NONSTANDARD METHODS IN THE PRIVATIZATION STRATEGIES OF THE CZECH-REPUBLIC, HUNGARY AND POLAND

The Czech Republic, Hungary and Poland followed different strategies i n the use of nonstandard methods of privatization. In regard to restit ution, the Czech Republic carried out physical return of property, Hun gary weakly implemented financial compensation and Poland has not yet approved a programme. Management and employee buyouts were eschewed in the Czech Republic, took the form of employee stock ownership plans i n Hungary and were accomplished chiefly by lease-purchase in Poland. T he Czech mass privatization programme distributed a considerable amoun t of joint-stock company shares free through voucher auctions in which citizens participated directly or through financial intermediaries. I n contrast, the Polish programme provided citizens free shares in inve stment trusts that exercise corporate governance over operating compan ies and restructure them for divestiture. Hungary's programme, which o ffered people only interest-free loans to buy some shares in initial p ublic offerings, was abandoned soon after its start.