Europe's financial systems during their transition to a market economy. It assesses the financial reforms already carried out in the countries of Central Europe, their adaptations of Western institutional models, and the lessons to be drawn from their experiences for the "second wave" reformers in the former Soviet Union and the Balkans.
Download or read book A Guide to Consumer Insolvency Proceedings in Europe written by Thomas Kadner Graziano and published by Edward Elgar Publishing. This book was released on 2019 with total page 1266 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the adoption of the EU Regulation on Insolvency Proceedings in 2000 and its recast in 2015, it has become clear that lawyers engaged in consumer insolvency proceedings are increasingly expected to have a basic understanding of foreign insolvency proceedings, as well as knowledge of the foreign country's court and legal system, legislation and judicial practice. Written by 50 highly qualified insolvency experts from 30 European countries, A Guide to Consumer Insolvency Proceedings in Europe provides the necessary information in the largest, most up-to-date and comprehensive book on this topic. Assisting the readers in their navigation through the differences, similarities, and peculiarities of insolvency proceedings in all Member States of the European Union, Switzerland and Russia, this book is a unique guide to insolvency proceedings across Europe. With contributions by both academics and practitioners, it provides truly multinational coverage of the economic, legal, social, political, and demographic issues in consumer insolvency. Illustrating the numerous practices across Europe, this book allows the reader to evaluate each aspect both on its own merits, as well as in comparison to the approaches applied in other European jurisdictions. This book will be an invaluable tool for insolvency practitioners, judges, lawyers, creditors and debtors throughout Europe, especially those participating in cross-border proceedings.
Download or read book CORRUPTION AND ANTICORRUPTION IN THE CZECH REPUBLIC written by LUBOMIR LIZAL AND EVZEN KOCENDA and published by . This book was released on 2000 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Privatization Challenge written by Pierre Guislain and published by World Bank Publications. This book was released on 1997 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: analisa os aspectos legais e institucionais e apresenta uma lista com a legislação sobre privatização em 112 paises.
Download or read book Annual World Bank Conference on Development Economics Regional 2007 written by François Bourguignon and published by World Bank Publications. This book was released on 2007-01-01 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global Development Finance (GDF), is the World Bank's annual review of recent trends in and prospects for financial flows to developing countries. It is an indispensable resource for governments, economists, investors, financial consultants, academics, bankers, and the entire development community. Vol I: Analysis and Outlook reviews recent trends in financial flows to developing countries. Also available as a two volume set, Vol II. Summary and Country Tables* includes comprehensive data for 138 countries, as well as summary data for regions and income groups.
Download or read book Rescue of Business in Europe written by Bob Wessels and published by Oxford University Press. This book was released on 2020-01-30 with total page 1552 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edited volume is based on the European Law Institute's project, The Rescue of Business in Insolvency Law, which ran from 2013 to 2016. The project sought to investigate and articulate the essential features of well-functioning procedures for the "rescue" of distressed but viable businesses. Although the focus was primarily on the design and implementation of formal procedures (that is, those provided by law), the project also required consideration of the interaction between such procedures and informal solutions to distress, given the obvious cost advantages of the latter. The ELI project was not confined exclusively to restructurings, since these are only one possible route to maximising the value of a distressed but viable business (an auction procedure, in which the business is sold on a going concern basis to a new owner, is one obvious alternative). The ELI project encompasses various aspects of both public/constitutional law and insolvency law that may have a bearing on the functionality of formal restructuring procedures.
