On the Role of Banks in Enterprise Restructuring: The Polish Example

Sweder van Wijnbergen

No 898, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: Governments throughout Eastern Europe have been singularly unsuccessful in dealing with large loss-making SOEs. A more promising approach would create an incentive framework and legal environment where the SOE's major non-government creditor can take the lead in initiating restructuring and the design of a new, viable capital structure. Such a lead bank is much more likely to gain access to the inside knowledge that gives the firm its surplus value as a going concern. The details of such an environment are laid out using the recent Polish attempt to launch a wholesale cleanup of the loss-making SOEs along lines promoted in this paper.

Keywords: Commercial Bank Reform; Corporate Governance; Eastern Europe; Financial Sector Regulation (search for similar items in EconPapers)
JEL-codes: D21 G21 G28 G3 (search for similar items in EconPapers)
Date: 1994-02
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Citations: View citations in EconPapers (15)

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Journal Article: On the Role of Banks in Enterprise Restructuring: The Polish Example (1997)
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