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71. Transfer of Know-how for Small and Mid-size Businesses in Georgia, Moldova and Ukraine White Paper: Ukraine

Author:
Vladimir Dubrovskiy
Publication Date:
03-2015
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
The publication was issued within the project ‘Transfer of Know-How for Small and Mid-size Businesses in Georgia, Moldova and Ukraine’ which aims to assist SMEs in those countries by providing support to stakeholders in their efforts to develop analytical and policy advocacy capabilities and by opening new channels of communication between SMEs and NGOs in the Visegrad Four countries (Czech Republic, Hungary, Poland and Slovakia) and the rest of the European Union. The objective of the study is to deliver the complete findings and outcomes of the project aimed at Ukraine. This White Paper serves as an authoritative document with action plans, budgets, and a tangible way for the beneficiary country stakeholders to move forward with the agenda of small and medium-sized business development. It presents an overview of the collected background information and contains basic data on the countries, including some key macroeconomic comparisons as well as rankings in major competitiveness reports (e.g. Doing Business report by the International Bank for Reconstruction and Development), identifies the project stakeholders and provides an overview of the situation of small and medium-sized enterprises in Ukraine. It also includes the findings of two surveys implemented by the Slovak-Ukrainian team. Based on the findings, the “Discussion and Recommendations” section presents various perspectives on the problems of SMEs in Ukraine using the experience of the accession process of Slovakia, specific examples of key initiatives that led to the resolution of the problems, as well as case studies from various industries. It stresses the involvement of all parties including the EU, local governments, civil society, business associations, and the SMEs themselves. The key outcome of the paper is a road map – a very specific plan of actions including schedules, budgets, and other details within the scope of this project that will help the beneficiary country to cope with problems regarding the agenda of small and middle business development using the expertise and experience of institutions and stakeholders accumulated throughout the Slovak EU accession process. It includes a wide range of activities including a discussion of the project results with various Ukrainian stakeholders, workshops aimed at increasing knowledge about EU markets, legislation and standards, as well as strategic and institutional moves.
Topic:
Development, Business, Economic growth, Macroeconomics, Innovation, and Trade
Political Geography:
Europe, Ukraine, Caucasus, Moldova, Eastern Europe, and Georgia

72. Post-privatisation Corporate Performance in Poland. Evidence from Companies Privatized in 2008-2011

Author:
Barbara Błaszczyk and Wiktor Patena
Publication Date:
11-2015
Content Type:
Working Paper
Institution:
Center for Social and Economic Research - CASE
Abstract:
The study concerns the effects of Polish privatisation program conducted in the years 2008-2011. After drawing a broad picture of this process we investigate the performance of 59 privatised companies, and finally focus on a deeper analysis of three companies, which is the core part of our study. We test the hypotheses that privatisation increases a company's profitability, labour productivity, capital investment spending, plow-back ratio and leverage. In case studies, we additionally explore the effect of privatization on each company’s value. The outcomes concerning the larger group of companies are partly ambiguous (with four hypotheses confirmed and four rejected). Profitability has been not visibly improved, although a number of positive initiatives and improvements in performance occurred. By contrast, the three case studies showed a significant improvement of profitability and all other performance indicators observed, as well as a considerable increase of company value. Our results show that privatisation works, though its full effects need time to occur.
Topic:
Privatization, Financial Markets, Economy, Economic growth, State, Innovation, and Trade
Political Geography:
Europe, Central Asia, Caucasus, Eastern Europe, and Poland

73. Corporate debt securities market in Poland: state of art, problems, and prospects for development

Author:
Agnieszka Gontarek, Piotr Kowalski, and Tomasz Gałka
Publication Date:
09-2015
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
The development of the Polish corporate bonds market resulted from changes on the supply side. When the Lehman Brothers went bankrupt, Polish entrepreneurs realized that financing their companies’ operations only with the use of credit, even if contracted from different sources, might not be the best idea. Consequently, Polish business turned to debt instruments – said Piotr Kowalski, one of the keynote speakers during the mBank - CASE Seminar no. 136. In the publication, which is an extended and authorized version of presentations delivered during the abovementioned seminar, the authors discuss various aspects of the corporate debt securities market in Poland. Piotr Kowalski gives a synthetic presentation of the subject of the analysis, Agieszka Gontarek presents selected domestic regulations and factors, and Tomasz Gałka writes about selected consequences of excessive burdens.
Topic:
Debt, Business, Economic growth, Banks, and Trade
Political Geography:
Europe, Central Asia, Caucasus, Eastern Europe, and Poland

74. An assessment of direct and indirect liabilities of Polish banks AD 2015

Author:
Marek Radzikowski and Mieczysław Groszek
Publication Date:
08-2015
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
The present document is an attempt at a comprehensive analysis of direct and indirect burdens imposed upon banks in 2015. The idea to present such factors — which are often extremely varied in nature — in a single study was born out of the fact that these factors are often considered separately, on the basis of various criteria, which causes them to be split into different groups. This approach results in a fairly common tendency for fragmentary assessment of their impact and, more importantly, in the adoption of piecemeal regulations which fail to take into account the full impact of the actions taken in different areas. This applies in equal measures to supervisory authorities, regulators, analysts, policymakers and the media, which means that, in a somewhat oversimplified sense, the above statement is applicable to the public at large. This situation can be most succinctly characterised in the manner presented below. In the aftermath of the crisis, banks require a new set of instruments to regulate the functioning thereof. This is because they are to become more stable, safe, less risk-prone and more customer-friendly. Each of these areas requires a separate set of regulatory instruments, along with the respective subgroups thereof. Oftentimes they are not synchronised with each other and are usually aimed at the implementation of a specific, particular goal to an excessive extent. In addition, there are also “special tasks” such as the reform of the Credit and Saving Unions (SKOK).
Topic:
Finance, Economic growth, Banks, and Trade
Political Geography:
Europe, Central Asia, Caucasus, Eastern Europe, Poland, and European Union

75. Will Belarus fully benefit from the Eurasian Economic Union?

Author:
Sierž Naŭrodski and Uladzimir Valetka
Publication Date:
06-2015
Content Type:
Policy Brief
Institution:
Center for Social and Economic Research - CASE
Abstract:
Eurasian Economic Union, an ambitious project intended to benefit the countries in the post-soviet zone, evokes questions about its future. Is pulling together regional cooperation and tightening its relationship with Russia beneficial to Belarus in the long run? Having analyzed the recent trends in trade, labor and capital flows, Sierž Naūrodski and Uladzimir Valetka shed light on the highly questionable nature of potential benefits the Union could bring to Belarussian economy within its current macroeconomic and institutional framework.
Topic:
Globalization, Economic growth, Regional Integration, and Trade
Political Geography:
Europe, Eurasia, and Belarus

76. Institutions of the Russian fiscal federalism: 20 years of evolution

Author:
Elena Jarocinska
Publication Date:
06-2014
Content Type:
Policy Brief
Institution:
Center for Social and Economic Research - CASE
Abstract:
In this brief, Elena Jarocinska summarizes the main thrust of Russian federal fiscal institutions and discusses their specific features. She describes the evolution of federal fiscal regulations since the establishment of the Russian federal state. As a conclusion, she offers the following policy recommendations: tax autonomy of subnational governments which is currently very limited should be increased; federal aid should be further formalized and made more transparent; regulations should not be changed from year to year to provide for a more stable environment; and subnational interests should be better protected at the institutional level.
Topic:
Monetary Policy, Reform, Tax Systems, Institutions, Fiscal Policy, Trade, and Post-Socialist Economies
Political Geography:
Russia, Europe, Central Asia, Caucasus, and Eastern Europe