Download or read book Can the Market Value State Owned Enterprises Without Privatizing Them An Application to Natural Resources Companies written by Rodrigo Andres Wagner and published by . This book was released on 2018 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: State-owned enterprises may be strategic for many countries. For political or practical reasons some of these enterprises may remain wholly state-owned (WSOE), like PEMEX in Mexico or CODELCO in Chile. For this group, the lack of traded equity now prevents a market-based valuation. A market price would help provide an estimate of the WSOE's contribution to future fiscal income. It may also help keep managers more accountable and signal changes in the behavior of entrenched groups. Finally, a market valuation would also help valuing discoveries as well as research and development projects that are slow to yield profits. This paper presents a novel mechanism to create a market value for WSOEs, but without privatization. The method relies on independent parties trading a synthetic security. The security replicates the future cash flow that the WSOE pays to the government. It gives replicated cash-flow rights but no control rights of the WSOE. The document discusses methods to implement this principle and its potential challenges. Preliminary calculations show that issuing 3 to 10% pseudo-shares of some salient WSOEs could generate a meaningful valuation. This, without compromising state ownership of assets and decisions.
Download or read book Fixing State Owned Enterprises written by Aldo Musacchio and published by Inter-American Development Bank. This book was released on 2019-11-20 with total page 259 pages. Available in PDF, EPUB and Kindle. Book excerpt: The situation of state-owned enterprises (SOEs) in Latin America and the Caribbean continues to be dire. This book uses an original database of SOE performance that shows that every year about one-third of such enterprises in the region report losses (up to 70 percent in some countries) and that they require between 0.3 and one percentage point of GDP in fiscal transfers to cover such losses. Countries in the region have adopted centralized agency monitoring of their SOEs, managed to reduce the fiscal burden of SOEs, shown better financial returns, and accumulated less liabilities to GDP, thus generating less fiscal risk for the government overall. Each of the chapters provides a practical way to solve either asymmetry of information problems in the monitoring of SOEs or solutions to reduce the discretionary nature of the fiscal governance of SOEs. Chapter 2 details the kinds of fiscal risks and contingent liabilities that SOEs create for governments and provides a set of controls to limit those risks. Chapter 3 shows that allowing SOEs to issue bonds has been an ineffective way of hardening their budget constraint, given that investors price those bonds at a discount. Chapter 4 presents a state-contingent financial instrument that allows investors to value an SOE. Chapter 5 provides empirical evidence on the advantages of SOE centralized monitoring agencies in Latin America and the Caribbean, highlighting Chile, Peru, and Paraguay. Chapter 6 examines the experience of East Asian countries with holding companies and discusses when holding companies are a better vehicle to control SOEs. Chapter 7 suggests ways to align the incentives of politicians and SOE managers to provide better goods and services. Finally, Chapter 8 provides a practical guide to improve the monitoring of SOEs and to design a centralized monitoring agency.
Download or read book The Routledge Handbook of State Owned Enterprises written by Luc Bernier and published by Routledge. This book was released on 2020-05-27 with total page 679 pages. Available in PDF, EPUB and Kindle. Book excerpt: State-owned enterprises make up roughly 10 percent of the world economy, yet they are woefully understudied. This handbook offers the first synthesis of the topic since the 1980s and offers a comprehensive reference for a generation. The authors provide a detailed explanation of the theory that underpins the expansion of state-owned enterprises in the 21st century. Each chapter delivers an overview of current knowledge, as well as identifying issues and relevant debates for future research. The authors explain how state-owned enterprises are used in both developed and developing countries and offer an insight into complex and fascinating organizations such as the German municipal conglomerates or the multinational companies owned by states. New modes of governance and regulation have been invented to make sure they act in the public interest. This handbook brings together a wealth of international scholars, offering multiple theoretical perspectives to help shape a brave new world. It will be of interest to teachers and students of Economics, Public Administration and Business, academics, established researchers and PhD students seeking rigorous literature reviews on specific aspects of SOEs, as well as practitioners and decision makers in international organizations.
