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1999 | nr 10 Proceedings of the Ace/Phare Conference on Building Financial Institutions in Transition Economies, Poznań, Poland 14-15 May, 1999 | 9--49
Tytuł artykułu

Evidence on the Evolution of Corporate Financial Relationships During Enterprise Restructuring in Estonia

Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
This paper presents and analyses some results of the special interview survey of Estonian manufacturing firms undertaken in 1997. The survey was designed to quantitatively measure the state and changes in Estonian business environment, focusing on the key aspects of financial contractual relationships of Estonian manufacturing firms (market environment aspect) as well as the regulation and dispute resolution mechanisms (non-market aspect). Hence, the main motivation of the paper is to disentangle the most important factors influencing business firms financing and investment decisions. It is found that own savings are the main source of firms' start-up financing, but formal or informal loans are also used, about one third of respondent firms reported the usage of informal lending and 24.5% of firms reported the usage of informal borrowing during the previous year. In addition, the evidence suggests that government regulations do not affect seriously Estonian manufacturing firms operating, expansion or closing down the business decisions. The evidence acknowledges the existence of a number of disputes and conflicts between economic agents, but Estonian legislation is not sufficient for resolving these disputes; enforcement mechanism is not well- working so most firms support the usage of self-enforcement mechanisms. It is also noted that Estonian governmental institutions or business associations do not provide business supporting services (information, advice and consulting services). (original abstract)
Twórcy
  • University of Birmingham, United Kingdom
  • Tallinn University of Technology, Estonia
autor
  • Tallinn University of Technology, Estonia
autor
  • Tallinn University of Technology, Estonia
Bibliografia
  • Aghion, P., U. J. Blanchard and W. Carlin (1994) "The Economics of Enterprise Restructuring in Central and Eastern Europe". CEPR Discussion Paper No. 1058, London.
  • Banerjee, B , V. Koen, T. Krueger, M.S. Lutz, M. Marrese and T.O, Saavalainen (1995) "Road Maps of the Transition: The Baltics, the Czech Republic, Hungary, and Russia". IMF Occasional Paper No. 127, Washington DC: IMF.
  • Baron, D. P. (1993) Business and Its Environment. Englewood Cliffs, NJ: Prentice Hall.
  • Citrin, D.A. and A.K. Lahiri (1995) "Policy Experiences and Issues in the Baltics, Russia, and Other Countries of the Former Soviet Union". IMF Occasional Paper No. 133, Washington DC: IMF, December.
  • Grennes, T. (1997) "The Economic Transition in the Baltics". Journal of Baltic Studies, 28, Spring, pp. 9-24.
  • Hillman, A.L. (1994) "The Transition from Socialism: An Overview from a Political Economy Perspective". European Journal of Political of Economy, 10, 1994, pp. 191-225.
  • Kilvits, K. (1995) Industrial Restructuring in Estonia. Tallinn: Institute of Economics, Estonian Academy of Sciences.
  • Liikane, K., A. Tammeraid, A. Teearu, and V. Vensel. (1993) "Preliminary Results of the Interview Study of Firms' Financial Contractual Relations in EMEs (Estonia): An Overview". Gothenburg Studies in Financial Economics, Study No. 1993:1.
  • Lugus, O. and G. Hachey, (1995) (eds). Transforming the Estonian Economy. Tallinn: Institute of Economics, Estonian Academy of Sciences.
  • Mullineux, A. (1995) "Progress with Financial Sector Reform in Six Transforming Economies". University of Birmingham, International Finance Group Working Paper IFGWP-95-04, March.
  • Purju, A. (1996) "Foreign Trade of Estonia: Factors Supporting Integration". Stockholm Institute of East European Economies, Working Paper No. 113, July.
  • Tammeraid, A., A. Teearu, and V. Vensel (1996) "Results of Firms Interview Study About the Development of Financial relationships". Tallinn Technical University Working Papers in Economics, TTUWPE No. 96/8., pp. 151-170.
  • Tammeraid, A., A. Teearu, and V. Vensel (1999) "Enterprise Restructuring and Changes in the Business Environment in Estonia", in: Green, C.J. and A. Mullineux (Eds.), Economic Performance and Financial Sector Reform in Central and Eastern Europe: Capital Flows, Bank and Enterprise Restructuring. Cheltenham: Edward Elgar, Ch. 3.
  • Vensel V. (1996) The Political Economy of Macroeconomic Developments, Central Bank and Tax System Reform in Estonia. CERT Discussion Paper No. 96/6. Edinburgh: Heriot- Watt University, June.
  • Vensel, V. and C. Wihlborg (1998) "Financial Constraints on Entrepreneurship in Estonia". In: J. Doukas, V. Murinde and C. Wihlborg (Eds ), Financial Sector reform and Privatisation in Transition Economies. Amsterdam: Elsevier Science Publishers, Ch. 3.
  • Yavlinsky, G. and S. Braginski (1994) "The Inefficiency of Laissez-Faire in Russia: Hysteresis Effects and the Need for Policy-Led Transformation". Journal of Comparative Economics, 19, pp. 88-116.
  • Zecchini, S. (1997) (Ed ). Lessons from the Economic Transition: Central and Eastern Europe in the 1990s. London: Kluwer Academic Publishers, 1997.
  • Ziacik, T. L. (1995) "Estonia's Progress on the Road to European Monetary Integration: An Assesment and Comparison". Tallinn: The Bank of Estonia Bulletin No. 7, pp. 45-56.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171291049

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