Publication:
Finding Real Owners : Lessons from Estonia's Privatization Program

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dc.contributor.authorNellis, John
dc.date.accessioned2012-08-13T15:36:29Z
dc.date.available2012-08-13T15:36:29Z
dc.date.issued1996-01
dc.description.abstractThe Estonian government has quickly privatized more than 90 percent of its industrial and manufacturing enterprises. The Estonian privatization agency batches 30-40 firms and advertises them for sale. The prime goal is to find "real owners" capable of running a durable, productive firm. Purchase offers are judged not only on price, but also on the quality of business plans submitted. In 17 sales, the Estonians have combined strategic investment with voucher exchanges. An unresolved problem is that the face value of the vouchers outstanding far exceeds the likely value of assets being sold. This Note concludes that Estonian privatization has been a success in scope and pace. No private firm has yet failed, and the privatization agency reports that most divested firms are expanding their employment. However, these promising results are tempered by the fact that the 70 privatized firms experiencing problems with installment purchase payments are only being admonished. But this problem, though significant, is not overwhelming.en
dc.identifierhttp://documents.worldbank.org/curated/en/1996/01/696805/finding-real-owners-lessons-estonias-privatization-program
dc.identifier.citationViewpoint. -- Note no. 66 (January 1996)
dc.identifier.doi10.1596/11640
dc.identifier.urihttps://hdl.handle.net/10986/11640
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesViewpoint
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectAFFILIATED ORGANIZATIONS
dc.subjectASSETS
dc.subjectAUCTION
dc.subjectAUCTIONS
dc.subjectBID
dc.subjectBIDDERS
dc.subjectBONDS
dc.subjectCAPITAL MARKETS
dc.subjectEMPLOYMENT
dc.subjectFACE VALUE
dc.subjectHOUSING
dc.subjectINSIDER TRADING
dc.subjectLIQUIDATION
dc.subjectMARKET VALUE
dc.subjectOFFERINGS
dc.subjectPRIVATIZATION
dc.subjectPURCHASE PRICE
dc.subjectREORGANIZATION
dc.subjectTELECOMMUNICATIONS
dc.subjectTENDERING
dc.subjectTRANSITION ECONOMIES
dc.subjectVOUCHERS DENATIONALIZATION
dc.subjectINDUSTRIAL ENTERPRISES
dc.subjectPUBLIC ENTERPRISES
dc.subjectINFRASTRUCTURE
dc.subjectSMALL ENTERPRISES
dc.subjectCAPITAL ASSETS
dc.subjectCOMPENSATION BONDS
dc.subjectINSTALLMENT PAYMENT
dc.subjectTRANSITION ECONOMIES
dc.subjectVOUCHER EXCHANGE
dc.subjectPUBLIC OFFERING
dc.titleFinding Real Owners : Lessons from Estonia's Privatization Programen
dspace.entity.typePublication
okr.crosscuttingsolutionareaFragility, Conflict, and Violence
okr.date.doiregistration2025-04-29T09:28:15.971400Z
okr.doctypePublications & Research::Viewpoint
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/1996/01/696805/finding-real-owners-lessons-estonias-privatization-program
okr.globalpracticeSocial, Urban, Rural and Resilience
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeGovernance
okr.globalpracticeFinance and Markets
okr.globalpracticeHealth, Nutrition, and Population
okr.guid288311468744335117
okr.identifier.externaldocumentum090224b0854d956f_2_0
okr.identifier.internaldocumentum696805
okr.identifier.report16925
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/1996/01/01/000009265_3980420172834/Rendered/PDF/multi0page.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.countryEstonia
okr.topicUrban Development::Municipal Financial Management
okr.topicHealth, Nutrition and Population::Health Service Management and Delivery
okr.topicBanks and Banking Reform
okr.topicEconomic Theory and Research
okr.topicInternational Terrorism and Counterterrorism
okr.topicFinance and Financial Sector Development
okr.topicHealth, Nutrition and Population
okr.topicMacroeconomics and Economic Growth
okr.topicConflict and Development
okr.unitOff of VP
okr.unitFPD&IFC Chief Econ-WB (FPDVP)
okr.volume1 of 1
relation.isSeriesOfPublication1067ecbf-b217-4376-a77e-64594be2b212
relation.isSeriesOfPublication.latestForDiscovery1067ecbf-b217-4376-a77e-64594be2b212
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