Enterprise Exit Processes in Transition Economies
Downsizing, Workouts, and Liquidation
Edited by Leszek Balcerowicz, Deputy Prime
Minister and Minister of Finance, Poland, Cheryl
W. Gray, World Bank, and Iraj Hoshi, StaffordshireUniversity
"This book discusses exit processes (industrial downsizing,
bankruptcies, reorganization and liquidations) in three
leading transition economies of Central Europe: the
Czech Republic, Hungary and Poland. The reason for the
economic transition was that the socialist economies
were almost bankrupt by 1989 and in desperate need of
restructuring. This book analyses the micro dimensions
of this process, where industrial firms cease to exist,
releasing assets and resources that may be used more
efficiently elsewhere."
- Slavonic and East European Review
The rebirth of competition and the extensive 'exit'
that has resulted are among the most important developments
in Central Europe since the demise of communism. This
book examines why, how, and to what extent enterprises
have reduced in size or left the market altogether during
the first years of the transition from socialism to
capitalism in the Czech Republic, Hungary, and Poland.
Contents
Part 1: Introduction Part 2: Bankruptcy,
reorganization and liquidation in mature market economies
Part 3: Macroeconomic shocks and policy responses
during transition Part 4: Downsizing as an exit
mechanism Part 5: Bankruptcy and owner-led liquidation
in the Czech Republic Part 6: Hungary's bankruptcy
experience 1992-93 Part 7: Classical exit processes
in Poland Part 8: Poland's bank-led conciliation
Part 9: Why does exit matter
1998
307 pages
ISBN 978-963-9116-07-8 cloth $49.95 / £31.00
ISBN 978-963-9116-16-0 paperback $16.95 / £10.95
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