Enterprise Exit Processes in Transition Economies

Downsizing, Workouts, and Liquidation
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Publication date: 
324 pages

The rebirth of competition and the extensive 'exit' that has resulted are among the most important developments in Central Europe since the demise of communism. This book examines why, how, and to what extent enterprises have reduced in size or left the market altogether during the first years of the transition from socialism to capitalism in the Czech Republic, Hungary, and Poland.

Part 1: Introduction

Part 2: Bankruptcy, reorganization and liquidation in mature market economies

Part 3: Macroeconomic shocks and policy responses during transition 

Part 4: Downsizing as an exit mechanism

Part 5: Bankruptcy and owner-led liquidation in the Czech Republic

Part 6: Hungary's bankruptcy experience 1992-93

Part 7: Classical exit processes in Poland 

Part 8: Poland's bank-led conciliation 

Part 9: Why does exit matter

"This book discusses exit processes (industrial downsizing, bankruptcies, reorganization and liquidations) in three leading transition economies of Central Europe: the Czech Republic, Hungary and Poland. The reason for the economic transition was that the socialist economies were almost bankrupt by 1989 and in desperate need of restructuring. This book analyses the micro dimensions of this process, where industrial firms cease to exist, releasing assets and resources that may be used more efficiently elsewhere."