Download or read book The Oxford Handbook of State Capitalism and the Firm written by Late Professor of Entrepreneurship Mike Wright and published by Oxford University Press. This book was released on 2022-07-28 with total page 913 pages. Available in PDF, EPUB and Kindle. Book excerpt: There has been a major revival of interest in State Capitalism: What it is, where it is found, and why it is seemingly becoming more ubiquitous. As a concept, it has evolved from radical critiques of the Soviet Union, to being deployed by neo-liberals to describe market reforms deemed imperfect, to settle into a middle ground, as a pragmatic way to describe the state assuming a role as an active economic agent, in addition to its regulatory, social, and security functions. The latter is the central focus of this book, although due attention is accorded to the origins of state capitalism and how it has changed over the years, as well as contemporary ways in which state capitalism may be theorized. This economic agency may assume direct forms, for example, via state owned enterprises. However, it may also be indirect, for example, actively serving private interests through promoting insider firms, who may occupy monopolistic market positions and perform outsourced state functions. In turn, this leads to raise salient governance questions. The latter may encompass agency tensions between public ownership, and political or even private interest control; it may also include issues of transparency and monitoring. Although state capitalism has often been depicted as the preserve of states in the global south, be they developmental or predatory, many forms of state capitalism are visible in mature economies, be they liberal or coordinated, and this is not always associated with superior governance arrangements; indeed, this is an area where clear and easy divisions between the developing or emerging world and the developed or mature world may increasingly be breaking down. This volume brings together the accounts of leading experts from around the world; it is explicitly multi-disciplinary, and both consolidates the exiting knowledge base, and provides new, novel, and counter-intuitive insights.
Download or read book State Owned Enterprises in Middle East North Africa and Central Asia Size Costs and Challenges written by Mr. Ernesto Ramirez Rigo and published by International Monetary Fund. This book was released on 2021-09-20 with total page 153 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior to the COVID-19 shock, the key challenge facing policymakers in the Middle East, North Africa, and Central Asia region was how to generate strong, sustainable, job-rich, inclusive growth. Post-COVID-19, this challenge has only grown given the additional reduction in fiscal space due to the crisis and the increased need to support the recovery. The sizable state-owned enterprise (SOE) footprint in the region, together with its cost to the government, call for revisiting the SOE sector to help open fiscal space and look for growth opportunities.
Download or read book Reforms Opportunities and Challenges for State Owned Enterprises written by Edimon Ginting and published by Asian Development Bank. This book was released on 2020-07-01 with total page 355 pages. Available in PDF, EPUB and Kindle. Book excerpt: State-owned enterprises (SOEs) play significant roles in developing economies in Asia and SOE performance remains crucial for economy-wide productivity and growth. This book looks at SOEs in Azerbaijan, Indonesia, Kazakhstan, the People's Republic of China, and Viet Nam, which together present a panoramic view of SOEs in the region. It also presents insights from the Republic of Korea on the evolving role of the public sector in various stages of development. It explores corporate governance challenges and how governments could reform SOEs to make them efficient drivers of the long-term productivity-induced growth essential to Asia's transition to high-income status.
Download or read book Broadening the Ownership of State Owned Enterprises A Comparison of Governance Practices written by OECD and published by OECD Publishing. This book was released on 2016-02-04 with total page 111 pages. Available in PDF, EPUB and Kindle. Book excerpt: The State continues to remain an important shareholder in listed companies worldwide. This book provides fresh perspectives on the motivation to list state-owned enterprises (SOEs) and the process it entails.
Download or read book Governance and State Owned Enterprises How Costly is Corruption written by Ms.Anja Baum and published by International Monetary Fund. This book was released on 2019-11-22 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: State-owned enterprises (SOEs) are present in key sectors of the economies around the world. While they can provide an important public service, there is widespread concern that their activities are negatively affected by corruption. However, there is limited cross-country analysis on the costs of corruption for SOEs. We present new evidence on how corruption affects the performance of SOEs using firm level data across a large number of countries. One striking result is that SOEs perform as well as private firms in core sectors when corruption is low. Taking advantage of a novel database reforms, we also show that SOE governance reforms can generate significant performance gains.
Download or read book OECD Economic Surveys Finland 2003 written by OECD and published by OECD Publishing. This book was released on 2003-02-04 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2003 edition of OECD's periodic review of Finland's economy examines recent economic developments, policies and prospects and includes special features on the effectiveness of public spending; ageing, pension reform and long-term public finances; and policies to boost potential output growth.
