/
BIBLIOGRAPHY
- E e e , J.; S e ling, B. and Long on, P. (1982): "Some e idence o an in e na ional
manage ial cul u e". Jou nal o Managemen S udies, n° 19, pp. 153-162.
- Go don, G. (1985): The ela ionship o co po a e cul u e o indus y sec o and co po a e
pe o mance. En Kilmann e alia (Eds.): "Gaining Con ol o he Co po a e Cul u e". Jossey-
Bass, San F ancisco, pp. 103-125.
- Ho s ede, G. (1980): "Cul u e s consequences: in e na ional di e ences in wo k- ela ed
alues". Sage Publica ions, London.
- Ho s ede, G. (1985): The in e ac ion be ween na ional and o ganiza ional alue sys ems.
Jou nal o Managemen S udies, n° 22, july, pp.347-357.
- Hugonnie , R. (1982): "P end e L’en ep ise comme sys ème de aleu s". Di ec ion e
Ges ion, n° 6, pp. 19-30.
- Janieson, I. (1985): The ame ican company in B i ain. En Law ence, P. and Filing K.
(Eds.): "In oducing Managemen ". Penguin Books, Middlesex, pp.245-259.
- Leal, A. (1991): "Conoce la cul u a de las o ganizaciones: una base pa a la es a egia y
el cambio ". Ac ualidad Edi o ial, Mad id.
- Like , R. (1986): "Nue as o mas de soluciona con lic os". T illas, México.
- Malinowski, B. (1977): "Los ja dines del co al". Labo , Ba celona.
- Malinowski, B. (1984): "Una eo ía cien í ica de la cul u a". Sa pe, Mad id.
- Pa sons, T. (1970): "The sys em o modem socie ies". P en ice Hall, Englewood Cli s, N.
Je sey.
- Whi e, M. (1985): Japanese Managemen . En Law ence, P. and Ellio , K. (Eds.):
"In oducing Managemen ". Penguin Books, Middlesex, pp. 260-280.
228
Fo eign Di ec In es men : A Tool o a Ta ge o
Indus ial Policy in Eas e n Coun ies?
REFLECTIONS UPON EMPIRICAL EVIDENCE FROM HUNGARY,
POLAND AND BULGARIA*
M. Isabel R.T. Soa es
l aculdade de Economía, Uni e sidade do Po o
Is he e any linkage be ween indus ial policy and he in low o Fo eign Di ec
In es men in Eas e n Eu opean coun ies?
This is he co e ques ion which is analysed and discussed in his pape . The
ansi ion p ocess o Cen al and Eas e n Eu ope o a ma ke economy has
aised a lo o challenging ques ions bo h o Applied Economics and o
Managemen Science. En e p ise adjus men emains one o he mos
in e es ing and complex as i is closely ela ed o a wide ange o economic,
policy and managemen issues. Fo eign Di ec In es men , p i a isa ion and
indus ial policy and hei so o linkage, emain some o he mos in e es ing
ac o s in he ansi ion p ocess. I seems ha no sha p dis inc ion can be
p esen ed be ween FDI as a a ge and FDI as a ool o indus ial policy, bu
na ional di e ences emain signi ican as well as en e p ises adjus men
capaci y.
--------------------
229
' Mos o he esea ch p esen ed in his pape was p epa ed in he amewo k o he ACE p og amme
(PHARE) o he Commission o he Eu opean Communi ies (ACE N° 92-0419-R), being he au ho a
membe o he in e na ional esea ch eam.
Fo eign Di ec In es men : a Tool o a Ta ge o
Indus ial Policy in Eas e n Coun ies?
Re lec ions upon empi ical e idence om Hunga
Poland and Bulga ia*
M. Isabel R.T. Soa es
Faculdade de Economía, Uni e sidade do Po o
1 - In oduc ion
The ansi ion p ocess o Cen al and Eas e n Eu ope o a ma ke economy h
aised a lo o challenging ques ions bo h o Applied Economics and
Managemen Science.
En e p ise adjus men emain one o he mos in e es ing and comple
ques ions, as i is closely ela ed o a wide ange o di e en issues. En e p ise
adjus men emains a co e p oblem o he ansi ion p ocess and i is also
connec ed o some o he main ec o s o ha p ocess such as: Fo eign Di ec
In es men , P i a isa ion and Indus ial Policy.
Then, i seems qui e use ul o enqui e abou he linkage be ween he abo e
h ee impo an ac o s o Eas e n ansi ion o a ma ke economy.
The pu pose o his pape is o analyse and discuss his subjec o h ee
Eas e n coun ies: Poland, Bulga ia and Hunga y.
2 - Legal F amewo k o Fo eign In es men
The In e na ional Mone a y Fund (IMF) de ines Fo eign D i ec In es m en
as ollows:
“In es men ha is made o acqui e a las ing
in e es in an en e p ise ope a ing in any economy
o he han ha o he in es o s.”
This de ini ion is qui e ague mainly as he ques ion o which pe cen age o
owne ship may be conside ed o gi e he in es o a las ing in e es . And
di e ences be ween di ec in es men and po olio in es men emain unclea .
Then as he wo ldwide p ac ice does, we will conside ha a minimum o 10%
' Mos o he esea ch p esen ed in his pape was p epa ed in he amewo k o he ACE p og amme
(PHARE) o he Commission o he Eu opean Communi ies (ACE N° 92-0419-R).
owne ship will co espond o a las ing in e es . We will de ine as well, case by
ease, Fo eign D i ec In es m en .
In POLAND, o eign capi al was i s conside ed o icially a ele an ac o o
economic g ow h in 1976 h ough a egula ion o he Council o Minis e s.
Howe e , legal gua an ees o po en ial in es o s we e no enough: he
in es men should be made in a con e ible cu ency, no c edi s we e a ailable
om Polish banks, 30% o expec ed cos s o he p ojec had o be paid in o a
non-in e es accoun a a Polish bank, as an ad anced deposi , be o e a
pe mission was issued, hen being his deposi ozen un il he p ojec was
execu ed up o 50% o i s alue. Howe e , unexpec ed in e p e a ions o
ambiguous ax laws by iscal o icials and discou aging egula ion conce ning
p o i s ans e , p o i s u ilisa ion and owne ship igh s u ned he in es men
en i onmen qui e hos ile.
