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Author : Cheryl Williamson Gray,Arnold Holle
Publisher : World Bank Publications
Page : 48 pages
File Size : 49,8 Mb
Release : 1996
Category : Banking law
ISBN : 8210379456XXX
Author : Cheryl Williamson Gray,Arnold Holle
Publisher : World Bank Publications
Page : 48 pages
File Size : 54,8 Mb
Release : 1996
Category : Banking law
ISBN : 8210379456XXX
Author : W. Cheryl Gray
Publisher : Unknown
Page : 128 pages
File Size : 51,7 Mb
Release : 1999
Category : Electronic
ISBN : OCLC:913715559
September 1996 Poland's Enterprise and Bank Restructuring Program, adopted in 1993, halted the deterioriation of the country's commercial banks, but its bank-led workout process has done little to further the operational restructuring or privatization of enterprises. Continued work is needed to build strong banks that can impose effective corporate governance. Since 1992, Poland has been considered a model of commercial banking reform among transition economies. Its Enterprise and Bank Restructuring Program (EBRP), adopted by Parliament in 1993, tried to force state-owned commercial banks to build institutional capacity and to take concrete steps to resolve their problem loans -- through workouts (conciliation), liquidation, loan sales, or payback of the problem loans. To find out if the workouts have lived up to their promise, Gray and Holle reviewed the process and initial outcomes of the bank-led conciliation process in a sample of 62 enterprises -- part of a larger sample of 139 firms subject to the EBRP. A companion paper looks at experience with the other resolution paths (bankruptcy, state enterprise liquidation, court conciliation, payback, and sale of debt) under the EBRP. The outcome of Poland's first experiment with bank-led restructuring is decidedly mixed. The EBRP forced banks to confront their problems, helped them build institutional capacity, and furthered the difficult task of weeding out and closing clearly unviable firms. These are important achievements in this early period of transition, and the Polish approach can serve in many ways as a model for other transition economies. Despite these strengths, the data suggest that the bank-led conciliation process has had limited power to promote needed restructuring or privatization in firms. The agreements themselves were relatively unsophisticated and included few tangible requirements for operational or management change. The first two years of implementation saw a slowdown (over earlier years) in the rate of layoffs, a decline in average operating profitability, and very little real privatization. The main impact of conciliation appears to have been to reduce debt service and thereby give firms breathing room. Weaker banks in particular tended to be more lenient, swapped more debt for equity, and had greater difficulty forecasting future enterprise performance. The EBRP was a good start, but continued work is needed to build strong banks that can impose effective corporate governance on enterprises that need to restructure. This paper -- a product of the Finance and Private Sector Development Division, Policy Research Department -- is part of a larger effort in the department to understand the process of transition in former socialist economies.
Author : Cheryl W. Gray
Publisher : Unknown
Page : 48 pages
File Size : 54,9 Mb
Release : 2016
Category : Electronic
ISBN : OCLC:1290705158
Poland has neglected trad ...
Author : Cheryl W. Gray
Publisher : Unknown
Page : 48 pages
File Size : 43,5 Mb
Release : 2016
Category : Electronic
ISBN : OCLC:1290705950
Poland's Enterprise and B ...
Author : Cheryl Williamson Gray
Publisher : Unknown
Page : 36 pages
File Size : 47,5 Mb
Release : 1996
Category : Banking law
ISBN : LCCN:97134012
Author : Marinela E. Dado,Daniela Klingebiel
Publisher : World Bank Publications
Page : 60 pages
File Size : 47,7 Mb
Release : 2002
Category : Banks and banking
ISBN : 8210379456XXX
Countries that have experienced banking crises have adopted one of two distinct approaches toward the resolution of nonperforming assets--a centralized or a decentralized solution. A centralized approach entails setting up a government agency--an asset management company--with the full responsibility for acquiring, restructuring, and selling of the assets. A decentralized approach relies on banks and other creditors to manage and resolve nonperforming assets. Dado and Klingebiel study banking crises where governments adopted a decentralized, creditor-led workout strategy following systemic crises. They use a case study approach and analyze seven banking crises in which governments mainly relied on banks to resolve nonperforming assets. The study suggests that out of the seven cases, only Chile, Norway, and Poland successfully restructured their corporate sectors with companies attaining viable financial structures. The analysis underscores that as in the case of a centralized strategy the prerequisites for a successful decentralized restructuring strategy are manifold. The successful countries significantly improved the banking system's capital position, enabling banks to write down loan losses; banks as well as corporations had adequate incentives to engage in corporate restructuring; and ownership links between banks and corporations were limited or severed during crises. This paper--a product of the Financial Sector Operations and Policy Department--is part of a larger effort in the department to examine the resolution of financial crises.
