{
  "title": "State-Owned Enterprises in Emerging Europe: The Good, the Bad, and the Ugly",
  "publication": "IMF Working Papers, October 30, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2017/10/30/state-owned-enterprises-in-emerging-europe-the-good-the-bad-and-the-ugly-45181",
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  "summary": "State-owned enterprises (SOEs) play an important role in Emerging Europe’s economies, notably in the energy and transport sectors.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Author: Uwe Böwer\n- Publication date: October 30, 2017\n- Type: IMF Working Paper (Working Paper No. 2017/221)\n- Scope: Review of SOE landscape, performance, and recent governance reform experience in 11 Emerging European countries, with Sweden as a benchmark.\n- Data: Based on a new firm-level dataset covering SOEs and private firms across sectors, notably energy and transport."
    },
    {
      "heading": "Key findings on SOE performance",
      "content": "- Profitability and efficiency of resource allocation of SOEs lag those of private firms in most sectors.\n- There is substantial cross-country variation in SOE performance.\n- SOEs play an important role in Emerging Europe’s economies, notably in the energy and transport sectors."
    },
    {
      "heading": "Main risks from poor SOE performance",
      "content": "- Large and risky contingent liabilities could stretch public finances.\n- Sizeable state ownership of banks coupled with poor governance could threaten financial stability.\n- Negative productivity spillovers could affect the economy at large."
    },
    {
      "heading": "SOE governance weaknesses and recommended reforms",
      "content": "- Governance frameworks are partly weak and should be strengthened along three lines:\n  - Fleshing out a consistent ownership policy.\n  - Giving teeth to financial oversight.\n  - Making SOE boards more professional."
    },
    {
      "heading": "Subject areas and keywords",
      "content": "- Subjects: Contingent liabilities; Economic sectors; Energy sector; Production; Productivity; Public enterprises; Public financial management (PFM); Services sector.\n- Keywords: Contingent liabilities; Emerging Europe; Energy sector; Europe; firm profitability; governance reform; infrastructure sector; output share; oversight unit; ownership function; performance target; Productivity; professionalized SOE board; Public enterprises; reform effort; Services sector; SOE governance challenge; SOE landscape; SOE performance; SOE profitability; State-Owned Enterprises; WP.\n\n---\n\n Content in this bundle\n\n- State-Owned Enterprises in Emerging Europe: The Good, the Bad, and the Ugly, WP/17/221, October 2017\n  - State-Owned Enterprises in Emerging Europe: The Good, the Bad, and the Ugly, WP/17/221, October 2017 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - State-Owned Enterprises in Emerging Europe: The Good, the Bad, and the Ugly, WP/17/221, October 2017 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2017/10/30/state-owned-enterprises-in-emerging-europe-the-good-the-bad-and-the-ugly-45181"
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    "Authors: Uwe Böwer",
    "Published: October 30, 2017",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781484315163.001",
    "Author: Uwe Böwer",
    "Publication date: October 30, 2017",
    "Type: IMF Working Paper (Working Paper No. 2017/221)",
    "Scope: Review of SOE landscape, performance, and recent governance reform experience in 11 Emerging European countries, with Sweden as a benchmark.",
    "Data: Based on a new firm-level dataset covering SOEs and private firms across sectors, notably energy and transport.",
    "Profitability and efficiency of resource allocation of SOEs lag those of private firms in most sectors.",
    "There is substantial cross-country variation in SOE performance.",
    "SOEs play an important role in Emerging Europe’s economies, notably in the energy and transport sectors.",
    "Large and risky contingent liabilities could stretch public finances.",
    "Sizeable state ownership of banks coupled with poor governance could threaten financial stability.",
    "Negative productivity spillovers could affect the economy at large.",
    "Governance frameworks are partly weak and should be strengthened along three lines:",
    "Subjects: Contingent liabilities; Economic sectors; Energy sector; Production; Productivity; Public enterprises; Public financial management (PFM); Services sector.",
    "Keywords: Contingent liabilities; Emerging Europe; Energy sector; Europe; firm profitability; governance reform; infrastructure sector; output share; oversight unit; ownership function; performance target; Productivity; professionalized SOE board; Public enterprises; reform effort; Services sector; SOE governance challenge; SOE landscape; SOE performance; SOE profitability; State-Owned Enterprises; WP.",
    "**State-Owned Enterprises in Emerging Europe: The Good, the Bad, and the Ugly, WP/17/221, October 2017**"
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