In 1982, a new a emp was made by he Pa liamen a y Ac on P inciples o
Running Small-Scale Businesses on Poland by o eign legal and na u al
pe sons. By his Ac , no only a s a e gua an ee o in es ed capi al was
c ea ed, bu also a scope o ac i i ies o o eign en i ies o “small business”
was de ined. Se ing up a minimum en y capi al o 50 000 US$ and a
maximum employmen o 200 people, i became a e y impo an exe cise o
FDI in a cen ally - planned economy (SZPRINGER, S., 1994).
The nex legal s ep was mos impo ® o he in low o Fo eign Capi al in
Poland. In 1986, he Polish Pa liamen passed a law enabling o eign in es o s
o unde ake business ac i i ies also in he public sec o , allowing hem o se
up join - en u es wi h Polish public en e p ises. Companies we e allowed o be
un as comme cial i ms, being hen subjec o he Comme cial Code, and
o eign small manu ac u ing companies we e egula ed by he Ci il Code.
Al hough he e was no in e e ence wi h ela ions be ween join en u es (JV)
pa ne s and wi h he company’s in e nal ela ions, he law es ablished some
ele an es ain s:
• The o al alue o he Polish con ibu ion o he company’s equi y should
exceed ha o o eign pa ne s. Excep ions o his ule could be
conside ed i he e was no h ea o he s a e secu i y, bu he pe mi was
denied whene e an indus y was pe cei ed as s a egic. Tha mean no
only hose ac i i ies linked o s a e secu i y and o he p o ec ion o s a e
sec e s, bu also hose, whe e o eign p esence could be conside ed a
h ea o social and s a e economic in e es s.
Join - en u es we e comple ely banished om he De ence Indus y, Railwa
and Ai T anspo , Telecommunica ions, Insu ance, Publishing (exc
P in ing) and Fo eign T ade.
• Only egis e ed sha es we e allowed. Land could be a ibu ed only in
he o m o igh o use i (RPU - Righ o Pe pe ual Usu uc ).
• A company was o ced o esell a ce ain amoun o i s expo e enuei
in o eign cu encies o a Polish o eign exchange bank, bu ho
emaining o eign exchange ea nings could be eely used.
Despi e a p i ileged posi ion g an ed by he legisla ion - which included also
ee dis ibu ion o o eign cu ency p o i s among pa ne s, eedom o ans e
p o i s (by o eign pa ne s) wi hou a sepa a e o eign exchange pe mi ,
o eign exchange c edi s (including me can ile c edi s) g an ed and exemp ion
om co po a e income ax du ing he i s wo yea s o business ac i i y (and
la e , also om ax on he pa o p o i s o be ein es ed) among o he
ad an ages - he e was a small in e es o o eign in es o s in his o m o
coope a ion. En i onmen al, economic and o ganisa ional a iables seemed o
ha e been mo e ele an han legisla ion. Among hose a iables, some o hem
ha e been decisi e: company’s accoun ing sys em, cos -base p icing, cen al
aw ma e ials dis ibu ion, in o ma ion equi emen s, land anspo acili ies.
In 1988, he Polish Pa liamen passed a new Ac , la e modi ied in 1989 and
again in 1990, in connec ion wi h he P i a isa ion Ac . This law (1988)
became he only legisla ion unde which FDIs could be unde aken. Any
na u al pe son in possession o con e ible cu ency - excep Polish ci izens
pe manen ly li ing in Poland - and any economic en i y - excep Polish
en e p ises - could be a o eign in es o in Poland. New pa icipa ed (by
o eign in es o s) en u es could be se up ei he in he o m o a limi ed
liabili y company o a join s ock company. Howe e , only egis e ed sha es
could be issued (by hose companies) and he ans e o sha es o s ock among
he sha eholde s equi ed a pe mi om he cen al adminis a i e o gan. Those
companies could e ain a g ea amoun o hei expo ea nings and hey we e
exemp ed om paying co po a e income ax, enjoying a i p e e ences as
well. The sha eholde s had he igh o sell hei sha es a e no i ying he
P esiden o he Fo eign In es men Agency, and he o eign pa ne had he
igh o ans e ab oad he p oceeds om he sale o his sha es o om he
dissolu ion o he company. The minimum con ibu ion o a o eign pa ne o a
company’s equi y was se a $US 50000Mhich was o cons i u e a leas 20%
o he s a ing capi al o he i m.
inally, in 1991 he Pa liamen passed a new Ac egula ing he p inciples o
o eign di ec and po olio in es men s in Poland. No only his new legal
amewo k e lec ed poli ical changemen s in he Polish economy and socie y
•.¡nee 1989, bu also a clea b eakage wi h he inhe i ed cen al planning legal
ys em. Companies wi h o eign capi al pa icipa ion should assume he o m
o companies and only some - al hough qui e a ew - cases equi ed a pe mi
p io om he Minis e o P i a isa ion o be egis e ed (SZPRINGER, S.
1994). Mos impo an in his law was ha i ended he au oma ic 3 yea pe iod
o exemp ion om co po a e income ax, in oducing, simul aneously, ax
incen i es o hose in es o s whose s a -up capi al con ibu ions exceeded
2mn ECU.
Two o he e y impo an ea u es we e:
(i) On one side, ax elie also g an ed o in es o s:
• who loca e hei companies in high s uc u al unemploymen egions, o
• who in oduce modem echnology in o he economy, o
• whose expo s amoun a leas 20% o p oduced goods and se ices
(ii) On he o he side, he 1991 Law allowed o ans e he o al ne p o i ,
being he o eign employees o he company allowed o ans e hei
sala ies wi hou a sepa a e o eign exchange pe mi Fo eign in es men
secu i y is gua an eed by in e na ional ag eemen s on mu ual p o ec ion and
in es men p omo ion.
In 1987, he so-called FDI legisla ion was i s published in BULGARIA.
Al hough a he limi ed as i conce ned only join - en u es, i has es ablished
a he lexible condi ions o ha kind o in es men . La e , in 1992, he
Pa liamen o BULGARIA passed a law on he economic ac i i y o o eign
pe sons and on he p o ec ion o o eign in es men s. Fo he Bulga ian law,
o eign in es men shall be e e y in es men o a o eign pe son o h ough a
b anch o a company wi h o eign pa icipa ion exceeding 50%.
