the insiders has produced little restructuring while on the other, state-owned enterprises have engaged in some … restructuring even in the absence of a clear prospect of privatization. It situates enterprise restructuring at the heart of the … of the speed and depth of restructuring, and clarifies the roles of managers, employees, the state, and banks in bringing …

corporate restructuring. It emphasizes differences in the sequence in which reforms are undertaken in different countries. In … some countries, restructuring is being undertaken by the state before privatization; in some, restructuring is delegated to … preceding restructuring. The article suggests that the recent theoretical literature on corporate ownership and vertical …

This paper adresses the issue of the optimal speed of economy-wide restructuring from a state-owned to a privately …

framework is used to illustrate the relation between the budget deficit and the pace of restructuring, unemployment, and the …. Demands on governments to slow down restructuring mount, as well as demands for compensating transfers to groups affected by … reforms. Thus governments face an important trade-off between fiscal targets and restructuring objectives. Together with …