Author : Fernando Montes-Negret,Luca Papi
Publisher : Unknown
Page : 54 pages
File Size : 48,5 Mb
Release : 1997
Category : Banks and banking
ISBN : UCSD:31822023732399
Author : Fernando Montes Negret,Luca Papi
Publisher : World Bank Publications
Page : 54 pages
File Size : 44,6 Mb
Release : 1997
Category : Bancos - Polonia
ISBN : 8210379456XXX
Author : Michael S. Borish,Wei Ding,Michel No©±l
Publisher : World Bank Publications
Page : 182 pages
File Size : 40,5 Mb
Release : 1996-01-01
Category : Business & Economics
ISBN : 0821338005
Analyzes the causes of the inflation, debt, and growth crises that have occurred over the past 25 years, the paths to recovery, and the role of foreign aid in resolving the problems.
Author : Montes-Negret
Publisher : Unknown
Page : 0 pages
File Size : 48,9 Mb
Release : 2013
Category : Electronic
ISBN : OCLC:1404889439
Author : OECD
Publisher : OECD Publishing
Page : 172 pages
File Size : 40,7 Mb
Release : 1998-07-16
Category : Electronic
ISBN : 9789264151468
This 1998 edition of OECD's periodic review of Poland's economy examines recent economic developments, policies and prospects. It also includes special features on privatisation and management in public enterprises, pension reform, and implementing the OECD Jobs Strategy.
Author : Paul J.J. Welfens,Evgeny Gavrilenkov
Publisher : Springer Science & Business Media
Page : 508 pages
File Size : 52,6 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642572579
Russia has embarked upon a difficult process of systemic transformation and economic opening up. While the initial strong GDP decline seemed to have ended in 1997, the real development was facing even more difficult problems as output declined sharply after the Ruble and banking crisis of August 1998: inflation started to increase again, exports and imports were falling, capital flight increasing and unemployment rising. There is broad disappointment in Russia regarding the transformation failure in 1998 since so many people had hoped that the end of the Soviet command economy would bring democracy, prosperity and international integration. While Poland has been able to double per capita income in the 1990s it has fallen by 50% in Russia and this despite considerable IMF involvement and some (modest) support from other international organizations. What were the reasons for transformation failure in the 1990s? What are the ingredients for long term sustainable transformation? What are the internal and international requirements to avoid a second - possibly tragic - failure of transformation in Russia? An international group of researchers has focussed on these problems during a two-year research project financed by the Alfried Krupp von Bohlen und Halbach Foundation. A series of papers were presented at workshops in Potsdam, Bonn and Moscow in 1999 where this book is devoted to four important issues: the Russian transformation crisis, the topic of restructuring, the need for stabilizing Russia and the requirements for modernizing Russia.
Author : Zeljko Šević
Publisher : Edward Elgar Publishing
Page : 480 pages
File Size : 54,6 Mb
Release : 2002-10-29
Category : Business & Economics
ISBN : 1781959560
'. . .Sevic offers an accessible and closely argued account of financial sector reform processes in Southeast Europe. Sevic's book is the result of an extensive research project on banking sector reform in the Southeast European transitional economies undertaken since late 1998. . . an extensive look at this timely volume will pay handsome dividends and could help devise successful business plans.' - Jens Bastian, Southeast European and Black Sea Studies 'The book will be a very agreeable reading to experts on the region. Its comprehensive analysis emphasises past and current conflicts, the recourse to currency board arrangements, and the persisting asymmetries with reference to the functioning of the banking system in Central Europe. . . Banking Reforms in South-East Europe is a book that college students in banking and financial markets, and banking analysts should read.' - Bruno S. Sergi, South-East Europe Review Banking Reforms in South-East Europe gives a critical and detailed overview of banking system restructuring in the transitional countries of South-Eastern Europe - Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Macedonia, Romania and Yugoslavia - and offers suggestions for future reforms.
Author : Mr.Mark R. Stone
Publisher : International Monetary Fund
Page : 28 pages
File Size : 45,5 Mb
Release : 1998-10-01
Category : Business & Economics
ISBN : 9781451968729
This paper summarizes some lessons from international experience for corporate debt restructuring in east Asia. Basic principles of debt restructuring are described, the experiences of Mexico, Chile, the United Kingdom, Hungary, and Poland are examined, and general lessons are drawn. The approaches currently being adopted in Indonesia, Korea, Malaysia and Thailand are then reviewed in the context of these lessons.