Fo eign in es men s should assume di e en o ms (CHANKOVA, L. 1994)
• s ocks and sha es in companies
• owne ship, igh s and limi ed eal igh s in p ope y (immo able)
• company owne ship
• bank deposi s
• deben u es, go e nmen bonds and o he secu i ies issued by he s a e o
by he Bulga ian legal pe sons
c edi s wi h a co e han 5 yea s e m
owne ship o immo able p ope y by a
pa icipa ion exceeding 50% company wi h a o eign
Regis a ion is obliga o y, bu as he Las^sdoesn’ o esee any consequences in
i s absence, he esul is ha only 30% o he accomplished FDI a e egis e ed.
The mos common o m o egis e ed FDI a e companies wi h o eign
pa icipa ion and a minimum capi al acco ding o he T ade Law. As la e
in es men s don’ inc ease he company capi al, hey a e no conside ed in he
inal amoun o o eign in es men .
In o ma ion on a Fo eign In es men s has been done by h ee di e en
ins i u ions - he Na ional S a is ical Ins i u e, he Minis y o Finance and he
Bulga ian Chambe o Comme ce which ha e no any kind o coo dina ion
be ween hem. Al hough a ce ain change o he si ua ion is expec ed in he
nea u u e, he p esen si ua ion makes e iden ha , bo h he legal amewo k
and he FDI con ol also con ibu e - oge he wi h mac oeconomic s abilisa ion
p oblems - o he poo pe o mance o FDI in BULGARIA.
In HUNGARY, FDI is de ined as “all he money in lows h oughou he
Na ional Bank o Hunga y - excep loans and deposi s, plus non-cash
con ibu ion egis e ed by he egis a ion cou as pa o he es ablishmen o
new business o ganisa ions o ha o o icial capi al inc ease”
In his sense, he Hunga ian de ini ion o FDI is simila o he Po uguese
de ini ion and di e en om he Spanish de ini ion.
Howe e , an accu a e es ima ion abou he size o o eign capi al in es ed in
HUNGARY emains di icul due o some s a is ical p oblems: di e en da a
sou ces, di e en me hods and di e en egis a ion uni s. The Na ional Bank
o Hunga y (NBH) egis e s only he money in lows hen excluding loans and
deposi s. The Regis a ion Cou egis e s non-cash con ibu ions as pa o he
es ablishmen o new business o ganisa ions o ha o o icial capi al base
inc ease. The Minis y o In e na ional Rela ions es ima es on he basis o he
Na ional Bank da a (cash con ibu ions) and on he o eign ade s a is ics
( egis e ed non-cash con ibu ions). E en mo e complica e, is ha he eal
amoun o Fo eign Capi al in low can be di e en om ha egis e ed, by h ee
main easons:
• he Regis a ion Cou doesn’ sum up he amoun o egis e ed equi y
capi al o he business o ganisa ions and doesn’ make any special
egis a ion o o eign in es men s.
• he e a e no da a abou changes in he capi al base o o eign-owned ( ully
o pa ly) companies
• abou 10% o he o al egis e ed capi al in lows a e specula i e (SASS,
M. e all, 1994)
Al hough he e is a legal possibili y o es ablish a company wi h o eign capi al
since 1972, he legisla ion (and mac oeconomic condi ions) emained qui e
es ic i e un il 1989. This has been ansla ed in o a e y small amoun o
o eign in es men in HUNGARY in he pe iod 1972-1989: only 227 join
en u es (abou 23 million US$).
o eign in es men in Hunga y may ake cu en ly di e en o ms :
• join en u es (JV)* **
• a company se up by a o eigne
• acquisi ion, by a o eigne , o he equi y o a company
’Hie e is a close connec ion be ween FDI, he p i a isa ion p ocess and he
legal amewo k (Ac XXIV / 1988 - which came in o o ce on he 1s Janua y
1989 - la e amended in Decembe 1990, Ma ch 1991 and Sep embe 1993).
While no icing is ha o eign pa icipa ion in associa ion is subjec o some
es ic ions, namely:
• o eign pa icipan s mus pay cash o sha es in ha d cu ency
• in a limi ed liabili y company, o eign pa icipa ion is allowed only in
egis e ed sha es, no bea e sha es
• o eign pa icipa ion in a Hunga ian inancial ins i u ion exceeding 10%
o he sha e capi al is subjec o he app o al o he Hunga ian
au ho i ies
Non-cash con ibu ions may ake he o m o any ma ke able angible asse , a
new angible esul o c ea i e ac i i y o an indi idual igh ep esen ing
money o he alue o money.
The mos common o m o o eign capi al in es men in HUNGARY is he
Join Ven u e (JV). The la es eliable in o ma ion abou he numbe o wholly
233
* I is possible o es ablish a 100% o eign owned company
” J s may buy eal es a e equi ed o hei ac i i ies
o pa ly o eign-owned companies exceeded 17500 in Oc obe 1993 (SASS,
M. e all, 1994).
The legal egula o y amewo k was an impo an ool o a ac o eign
in es men : 1990 was he s a ing yea o a signi ican wa e o capi al in low,
when he egula o y amewo k conce ning in es men was almos eady,
oge he wi h i e e sible changes in o a ma ke economy and a democ a ic
socie y.
Compa ed o o he coun ies o he egion, HUNGARY p esen s - beyond
o he ad an ages- a well es ablished legal amewo k conce ning o eign
in es men s, as well as a a he gene ous sys em o inancial incen i es up ill
he end o 1993.
When we es ablish a compa ison be ween FDI condi ions in HUNGARY wi h
i s main compe i o s in his ield - CZECHOSLOVAKIA i s and now he
CZECH Republic and he o he coun ies - we no ice ha besides some
common ea u es, such as ee epa ia ion o ea nings and possible 100%
owne ship, he Hunga ian sys em has become simila o hem because no
signi ican o m o incen i es is o be o e ed a e 1993.
Howe e , e en a e 1993, i ’s s ill an open ques ion o know i some o hose
incen i es should be a icula ed wi h s a egic op ions o indus ial policy issue.
3 - FDI and Mac oeconomic En i onmen : A Su ey
POLAND may be conside ed a mode a ely a ac i e coun y o o eign
in es o s. Table 1 p esen s an o e iew o he Polish ecen economic
e olu ion.
