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Europe > Poland, Republic of

You are looking at 1 - 10 of 14 items for :

  • Type: Journal Issue x
  • Corporate Finance x
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Cover IMF Working Papers
The Lack of Convergence of Latin-America Compared with CESEE: Is Low Investment to Blame?
Mr. Bas B. Bakker, Mr. Manuk Ghazanchyan, Alex Ho, and Vibha Nanda
In the last few decades there has been little convergence of income levels in Latin America with those in the United States, in sharp contrast with both emerging Asia and emerging Europe. This paper argues that lack of convergence was not the result of low investment. Latin America is poorer because of lower human capital levels and lower TFP—not because of a lower capital-output ratio. Cross-country differences of TFP in turn are associated with differences in human capital, governance and business climate indicators. We demonstrate that once levels of human capital and governance are taken into account, there is strong conditional cross-country convergence. Poor countries with high levels of human capital, governance or business climate indicators converge rapidly. Poor countries without those attributes do not. We show that low investment is the result of low TFP and thus GDP growth—not the cause.
Keywords:
WP; capital deepening; Economic Convergence; Growth; TFP; human capital; TFP growth; capital input; ratio rise; output indicator; Human capital; Total factor productivity; Capital productivity; Personal income; Business environment; Western Europe; South America; Global; East Asia; Southeast Asia; TFP difference; TFP level; levels in CESEE
Cover IMF Staff Country Reports
Republic of Poland: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues papers review factors that drive wage growth in Poland and studies structural characteristics and firm-level total factor productivity (TFP) in Poland and Emerging Europe. The increase in real unit labor costs (RULC) occurred alongside an unprecedently tight labor market. The study highlights that the more subdued RULC dynamics compared with the pre-crisis period, despite the now-lower unemployment rate, may reflect the recent influx of foreign workers. In order to more systematically identify the long- and short-term drivers of Polish wages, an Error-correction model has been used. Analyses presented in the paper using both Statistics Poland and Orbis data show that foreign-owned firms are associated with strong TFP performance through above-average TFP levels and growth rates. The findings suggest the need to create an environment conducive to entrepreneurship by reducing barriers to entry and ensuring a level playing field between state owned and private firms, while also avoiding barriers to scaling up businesses while encouraging investments in innovation and research and development.
Keywords:
ISCR; CR; firm; wage; share; nominal wage; wage growth; dampening effect; TFP dynamics; ownership structure; laggard firm; support wage; Total factor productivity; Wages; Real wages; Employment; Labor productivity; Global; Eastern Europe
Cover IMF Working Papers
Dismal Employment Growth in EU Countries: The Role of Corporate Balance Sheet Repair and Dual Labor Markets
Mr. Bas B. Bakker and Mr. Li Zeng
This paper argues that the large differences among EU countries in post-crisis employment performance are to a large extent driven by the need to adjust corporate balance sheets, which had greatly deteriorated during the boom years in some countries but not in others. To close the large gaps between saving and investment, firms reduced investment and cut costs to boost profits. With much of the cost adjustment falling on firms’ wage bills, employment losses were largest in countries under the most intense pressures to improve corporate profitability and with limited wage flexibility due to labor market duality.
Keywords:
WP; profit; profit share; share; labor market; Employment; saving; debt; firms; employment growth; increase variation; labor market duality; share change; Labor markets; Corporate sector; Wages; Baltics; Global; Europe
Cover IMF Staff Country Reports
Republic of Poland: Selected Issues
International Monetary Fund
This paper provides evidence that globalization has dampened inflation in Poland in the last ten years. A broad-based statistical and econometric analysis of financial and household balance sheet data implies that exchange rate-related credit risk and liquidity risk are currently contained. Rapid growth of foreign currency loans puts a premium on sound lending practices, risk management, and effective supervision. The many indicators examined in this paper suggest that there exists considerable room for enhancing the flexibility of the Polish economy.
Keywords:
ISCR; CR; loan; price; trade openness; credit growth; foreign currency; inflation development; bank soundness; export pattern; housing loan; Credit; Loans; Inflation; Business environment; Currencies; Western Europe; Global; Eastern Europe; Baltics
Cover Corporate Sector Restructuring
Corporate Sector Restructuring
The Role of Government in Times of Crisis
Mr. Mark R. Stone

Abstract

Examines the steps involved in restructuring the corporate sector. Large-scale corporate restructuring made necessary by a financial crisis is one of the most daunting challenges faced by economic policymakers. The government is forced to take a leading role, even if indirectly, because of the need to prioritize policy goals, address market failures, reform the legal and tax systems, and deal with the resistance of powerful interest groups.

