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22. Quo vadis, Ukraine? Is there a chance for success?
- Author:
- Ivan Mikloš
- Publication Date:
- 01-2016
- Content Type:
- Special Report
- Institution:
- Center for Social and Economic Research - CASE
- Abstract:
- "If I were to say just one thing about Ukraine, I think I would have to stress it is the most underperforming country of all the countries I know. Ukraine has had, and indeed still does have, a lot of potential. In the beginning of 1990s, in 1992 to be precise, Deutsche Bank prepared an analysis of the chances for the former Soviet Union states to be reformed and developed successfully, and according to this analysis, Ukraine had the best chance among them all to be successful. We know that in reality the opposite happened, and Ukraine is in a very difficult situation now. The main reason for this situation is that when at the beginning of 1990s communist countries collapsed, the old system in Ukraine was not replaced by a new one, one of functioning market economy. It was eroded, but not exactly replaced the way it happened for example in Poland, Czechoslovakia, Hungary, and the Baltic states. The country was captured by oligarchs, and a very strange, dysfunctional, and corrupted system was created instead."
- Topic:
- Development, Economies, Finance, Economic Growth, Trade, and Post-Socialist Economies
- Political Geography:
- Europe, Central Asia, Ukraine, Caucasus, Eastern Europe, and Poland
23. 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
24. 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
25. 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
26. Nigeria-Poland Bilateral Trade: Identifying New Trade Opportunities
- Author:
- Idris Ademuyiwa and Chukwuka Onyekwena
- Publication Date:
- 01-2014
- Content Type:
- Working Paper
- Institution:
- Centre for the Study of the Economies of Africa (CSEA)
- Abstract:
- This paper examines the bilateral trade relationship between Nigeria andPoland for the period 1995 to 2012. It uses the Decision Support Model (DSM)and the Growth Identification and Facilitation Framework (GIFF) to identifymarket for Nigerian exports in Poland.
- Topic:
- Bilateral Relations, Economic Growth, Exports, and Trade
- Political Geography:
- Africa, Eastern Europe, Poland, and Nigeria
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