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Verwertbare Ergebnisse
As a result of the studies effected within the framework of the project the participants have examined links between privatization, investment and economic growth in post-socialist countries with a special emphasis on Russia. The major conclusion drawn by the authors of the study is that the recently accomplished Russian privatization schemes have as yet produced insufficient incentives for investment and economic growth. Underlying this failure is the lack of market conforming forms of privatization and slow progress in the restructurization of capital. In particular, the voucher scheme effected in 1993-1994 was intended for a quick redistribution of property rights, mainly in favour of earlier managers of state enterprises, and did not draw financial resources to privatized companies. The subsequent scheme of exchanging state shares for loans, extended by non public companies to the government, pursues primarily fiscal goods and is not attractive for private capital.
Most of the large privatized companies still cannot perform on their own and often enjoy state support. The drawbacks of the privatization policy are being aggravated by inconsistent budgetary and tax policies which impede the flow of capital from the banking system to the real sector. The shaky financial stabilization achieved in 1995 - 1996 may in the future promote a slow export driven growth but a full recovery requires a substantial change in the economic strategy which implies market oriented development of privatization and other components of the institutional system.
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