Development of the New Market Using the Synergy Between Factoring and Credit Insurance in the Czech Republic
by Hynek Rasocha, Èescob Credit Insurance, with the co-operation of Tomas Moravek, OB Heller Factors and credit insurers in the Czech Republic have always faced the basic problem of the transformation economy, which can be summarised as the creation of capitalism without money. As virtually all existing Czech-owned private companies in the local economy were created in the last decade, (partly by management buy-outs from the former state-owned socialist companies which lacked sufficient resources), they suffer hugely from undercapitalisation. Banks and factoring companies are the only effective source of financing - the stock market is so weak and underdeveloped, that its role in financing is almost negligible.
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