Keywords:
EI; bank; debt; firm; recapitalization; bank resolution cost
Cover Reestructuración del sector empresarial
Reestructuración del sector empresarial
La función del gobierno en épocas de crisis
Mr. Mark R. Stone

Abstract

Examina las etapas del proceso de reestructuración del sector empresarial. La reestructuración a gran escala del sector empresarial que resulta necesaria como consecuencia de una crisis financiera es uno de los desafíos más abrumadores a que deben enfrentarse las autoridades de política económica El gobierno se ve forzado a asumir una función de liderazgo, siquiera de manera indirecta, debido a la necesidad de priorizar los objetivos de política, reformar los sistemas de leyes e impuestos y hacer frente a la resistencia de poderosos grupos de interés.

Keywords:
EI; bank; debt; firm; recapitalization; bank resolution cost
Cover Corporate Sector Restructuring
Corporate Sector Restructuring
The Role of Government in Times of Crisis
Mr. Mark R. Stone

Abstract

Examines the steps involved in restructuring the corporate sector. Large-scale corporate restructuring made necessary by a financial crisis is one of the most daunting challenges faced by economic policymakers. The government is forced to take a leading role, even if indirectly, because of the need to prioritize policy goals, address market failures, reform the legal and tax systems, and deal with the resistance of powerful interest groups.

Keywords:
EI; bank; debt; firm; recapitalization; bank resolution cost
Cover Corporate Sector Restructuring
Corporate Sector Restructuring
The Role of Government in Times of Crisis
Mr. Mark R. Stone

Abstract

Examines the steps involved in restructuring the corporate sector. Large-scale corporate restructuring made necessary by a financial crisis is one of the most daunting challenges faced by economic policymakers. The government is forced to take a leading role, even if indirectly, because of the need to prioritize policy goals, address market failures, reform the legal and tax systems, and deal with the resistance of powerful interest groups.

Keywords:
EI; bank; debt; firm; recapitalization; bank resolution cost
Cover La restructuration du secteur des entreprises
La restructuration du secteur des entreprises
Le rôle des pouvoirs publics en temps de crise
Mr. Mark R. Stone

Abstract

Examine les étapes de la restructuration du secteur des entreprises. La restructuration industrielle de grande envergure rendue indispensable par une crise financière représente l’un des défis les plus redoutables qu’aient à affronter les responsables économiques. L’État est obligé d’assumer un rôle directeur, même si c’est de manière indirecte, car il faut hiérarchiser les objectifs des politiques, remédier aux déficiences du marché, réformer les régimes juridique et fiscal, et surmonter la résistance de puissants groupes d’intérêts.

Keywords:
EI; bank; debt; firm; recapitalization; bank resolution cost
Cover Corporate Sector Restructuring
Corporate Sector Restructuring
The Role of Government in Times of Crisis
Mr. Mark R. Stone

Abstract

Examines the steps involved in restructuring the corporate sector. Large-scale corporate restructuring made necessary by a financial crisis is one of the most daunting challenges faced by economic policymakers. The government is forced to take a leading role, even if indirectly, because of the need to prioritize policy goals, address market failures, reform the legal and tax systems, and deal with the resistance of powerful interest groups.

Keywords:
EI; bank; debt; firm; recapitalization; bank resolution cost; debt-equity conversion; bank-restructuring agency; nonviable bank; bank reform; bank capital; bank privatization; Business enterprises; Debt restructuring; Asset management; Government asset management; Creditor bail-in; East Asia