234
Table 1 - Recen E olu ion o he Polish Economy (1989-1993)
Real G ow h (%/yea ) 1989 1990 1991 1992 1993
GDP 0.2 -11.6 -7.6 1.5 4.0
EXPORTS 2.6 15.1 -1.7 1.4 -0.2
IMPORTS 4.3 -10.2 31.6 9.2 15.1
To al Consump ion = P i a e
Consump ion + Public
Consump . -1.3 -11.7 3.3 5.0 6.7
P i a e Consump ion -0.3 -15.3 7.4 5.2 7.8
Go e nmen Consump ion -4.6 0.5 -6.5 4.5 3.5
To al In es men 5.1 -24.8 -14.2 -2.5 15.3
G oss Fixed In es men -2.1 -10.6 -4.5 2.8 8.5
Á S ocks 26.0 -56.7 -59.4 -61.2 213.6
A S ocks as a % o GDP 9.3 4.8 2.0 0.7 2.1
GDP (billion zló i) 115.3 592 824 1143 1546
EXPORTS 19.8 161 190 242 319
IMPORTS 14.9 110 188 255 375
T ade Balance 4.9 50 2-12 -56
T ade Balance (mn USD) 3.4 5.3 0.2 -0.9 -3.1
GDP pe capi a ( h zl) 2910 14025 21489 30118 41646
GDP pe capi a (in USD) 2015 1498 2040 2113 2270
GDP De lac o (annual a e age) 398.5 580.1 150.9 136.6 130
Consume P ices (yea end) 639.6 249.3 60.4 44.3 37.6
Consume P ices (a e age) 251.1 585.8 70.3 43 35.3
Ne Mon hly Wage ( hs zl) 206.8 1030 1756 2439 3263
Ne Mon hly Wage (in USD) 143 108 166 182 179
Wage in Real Te ms (%) 10.9 -27.4 0.2 -2.9 -1.1
Na ional Bank o Poland (NBP)
Re inancing C edi Ra e 61.3 103.8 53.9 39.0 35.4
Comme cial C edi s - P ime Ra e 68.0 119.8 62.0 49.0 39.0
Exchange Ra e o USD
O icial - a e age in yea 1446 9500 10583 13631 18145
F ee ma ke - a e age in yea 5565 9570 10726 13647 17983
Sou ce: Calcula ions by J. Rajski and Z. Szp inge , Ins i u e o Finance
(Wa saw, 1994)
Al hough GDP has been inc eaâ i signi ican ly and p ice g ow h a e
dec easing (see Table 1), he in la ion a e emains high and he balance o
9

paymen s de ici is s ill imp essi e (in 1993, POLAND had a de ici abou US$
2,3 bn).
Fo mos in e na ional business sou ces, POLAND has a low a ing on he
“coun y isk” lis which - oge he wi h he pe o mance o some economic
indica o s - doesn’ encou age o eign in es men . Acco ding o SZPRINGER
(1994) only h ee ac o s a e conside ed as being a ou able o Fo eign
In es men :
• he ma ke size
• he igh o pu chase eal es a e
• low wage le el, uni wages and labou supply
On a h ee le el scale o ac o s (un a ou able, mode a ely a ou able and
a ou able), mos o hose ac o s as well as he mos impo an , a e conside ed
un a ou able o Fo eign In es men : om p oblems conce ning aw ma e ials
supply and lack o labo skills, o he ine iciency o di e en le els o public
adminis a ion, social ins abili y and poo in e na ional economic links, among
many o he s om a o al o six een poin ed ou by SZPRINGER, (1994).
In sho , o eign capi al ep esen ed only 3.5% o GDP in 1993 (1,8 o GDP in
1992), while o eign owned ( o ally o pa ially) companies accoun ed o 8%
o o al e enues o economic en i ies (1992) and e en inc easing in 1993
(al hough no a ailable eliable da a can be p esen ed).
As well as he abo e impac , ha o FDI on o eign ade and on cu en
accoun balance wasn’ a he s ong, ei he . The sha e o o eign pa icipa ed
companies on o al expo s was 10% and he % on o al sales was 21,6% (1992
da a).
The sha e o o eign pa icipa ed companies on employmen was abou 2% in
1992 (1,3% in 1991) bu his sha e was highe in indus y (4,0% in 1992).
Despi e he lexible condi ions o he Bulga ian join en u e legisla ion, he
pe o mance o FDI in BULGARIA emains disappoin ing. Since 1990
(beginning o he poli ical and economic ansi ion p ocess) ill he mid-1993
(la es a ailable da a), FDI didn’ exceed 167 billion USD, ha dly
co esponding o 1.6% o BULGAM^l GDP o he same pe iod. I we
conside ha BULGARIA laggs much behind he es o Eu opean coun ies,
being Albania he only coun y wi h a wo se pe o mance, ha can be qui e
signi ican .
Pe haps BULGARIA geopoli ical posi ion shouldn’ be unde alua ed as an
impo an explaining ac o o he small FDI in low. Bu , o be ealis ic, o he
! ac o s mus be aken in o accoun , namely he di icul ies o he
mac oeconomic s abilisa ion ca ied ou in a e y un a ou able ex e nal
en i onmen and he slow p ocess o sys ema ic s uc u al ans o ma ion o
owne ship o ms.
The mac oeconomic s abilisa ion has s a ed in Feb ua y 1991 unde an
ag eemen wi h he IMF. A he beginning o he 90’s, he si ua ion deno ed a
deep mac oeconomic disequilib ium, p o oking a sha p d op o GDP,
sho ages o goods, a decla a ion o a mo a o ium on he ex e nal deb and he
in ensi ica ion o he in la ion a e.
The h ee main a ge s o he economic e o m - he in oduc ion o an e icien
ma ke sys em based on incen i es and adequa e ins i u ional in as uc u e, he
mone a y s abilisa ion and he s uc u al adjus men o he economy - ha e
been hampe ed ei he by in e nal and ex e nal ac o s. Among hem, we may
quo e:
• he mo a o ium on o eign deb s (since Ap il 1990)
• he lack o nego ia ion on deb s o o eign p i a e banks
• he cos s o he emba go o ex-Yugosla ia which in ol ed signi ican
losses in ade and se ices (sus ained only in 1994)
Recen e olu ion on he Bulga ian economic si ua ion may be summa ised by
wo con as ing ea u es:
• on one side, a ce ain p og ess, al hough modes , in he ins i u ion o a
ma ke economy
• on he o he side, a deep ecession o he eal sec o , mos ly as a esul
o he poo pe o mance o he s a e companies and he small g ow h o
he newbo n p i a e sec o
Fo eign Di ec In es men aces se e al obs acles, some o which may be
assumed as a pa adox. Fo ins ance, he p i a isa ion p ocess emains delayed
and biased agains o eign con ol*. Bu he con usion o p ope y igh s and i s
es i u ion also p esen se e e implemen a ion p oblems.