Download or read book OECD Development Pathways Multi dimensional Review of Kazakhstan Volume 2 In depth Analysis and Recommendations written by OECD and published by OECD Publishing. This book was released on 2017-06-15 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: Kazakhstan has embarked upon an ambitious reform agenda to realise its aspiration of becoming one of the top 30 global economies by 2050. The country’s economy and society have undergone deep transformations since independence.
Download or read book Minerals Yearbook written by and published by . This book was released on 1990 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Political Economy Of Public Sector Reform And Privatization written by Ezra Suleiman and published by Routledge. This book was released on 2019-07-09 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book suggests some of the ways in which levels of development shape public sector reform and privatization in developed and developing countries, showing that conservative as well as socialist governments were committed to increasing the state's guiding role in the political economy.
Download or read book The Report written by Andrew Jeffreys and published by Oxford Business Group. This book was released on 2013 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Russian Modernization written by Markku Kivinen and published by Routledge. This book was released on 2020-11-29 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: Building on an original interpretation of social theory and an interdisciplinary approach, this book creates a new paradigm in the Russian studies. Taking a fresh view of Russia’s multiple experiences of modernization, it seeks to explain the Putin era in a completely new way. This book explores the paradoxical and contradictory aspects of Russia, analyzing the energy-dependent economy and hybrid political regime, but also religion, welfare, and culture, and their often complex interrelations. Written by a community of both Western and Russian scholars, this book re-affirms the value of social science when confronting a society that has undergone enormous and costly systematic changes. The Russian elites see modernization narrowly as economic and technological competitiveness. The contributors to this volume see contemporary Russia facing a series of antinomies, which are macro-level dilemmas that cannot be abolished, either by philosophical mediation or by immediate political decisions. As such, they are the tension fields that constitute choices for various competing agencies. This book will be of interest to scholars and students of Russian studies, transition studies, sociology, social policy, political science, energy policy, cultural studies, and stratification studies. Professionals involved in energy, ecology, and security policy will also find this publication a rich source.
Download or read book State Owned Enterprises in the Middle East and North Africa written by Merih Celasun and published by Routledge. This book was released on 2013-01-11 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the rapid world-wide spread of privatization, progress in the Middle East and North Africa region has been markedly slow. This volume argues that a high level of overstaffing in public enterprises and the inability of economies to create jobs fast enough is mainly responsible for this. An in-depth study of the facts and a well-supported conclusion makes this an impressive collection of work on a very pertinent subject.
Download or read book USEC Privatization Act written by United States. Congress. Senate. Committee on Energy and Natural Resources and published by . This book was released on 1995 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: Distributed to some depository libraries in microfiche.
Download or read book Handbook of the Economics and Political Economy of Transition written by Paul Hare and published by Routledge. This book was released on 2013-05-02 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt: Transition from central planning to a market economy, involving large-scale institutional change and reforms at all levels, is often described as the greatest social science experiment in modern times. As more than two decades have passed since the fall of the Berlin Wall and the collapse of the Soviet Union, it is now an excellent time to take stock of how the transition process has turned out for the economies that have moved on from socialism and the command economy. This new handbook assembles a team of leading experts, many of whom were closely involved in the transition process as policymakers and policy advisors, to explore the major themes that have characterized the transition process. After identifying the nature of initial conditions and the strengths and weaknesses of institutions, the varying paths and reforms countries have taken are fully analyzed – from the shock therapy, privatization or gradualism of the early years to the burning issues of the present including global integration and sustainable growth. Topics covered include the socialist system pre-transition, economic reforms, institutions, the political economy of transition, performance and growth, enterprise restructuring, and people and transition. The country coverage is also extensive, from the former socialist countries of the USSR and the satellite states of Central and Eastern Europe to the Asian countries of China, Vietnam and others. The rise of China as a key actor in the drama is chronicled, along with the emergence of a new, more confident, oil-rich Russia. The comparative prosperity of the Central European countries such as Poland and the Czech Republic is contrasted with the mixed fortunes of the former USSR, where some countries are stagnating while others boom. This Handbook of the Economics and Political Economy of Transition is the definitive guide to this new order of things in the former Communist world.
