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 Cheryl Williamson Gray and published by World Bank Publications. This book was released on 1995 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 Hungary s Bankruptcy Experience 1992 1993 written by Cheryl Gray and published by . This book was released on 1995 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Hungary s Bankruptcy Experience 1992 1993 written by Cheryl Williamson Gray and published by . This book was released on 1995 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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 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 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 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 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 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 Privatization at the End of the Century written by Herbert Giersch and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the end of the century, privatization has become a worldwide phenomenon. It is taking place in what was once called the first, the second, and the third world. The volume mirrors this expansion of privatization. In Part I on the economics of privatization, historical, theoretical, and politico-economic issues are covered. In Part II country studies are presented for China, the Czech Republic, Eastern Germany, Estonia, Hungary, Poland, Russia and the United Kingdom. In Part III a broader view on privatization is taken by including deregulation and the private provision of public goods and services.The book contains contributions by D.BAs, T.Eggertsson, R.P.Heinrich, P. Jasinski, H.Klodt, B.Krug, D.Lal, S.C.Littlechild, M. Mejstrik, P.Mihalyi, P.Plane, J.-J.Rosa, K.M.Schmidt and M.Schnitzer, and U.Siegmund.

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 Bank led Restructuring in Poland written by Cheryl Williamson Gray and published by World Bank Publications. This book was released on 1996 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Retreat of Liberal Democracy written by Gábor Scheiring and published by Springer Nature. This book was released on 2020-08-26 with total page 367 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is the product of three years of empirical research, four years in politics, and a lifetime in a country experiencing three different regimes. Transcending disciplinary boundaries, it provides a fresh answer to a simple yet profound question: why has liberal democracy retreated? Scheiring argues that Hungary’s new hybrid authoritarian regime emerged as a political response to the tensions of globalisation. He demonstrates how Viktor Orbán’s Fidesz exploited the rising nationalism among the working-class casualties of deindustrialisation and the national bourgeoisie to consolidate illiberal hegemony. As the world faces a new wave of autocratisation, Hungary’s lessons become relevant across the globe, and this book represents a significant contribution to understanding challenges to democracy. This work will be useful to students and researchers across political sociology, political science, economics and social anthropology, as well democracy advocates.

Download or read book World Development Report 1996 written by and published by World Bank Publications. This book was released on 1996 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: Almost one-third of the world's population has embarked on a transition from planned to market economies. Like economic reforms elsewhere, the long-term goal of this transition is to build a thriving market economy capable of delivering long-term growth in living standards. Now in its 19th annual edition, the World Development Report 1996 takes an in-depth look at these transition countries, focusing on the key lessons that have taken place thus far. The introduction to the Report poses a number of key questions that are addressed in later chapters, including questions relating to initial challenges and how contries have tackled them from very different starting points and political conditions. The Report also focuses on the additional challenges these transition countries face, with a final chapter that summarizes the main conclusion of the Report, creating a text that will no doubt become the definitive source for students stydying international economics and politics.

Download or read book Does More for the Poor Mean Less for the Poor written by Jonah B. Gelbach and published by World Bank Publications. This book was released on 1995 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: