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Evolving legal frameworks for private sector development in Central and Eastern Europe (Inglês)

The legal framework in a market economy has at a minimum four basic economic functions: to define the universe of property rights in the system; to set a framework for exchanging those rights; to set the rules for the entry and exit of actors into and out of production activities; and to oversee market structure and behavior to promote competition. These basic areas of law are joined by other important ones - such as labor, taxation, and banking, to name just three, that comprise the complex legal frameworks for private sector activity in advanced market economies. This discussion paper uses this general classification to analyze the evolving legal framework for private sector development in six transforming socialist economies of Central and Eastern Europe - Bulgaria, the Czech Republic, Hungary, Poland, Romania, and Slovenia. It suggests some fundamental questions such analysis should address and provides a summary of developments in these countries. The most difficult and contentious challenge involves allocating real property rights, designing rules for the exit of ailing firms, and creating the conditions for free and fair competition. Although the legal structure is evolving rapidly in most areas, practice is still vey uncertain. The wide discretion and general lack of experience create legal uncertainty that hampers private sector development in the short-run.

Detalhes

  • Autor

    Gray, Cheryl W.

  • Data do documento

    1993/07/31

  • TIpo de documento

    Publicação

  • No. do relatório

    WDP209

  • Nº do volume

    1

  • Total Volume(s)

    1

  • País

    Europa e Ásia Central,

  • Região

    Europa e Ásia Central,

  • Data de divulgação

    2010/07/01

  • Nome do documento

    Evolving legal frameworks for private sector development in Central and Eastern Europe

  • Palavras-chave

    law;protection of intellectual property;legal framework;property right;function of contract law;absence of market signal;foreign tax credit system;Company Law;foreign investment law;market economy;area of law;private market economy;local currency equivalent;conflicts of interest;land use planning;joint stock company;types of property;intellectual property legislation;flow of credit;intellectual property protection;cases of insolvency;minimum capital requirement;barrier to entry;Civil Service Reform;intellectual property rights;intellectual property law;legal rule;care for women;ownership of land;foreign exchange law;urban land use;threat of liquidation;real estate market;intellectual property regime;dispute resolution mechanism;mature market economy;filing of bankruptcy;balance of power;limited liability company;freedom of contract;private sector transactions;rural finance institution;small private firms;breach of contract;private sector activity;alternative to bankruptcy;types of entities;availability of information;foreign investment regime;classes of shares;number of shareholders;general unsecured creditor;piece of property;means of production;redistribution of asset;civil law system;common law system;protection of private;Check and Balances;real estate development;corporate governance;Bankruptcy Law;real property;agricultural land;private ownership;legal protection;compulsory settlement;constitutional court;central planning;bankruptcy procedure;socialist property;legal reform;market structure;foreign ownership;foreclosure law;international norm;potential investor;liquidation law;copyright protection;bankruptcy proceeding;transitional economy;unfair competition;legal tradition;majority voting;bankruptcy case;legal structure;public owner;state enterprises;foreign investor;voting right;judicial review;Socialist economies;computer software;equal footing;private property;strengthening protection;Land Registration;productive activity;legal system;vested interests;traditional credit;social cost;private party;private parties;smaller number;municipal government;reorganization case;dispute arising;majority vote;public budget;supervisory board;management board;residual claimant;state guarantee;oversight body;debt collection;support system;judicial procedure;commercial space;general partner;budgetary situation;limited partner;general partnership;subject matter;socialist state;legal dispute;reorganization proposal;ownership right;administrative order;financial system;socialized enterprises;workout procedure;bankruptcy process;court judgment;shareholder influence;trigger mechanism;ownership structure;proxy voting;hostile takeover;mutual fund;industrial structure;oligopolistic firms;collateral law;public policy;security interest;financial instrument;severance pay;enterprise restructuring;restructuring plan;legal principle;tax collector;managerial behavior;private bank;public actor;special tax;orderly liquidation;legal sanction;legal provision;insider trading;fiduciary responsibility;bankruptcy legislation;draft law;political difficulty;security market;administrative action;finance system;compensation law;transfer law;zoning restriction;market mechanism;rent control;copyright notice;noncommercial purposes;classroom use;agricultural sector;bankruptcy enforcement;rental market;discussion papers;property ownership;cooperative law;personal belonging;exit mechanism;Commercial Law;transport development;occupational choice;wage policy;domestic invention;domestic company;regulatory authority;undeveloped land;private land;regulation system;local property;state control;chemical compound;Industrialized countries;industrialized country;contract right;state apparatus;rural enterprise;net return;commercial properties;transport cost;high infrastructure;housing development;Land Registry;private domain;construction method;private buyers;property registry;urban core;state ownership;judicial institution;antimonopoly law;efficient enforcement;legal drafting

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