Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
1998 | nr 801 Handel międzynarodowy i inwestycje zagraniczne w latach dziewięćdziesiątych | 66--80
Tytuł artykułu

Polish Mass Privatisation : Succes or Failure

Warianty tytułu
Języki publikacji
The paper evaluates the Polish mass privatisation program (MPP). Mass privatisation - as privatisation in general - is not an aim in itself, but serves certain objectives. Commonly, MPP are based on economic and political considerations. In particular, by transferring state-owned enterprises (SOE) virtually free to the broad public, it is supposed to accelerate the privatisation process by (Jermakowicz, 1996: 8) (i) omitting the time consuming valuation process of SOE, (ii) circumventing the lack of domestic capital, and (iii) overcoming of public resistance. On the other hand, mass privatisation may result in dispersed share-ownership, effectively leaving the corporate governance of mass privatised enterprises unchanged, and impeding enterprise restructuring. To alleviate this problem intermediaries are usually integrated into MPP. In the following it is analysed whether the Polish way of mass privatisation accomplishes the political and economic objectives of accelerating privatisation and enterprise restructuring. The paper consists of four parts: section one introduces the basic features and characteristics of the Polish MPP. On that basis, section two and three discuss the scheme's record with respect to political and economic objectives. Section four concludes the paper. (fragment of text)
  • Blanchard O., Aghion P. 1996: On insider privatization. [w:] European Economic Review 40, 759 - 766.
  • Blaszczyk В., Dąbrowski M. 1994: The Privatization Process in Poland. [w:] UNCTAD, Privatization in the Transition Process. Recent Experiences in Eastern Europe, 85-117, Genf.
  • CBOS, 1997: Świadectwa Udziałowe. Report 13/13/97 from the Centrum Badania Opinii Społecznej, Warsaw.
  • EBRD, 1995: Ownership, governance and restructuring. Transition Report 1995, 128-138.
  • Frydman R., Rapaczynski A. 1994: Privatization in Eastern Europe. Is the state withering away?, Budapest.
  • Gesell R., Jost T. 1997: The Polish State Enterprise System. An impediment to Transformation. Discussion Paper 12/97, Frankfurt Institute for Transformation Studies, Frankfurt (O).
  • Gesell R., Miler K., D.S., 1998: Social Security Reform and Privatization in Poland. Parallel projects or integrated agenda? Frankfurt Institute for Transformation Studies, forthcoming.
  • Gray C., Hanson R. 1993: Corporate governance in Central and Eastern Europe: lessons from advanced market economies. World Bank Policy research working paper no. 1182, Washington.
  • Hayek F.A. v., 1969: Die Ergebnisse menschlichen Handelns, aber nicht menschlichen Entwurfs. [w:] F.A. v. Hayek, Freiburger Studien. Gesammelte Aufstze von F.A. von Hayek, 97-107, Tbingen.
  • Jermakowicz W., 1996: Models of Mass Privatisation. [w:] Blaszczyk B., Woodward R., Privatization in Post-Communist Countries. Warsaw.
  • Kowalczyk В. 1997: The role of Polish national investment funds in restructuring privatized companies. Kiel advanced studies working papers ; 315, Institut fr Weltwirtschaft, Kiel.
  • Ministry of Privatisation, 1995: National Investment Fund Programme. Information relating to the Universal Share Certificate.
  • Rzeczpospolita, 1997: Ważniejsi akcjonariusze NFI, [w:] Rzeczpospolita, 8.10.1997.
  • Schmidt K.M. 1997: The Political Economy of Mass Privatization and the Risk of Expropriation. Discussion Paper No. 1542, Centre for Economic Policy Research, London.
  • SEC, 1998: Major shareholders of National Investment Funds in Poland, Securities and Exchange Commission, mimeo.
  • Swaan W., Lissowska M. 1992: Economic Reforms and the Evolution of Enterprise Behaviour in Hungary and Poland During the 1980s. Working Paper 4] 1992, Leuven Institute for Central and East European Studies, Leuven.
  • Thieme J. 1995: The Legal Structure of the National Investment Funds. [w:] Quaisser W., Woodward R., Blaszczyk B., Privatization in Poland and East Germany: A Comparison, 265-287, Mnchen.
  • Treasury of the Republic of Poland, 1998: Role of the State Treasury as a NIF Shareholder, mimeo.
  • Vaubel R., 1992: Comment on Holger Schmieding, "Alternative Approaches to Privatization: Some Notes on the Debate". [w:] H. Siebert, Privatization, 112-114, Tbingen.
  • Wijnbergen S. v., Marcincin A., 1995: Voucher Privatization, Corporate Control And The Cost Of Capital: An Analysis Of The Czech Privatization Programme. Discussion Paper no. 23, Centre for Economic Policy Research, London.
  • Winiecki, J., 1995: Polish Mass Privatisation Programme: The Unloved Child in a Suspect Family. [w:] Centre for Co-operation with the Economies in Transition. OECD, Mass privatisation: an initial assessment, 47-60, Paris.
Typ dokumentu
Identyfikator YADDA

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.