Financial Discipline and Structural Adjustment in Yugoslavia: Rehabilitation and Bankruptcy of Loss-Making Enterprises

摘要

Successful completion of Yugoslavia's structural adjustment program requires stricter financial discipline to increase the economic pressure on public enterprises to adjust. The paper focuses on two aspects of the general question of financial discipline: rehabilitation and bankruptcy of loss-making enterprises and interenterprise credit. In each case the nature of the problem, the present legal framework, recent experience, and expected future developments are reviewed. (Copyright (c) 1984, The International Bank for Reconstruction and Development/The World Bank.)