_________________________
237
* Fo example, he e is eluc ance o pe mi ou igh o eign con ol o land and o eign in es men s in
some b anches ha e a case-by-case analysis and adminis a ion
Also, bo h he p ice libe alisa ion and he loss o o me ex e nal ma ke s, h l
nega i e e ec s on capi al s ock and human capi al. High deb posi ioB
owa ds he banks and be ween companies ha e delayed he p i a isâ »
p ocess and o eign in es o s e alua ion o asse s has become highly c i icj
isk conside a ions as well.
Posi i e ea u es o s abilisa ion and economic e o m ha e been he c ea ia l
and unc ioning o he o eign exchange ma ke , as well as he ad ancemen ill
he domes ic con e ibili y o he na ional cu ency. All o hem a e c i icw
ac o s ela ed o FDI, as he echnical abili y o epa ia e p o i s depend
onl
hem. In his ield, ad ancemen s ha e been impo an , al hough o eign!
in es o s s ill ace he isk o he Bulga ian cu ency (le s) being bese
by j
in la ion a e (abou 70%/yea ) wi h una oidable dep ecia ion de alua ion. Bu
hese isks ha e become mo e p edic able, as apid mo es o libe alize
domes ic p ices ha e been implemen ed sys ema ically.
The mone a y sphe e has su e ed one o he mos adical changes. The
implemen a ion o a es ic i e mone a y policy has aised conside ably he
m e es a es, hen a oiding hype in la ion, helping s op he dolla iza ion o he
economy and helping o c ea e/ eco e (?) con idence on he na ional cu ency.
Then, s abilisa ion has b ough wo main changes in he mone a y si ua ion:
• a conside able aise o in e es a es
• a apid de elopmen o comme cial banks
Howe e , economic s abilisa ion is a om being achie ed.
T ansi ion cos s ha e been / a e inc easing, which is closely ela ed o se e e
p oblems o s a e budge de ici s and o he es ic i e mone a y policy.
De ia ions be ween a ge s and esul s emain imp essi e o GDP g ow h a e
and GDP s uc u e, balance o paymen s and o eign deb , in la ion a e,
unemploymen , budge de ici and domes ic deb , eal income and consump ion
(Tables 2, 2-A, 3, 4 and 5, annex I).
The economic si ua ion in Bulga ia has de e mined he o ms o Fo eign
In es men pene a ion: “g een ield” in es men s, coope a ion wi h Bulga ian
pa ne s and pa icipa ion in he p i a isa ion. G een ield in es men s a e s ill
dominan , by a se o easons we ha e discussed be o e. FDI is small and mos
ep esen a i e in hose sec o s whe e smalle in es men amoun s a e equi ed
(and a be e a io in es men p o i ma^be achie ed): ade, se ices, ou ism
and ood indus y. La ge in es men s a e s ill in a p epa a o y s age.
Kjp ¡n 1993, H U N G A R Y was he mos success ul coun y in Cen al and
■us em Eu ope conce ning Fo eign Capi al. Despi e some s a is ical p oblems
ijiio ed be o e, he whole amoun o o eign capi al (including o he han cash
Uppo ) was es ima ed o exceed 7 billion USD in Feb ua y 1994.
A compa ison can be made be ween HUNGARY s posi ion in in e na ional
hade and capi al lows. In 1990, he sha e o HUNGARY in in e na ional ade
amoun ed o 0.2% while i s sha e in capi al lows was abou 1% (INOTAI, A.
1993).
h oughou he eigh ies no signi ican mac os uc u al shi we e e iden in he
I ! inga ían economy (Table 6).
Table 6 - S uc u e o GDP (%)
Indus y Consump i
on
Ag icul u e
and
Fo es y
T anspo
and
Communica ions
Comme ce O he
Se ices To al
1980 37.2 8.0 19.6 9.1 9.7 16.4 100.0
1988
1991
36.2
26.8
6.5
5.3
21.1
10.0
9.2 8.4
43.8%
18.6
Sou ces: KSH S a is ical Pocke Book 1989, p 101 ( o 19080 and 1988)
Economic Su ey o Eu ope in 1992 and 1993, ECE,
Gene e - NY, 1993, p.78
Howe e , 1991 da a is al eady meaning ul, pa icula ly o ag icul u e whe e
he go e nmen e o s o c ea e a legal amewo k o he ansi ion om a
coope a i e based p ope y s uc u e o a smalle p i a e o ms sys em ha e
accle a ed he decline o ag icul u al p oduc ion. In 1992, he olume o
ag icul u al ou pu was 47.4% o he 1987 le el. Fo indus y he cu en
scena io is appa en ly ha o a “de-indus ialisa ion . While indus ial sales
and ou pu p esen ed a small g ow h om 1980 o 1985, by he end o he
decade (1988-89) a deep c isis has al eady s a ed o be e iden . The c isis
co e ed p ac ically all sec o s o he Hunga ian indus y a he end o decade,
wi hou d ama ic changes in he b anch s uc u e o g oss ou pu . Fo mos
b anches, 1988 was he bo om o a nega i e end: in 1988, he o e all
indus ial in es men had dec eased by almos 20% o i s 1980 le el.
239
Only one subsec o ( he b ewe y indus y) has shown some g ow h along he
1987-1992 pe iod, p esen ing 1.5% g ow h a e in 1991 and 4.9% in 1992,
Mos companies in he subsec o a e o eign con olled.
Be ween 1987 - he las yea o eal ou pu g ow h- and 1992, he ou pu
olume dec eased by imp essi e amoun s, as we can see in Table 7.
Table 7 - Dec ease (%) o Ou pu Volume in he Hunga ian Indus y
o he pe iod [1987-1992]
Mining 42.4%
Elec ici y Indus y 16.5%
Me allu gy 56.2%
Enginee ing 60.0%
Building Ma e ials Indus y 45.0%
Chemical Indus y 35.2%
Ligh Indus y 47.2%
Food Indus y 23.0%
To al Indus y 37.4%
Sou ce: S a is ical In o ma ion Indus y, Ma ch 1993.
CSO o Hunga y, Budapes , May 1993, in Tô ôk, A. (1994)
In he las 4 yea s, capi al in low had a posi i e e ec on mac oeconomic
a iables, mainly because i smo he ed he gene ally nega i e mac oeconomic
ends associa ed wi h he economic ansi ion. These posi i e e ec s we e
mos ly el on GDP g ow h. Howe e his impac was no uni o ming.
