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Abstract:
The different approaches to large-scale privatization in Hungary, Poland, and the Czech Republic imply somewhat different patterns of corporate governance--that is, ownership, monitoring, and control of firms. Corporate governance affects economic incentives within the firm, and therefore economic performance of the firm. Similarly, patterns of ownership implied by the programs affect the distribution of gains from reform. Privatizing the large enterprises will importantly influence resource allocation, employment, and output. Consequently, the patterns of corporate governance embodied in the privatization strategies could affect macroeconomic performance and the development of constituencies in favor of or against continued reforms.
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