Corporate Governance by Banks in Transition Economies: The Polish Experience (German Edition)

In developed economies a consensus has evolved that banks should lend money to enterprises, not own them. Emerging economies face a different set of challenges which force us to reconsider the bank-enterprise relationship. In theory banks should play a key role in corporate governance. As a consequence, decision-makers in transition economies chose to emulate the German and Japanese models of bank-enterprise relationships. The empirical study presented here looks in detail at the Polish Enterprise and Bank Restructuring Program, which places banks center-stage. The Polish experience shows the necessity of completely overhauling the bankruptcy laws and institutions at the outset of any restructuring program. Banks need to be privatized before they can effectively exert corporate governance. Front Matter....Pages I-XVII Introduction....Pages 1-12 Capital as a Control Device....Pages 13-70 The Role of Banks in Transition Economies....Pages 71-113 The Budget Constraint in Transition Economies....Pages 114-139 The Framework for Hardening the Budget Constraint and Corporate Governance....Pages 140-180 Survey Results on Bankruptcy and its Alternatives....Pages 181-215 Survey Results on Banks and Corporate Governance....Pages 216-237 Policy Implications of the Polish Enterprise and Bank Restructuring Program....Pages 238-246 Back Matter....Pages 247-274