G een ield in es men s and he pu chase o s a e-owned en e p ises asse s
du ing hei p i a isa ion. In he i s case, he impac was wo old: on one side
p oduc ion inc ease and on he o he side a weake p oduc ion dec ease in
hose b anches whe e he sha e o o eign capi al exceeded he a e age one*.
The only case o a educed posi i e impac o g een ield in es men s, can be
ound on inwa d o ien ed join - en u es as a consequence o a c owding-ou
e ec on domes ic p oduce s. Howe e , mos o g een ield in es men s a e
expo o ien ed due o he small domes ic ma ke . The e o e, o eign capi al
con ibu ion is clea ly posi i e.
240
' SASS, M. 1994 ema ks on his issues call he a en ion o he di icul y o dis inguish be ween he
impac o capi al in low on he p oduc ion and o he ac o s.
A mo e complica ed case conce ns he impac o capi al in low h ough he
p i a isa ion o s a e-owned en e p ises. As a ma e o ac , p i a isa ion is
gene ally accompanied by he educ ion o p oduc ion, wi h ad e se
consequences as income and employmen , bu also by, an imp o emen o
e iciency in he middle- e m al hough i is oo soon, he e is al eady some
empi ical e idence abou he ne e ec winch depends on h ee main ac o s:
• he iabili y o he sold companies
• he ma ke segmen whe e hey a e ope a ing
• he capi al in ensi y o p oduc ion (a e being es uc u ed).
I lowe e , i mus be clea ha , in he sho e m, Eas e n expe ience p o es
ha he ne e ec o o eign capi al on domes ic p oduc ion h ough
p i a isa ion has been nega i e, being associa ed wi h s uc u al changes.
Unde a mac oeconomic pe spec i e, ha decline mus no be isola ed om a
clea imp o emen o e iciency, bo h on esou ce alloca ion and on
p oduc ion. And, a leas in he Hunga ian case, i seems clea ha s uc u al
changes a e mo e common on he ealloca ion o p oduc ion ac o s wi hin a
gi en sec o han in a sec o al basis.
4 - FDI, P i a isa ion and Fi m Res uc u ing
P i a isa ion emains he mos impo an way o o eign capi al pene a ion in
ansi ion economies.
Al hough he in low o o eign capi al h ough he p i a isa ion p ocess has
declined since 1993, o eign in es men s ill plays a de ini i e ole in he
Hunga ian p i a isa ion p ocess compa ed wi h o he Eas e n Eu opean
coun ies. Be ween Ma ch 1990 and Oc obe 1993, o eign capi al in low
h ough he p i a isa ion o 269 companies* ep esen ed 40% o o al Fo eign
Capi al in low.
Among he easons o ha decline - wo lwide economic ecession, a ce ain
loose o a ac i i y by compa ed o o he coun ies,
.....
- i mus be
emphasized ha he op ion(?)/only easible solu ion in many cases was
p i a isa ion p io o es uc u ing. In many cases, o eign in es o has ealised
by now, ha i is cheape o ealise g een ield in es men s**.
* G een ield in es men s a e excluded om he dais.
** So a . mo e han hal o he o eign in es men s in Hunga y has been o such ype (NOVAK, T.,
1993).
P i a isa ion be o e es uc u ing, means ha he new owne will ake ca e o
he c isis managemen and he company es uc u ing. O cou se, he sales o a
company e lec s his si ua ion. Howe e , mos o he Hunga ian companies
su e om some o all o a se o p oblems which would always imply
es uc u ing and c isis managemen . As a ma e o ac , mos o hem ha e
inancial, echnological, ma ke ing p oblems, as well as human esou ces
se ious cons ain s and hey a e wo king unde unce ain y conce ning
p i a isa ion o ans o ma ion. Bank up cy legisla ion has also been o cing
he need o es uc u ing and o c isis managemen .
Bu , o opposi e easons es uc u ing and c isis managemen may also, by
“good” easons, be linked o akeo e s by o eign in es o s. This was he case
o LEHER (Elec olux), TUNGSTRAM (Gene al Elec ic),
INTERCSOKOLADE (Nes lé), he OROSHÁZA GLASS FACTORY -
HUNGUARD (Gua dian Glass), DEBRECEN TOBACO FACTORY
(Reem sma) and TELEFONGYAR (Siemens) (TÔRÔK, A., 1994).
Sca ce o missing da a and s ill a sho ime pe iod, emain majo handicaps o
ully e alua e p i a isa ion con ibu ion (Annex 2) ei he o companies
es uc u ing o o es uc ing o hose sec o s whe e g een ield in es men s a e
mo e ele an . As a as join en u es hei a e coencemed impac on c ea ing
domes ic supply ne wo ks emain a he limi ed.
In he case o POLAND, in 1992 - acco ding o he Minis y o P i a isa ion -,
o eign in es o s ook pa in he capi al p i a isa ion o 25 la ge s a e
companies. In he same yea , abou 70% o sold companies ha e su e ed
ag eemen wi h o eign in es o s conce ning
• mode nisa ion in es men s
• en i onmen p o ec ion in es men s
• social commi men s limi ed o a ce ain pe iod o ime: job
main enance, social igh s p ese a ion.
In 1991, only 40% o sold i ms had signed ha kind o ag eemen s.
In 1992, abou 60% o o eign-pa icipa ed companies used echnology and
machine y no olde han 1 yea . These companies we e mainly pa icipa ed by
Belgium (92.9%), F ance (76.5%), Ne he lands (72%), USA (70.6%), Canadá
(69.2%) and Denma k (68.4%). Elec£$gic indus y and p in ing indus y we e
he mos echnological ad anced sec o s. Meanwhile, abou 16_% o
companies used echnology olde han 10 yea s (SZPRINGER, S., 1994).
Only 10% o la ge companies wi h o eign pa icipa ion impo ed machine y
and equipmen which gi es us an idea o how small echnology in low is!
As we ha e al eady desc ibed, he second phase o o eign in es men s in
Poland is connec ed o he economic ansi ion o a ma ke economy.
I i a isa ion and g een ield in es men s a e key ac o s o his ansi ion,
o eign in es o s pa icipa ion is mainly in p i a isa ion and building up he
ma ke en i onmen h ough g een ield in es men s (c ea ion o new p i a e
economic en i ies).
Conside ing Cen al-Eas e n Eu ope in es men isk POLAND is in he middle
o he anking lis (quo ed by SZPRINGER, 1994)
Eas Ge many
Hunga y
Czech Republic
POLAND
Slo akia
Slo enia
Bulga ia
Romania
In 1992 and 1993 he e olu ion o Comme cial Law pa ne ship was he
ollowing:
1992 1993
Join - S ock 248 332
Limi ed Liabili y 9883 14835
Fo eign Small - Scale Companies 686 647
Sou ce: Polish S a is ical O ice
Mos o o eign in es men conce n ade se ices (a chi ec u e) and anspo .
Meanwhile acco ding o he S a e Agency o Fo eign In es men s (SAFI),
o eign in es men in POLAND is s ill g owing:
1991
____________
0.6 bn USD
1992 _____________1.5 bn USD
1993
_____________
2.8 1MUSD
Ma ch 1994 3.5 bn USD
Table
Sha e o o eigne s in en e p ises unde SPA con ol on
Decembe 1993
s a e sha e
million F . Fo eign sha e
million F . %
Food indus y 96.450 14.361 13
Tex ile indus y 11.778 1.246 8
pape indus y 2.950 489 14
Che amical p oduc ion 6.726 1.047 14
machine indus y 21.178 462 3
Elec onical p oduc ion 3.551 999 22
Fu ni u eind. 4.402 81 2
Cons u ion indus y 19.047 1.332 7
T ade 76.625 1.681 2
in p i a iza ion.Mimeo. IWE HAS, 1994
Table
Fo eign sha e in en e p ises sold in 100 % in indus ial
sec o ial di ision, 31 Decembe 1993.
s a e sha e
million F . Fo eign sha e
million F . %
Food indus y 13.362 32.631 71
Tobacco Indus y 212 5.375 96
Tex ile indus y 3.694 1.092 23
pape ind. 630 1.673 72
Che amical p oduc s 334 962 74
Machine indus y 1.663 5.450 77
elec onical p oduc ion 164 999 86
Fu ni u e indus y 1.770 219 11
Cons uc ion indus y 2.004 3.510 63
T ade 16.368 2.203 12
in p i a iza ion.Mimeo. IWE H A ^ 5 1994.
STATISTICAL BACKGROUND
1. Table
Fo eign in es men s In p i a iza ion
Companies
n . Companies
Bn F Sha e
%
Ge many 74 77,18 27,73
USA 25 59,39 21,34
Aus ia 99 39,43 14,17
G ea -B i ain 30 20,78 7,47
F ance 34 19,38 6,96
The
Ne he lands 13 18,29 6,57
Sweden 89,67 3,47
S i ze land 12 9,33 3,35
I aly 21 6,49 2,33
Belgium 75,84 2,10
CIS 13 5,24 1,88
O he 28 7,33 2,63
Al oge he 364 278,35 100,00
Sou ce: Nepszabadsag, 19 May 1994
2. Table
The yea ly inc ease o he o eign di ec in es men s in Eas e n—
Cen al-Eu ope
Million US dolla
Coun y 1989 1990 1991 1992
Slo akia 520 53 130
Bulga ia 10 20 100 130
Romania 20 18 187 240
The Uk aine 10 50 100 280
Poland 60 88 470 830
Czechoslo akia 10 166 200 12 10
Hunga y 120 311 1538 13 17
Al oge he 235 673 2648 4137 —
Sou ce: Eas -Wes In es men s and Join Ven u
1989- 1993. UN ECE Genê Ê. ’

Table I
B anch S uc u e o Companies wi h Fo eign Pa icipa ion In 1992
(b anches In which economic ac i i y was led by a leas 20 companies)
I-----------------------------------------------------------------------------------------------------------------------------------
¡ B anch Numbe o
Companies
1. wholesale ade In consume goods 737
2. ade wi h o eign suplle s and cus ome s 443
3. miscellaneous se ices 282
4. p oduc ion o ex ile clo hes and unde wea 259
5. domes ic ade In consume goods 236
S. ade In means o p oduc ion 229
7. gene al In es men cons uc ion 195
3. p oduc ion o plas ic I ems 140
9. public ca anspo 110
10. publishing o books and pe iodicals 98
11. u ni u e and ca pen y p oduc ion 92
12. compu e se ices 82
13. bake y and pas y p oduc ion 81
14. ca e ing 79
15. ui and ege able p ocessing 77
16. a Indus y, household chemis y, cosme ics 62
17. In e na ional spedl ion 58
18. woodwo k Indus y 56
19. p in ing Indus y 55
Ü20. I onwa e o Indus y 54
o . me al cons uc ions o Indus y 54
|)22. o ganiza ion o ou is se ices 54
IJ23. mea Indus y 53
|}24. elec onic Indus y 50
Ü2S. main enance and se ices o means o anspo 50
|¡26. conc e e indus y 43 i
|J27. me al cons uc ions 40
28. non-alcohol d inks 39
29. p oduc ion o o he oods u s 39
30. ho els 36
31. dai y p oduc s p ocessing 36
32. gene al use i onwa e 35 I
33. u and lea he clo hes Indus y 34
34. compu e Indus y means o In o ma ics 33
35. o he ex ile Indus y p oduc s 33
36. sawmill Indus y 30
p 7. kni ing and s ockings Indus y 30 I
38. manu ac u ing o wood (pape indus y) 30
39. shoes Indus y 29
40. elec o-enginee ing p oduc ion 28
D41. p oduc ion o gene al pu pose ca s 28
|42. banks and o he inancial Ins i u ions 26
43. p oduc ion o wooden packages 26
44. maschlne y and ools o o he s b anches o indus y 24
45. ish Indus y 23
46. medical and e e ina y equipmen 22
Í47. epa ings and se ices o elec o-enginee ing and elec onic p oduc ion 21
(48. pha maceu icals 21
M9. p oduc ion o o he wooden and willow I ^ & ? 20
Sou ce: Da a om Cen al S a is ical O ice
TableE
Fo eign In es men In Poland In 1989-1993
P e ious yea =100
1992
211
260
299
XX
1991
170
197
447
XX
1990
460
375
X
X
05
CL
05
End o :
31.12.
1993*
0
0
0
CO
0
0
0
CO
1592
375
* es ima e
Sou ce: Inwes ycje Zag aniczne w Polsce, Fo eign T ade Resea ch Ins i u e, Wa saw 1S
31.12.
1992
10131
5740
1409
937
245
31.12.
1991
4796
2207
471
365.8
213
31.12.
1990
2799
1119
105.2
77.2
94
31.12.
1989
241
28
0
CM
116.2
OT
O
O
*0
CL
To
TJ
O
1—
O
CL
No. o egis e ed
p ojec s
No. o
Companies
Value o in es ed o eign
capi al (on accu ed base)
US $ million
In low o o eign
capi al in a
yea (US $ million)
Value o capi al pe
Company
housands US $
259
Table III
Incomes In Economic En i ies and in Companies wi h
Fo eign Pa icipa ion In 1992
___________________
S uc u e o Incomes
Economic
En i ies
Companies wi h
Fo eign Pa icipa ion
In %
Sec o s o Na ional
Economy
Incomes In
Economic
En i les
Companies wi h
Fo eign Pa icipa ion
Sha e in
%
in bn zl
1845151 145412
67526
50938
6305
7.9
28343
Sou ce: Da a om Cen al S a is ical O ice
380 1.5
TablelV
Cos Le el Indica o s and P o i abili y Ra e In Economic
Sec o s ol Na ional
Economy
Cos Le el in: P o i abili y Ra e in: P o i abili y in:
Economic
En i les
Companies wi h
Fo eign Pa icipa ion
Economic
En i les
Companies wi h
Fo eign Pa icipa ion
Economic
En i les
Companies wi h
Fo eign Pa icipa ion |
in % in % In % I
To al 96.0 97.2 2.2 2.0 -15.0
-----------------
-
-------------^
in which:
T ade 98.3 95.2 1.7 4.9 227
Cons uc ion 95.2 95.4 4.8 4.2 830
T anspo 98.3 96.4 0.5 3.1 -25 28
Communica ion 75.3 183.7 40.1 -47.0 182 -862 I
Indus y 96.7 97.9 1.5 0.7 -34
----------------------------------
A
•Coal 109.6 92.4 •13.2 12.1 -194 112
-Fuel 95.7 116.0 5.7 -15.0 4-174
-Powe 90.8 88.9 11.7 12.5 48 -17
-I on and S eel 99.4 99.1 -3.7 1.1 -86 8 |
-Non Fe ous Me allu gy 86.4 97.5 16.1 2.5 49 23
-Me al P oduc s 95.2 93.7 3.0 6.2 •23 47 I
-Enginee ing 97.0 98.3 -2.6 0.1 -85 ~ 7 |
-P ecision Ins umen s 96.6 96.8 -0.2 2.3 -48 14
•T anspo Equipmen 105.4 93.5 -11.2 6.0 -160 46
-Elec ical Enginee ing and Elec onics 100.5 109.6 -4.2 -10.7 -82 -124
-Chemical 91.8 95.2 7.3 4.6 238 I
-Building Ma e ials 93.7 91.4 3.3 9.0 -55 72
-Glass P oduc s 94.2 98.4 2.1 0.7 -24 0
-Pa e y 92.9 160.6 3.7 -11.3 -41 -181 I
-Wood 97.9 102.2 •0.9 -5.0 -39 -54 I
-Pape 95.0 93.4 2.8 4.4 -22 20 I
-Tex ile 104.8 92.8 -11.9 7.0 -158 60
I
-Wea ing Appa el 95.1 95.7 3.3 3.3 124
-Lea he 103.8 99.8 •9.9 •2.2 •127 •34 I
-Food
196.3 97.8 3.1 0.8 0T |l
Table V
B anch S uc u e o Fo eign In es men (end o Ma ch 1994)
B andi
Equi y 1 Loans Commi men s To al in es men Companies
US $ mn Sha e % US $ mn Sha e % US $ mn Sha e % No. Sha e 1
Indus y To al 2166 61.5 3506 81.9 5672 72.7 '131 60
Elec o-enginee ing 725 20.6 2024 47.3 2749 35.2 30 13
Finance 580 16.5 73 1.7 653 8.4 19 8
Food 532 15.1 326 7.6 859 11.0 42 19.
Cons uc ion 357 10.1 172 4529 6.8 17 7.
Cellulose and Pape 279 7.9 255 5.9 534 6.8 12 5.
T elecommunica ion 237 6.7 413 9.7 650 8.3 11 5.
Chemical 236 6.7 40 0.9 276 3.5 15 6
T ade 155 4.4 116 2.7 270 3.5 31 14.:
Fuel-Powe Indus y 117 3.3 313 7.3 430 5.5 94.'
Mine al 117 3.3 196 4.6 313 4.0 731
Ligh indus y 103 2.9 199 4.6 302 3.9 83.1
Me al P oduc s 40 1.1 150 3.5 190 2.4 411
O he b anches 16 0.4 30.1 19 0.2 41.8
T anspo 15 0.4 0015 0.2 52.3
Ag icul u e 80.2 008 0.1 20.9
Insu ance 40.1 0040.1 10.5
¡O he p oduc ion 000000.0 00.0
Municipal Economy 00000 0.0 00.0
Fo es y 00000 0.0 00.0
To al 3521.7 100 J 4279.7 1 100 | 7801.4 100.0 I 217 100.0
Sou ce: Da a o S a e Agency o Fo eign In es men
262
VII Jo nadas Hispano-Lusas de Ges áo Cien í ica, Se ilha, 29 a 31 de
Ma ço de 1995
POSIÇÂO DE CÂMBIO POR DIVISAS E MÉTODOS DE
CONTABILIZAÇÂO UNIMONETÁRIOS E PLURIMONETÁRIOS
Resumo
Pa a se um ecu so álido a in o maçâo ob ida a pa i dos sis emas
con abilís icos de e apoia as necessidades de in o maçâo da Ges âo. Nes e abalho
abo damos u na in o maçâo con abilís ica indispensá el à ges âo ope acional do isco
de câmbio - o mapa da posiçâo de câmbio po di isas. Es e mapa pode se ob ido
u ilizando que sis emas con abilís icos unimone á ios (p ocedem media amen e à
con e sâo pa a moeda nacional de odos os mon an es em di isas), que sis emas
con abilís icos plu imone á ios ( egis am em pa ida dob ada as ope açôes na sua
moeda de o igem). Num pe íodo de in emacionalizaçâo c escen e das emp esas e com
as no as possibilidades que esul am da de ençâo de di isas e da cobe u a do isco
de câmbio, a maio segu ança que deco e do egis o em pa ida dob ada jus i ica que
de endamos os sis emas de con abilidade plu imone á ia, pelo menos em emp esas
com um olume ele ado de ansacçôes em di isas.
Lucia Ma ía Pó ela de Lima Rod igues. Uni e sidade do Minho. Janei o 1995.
263