MICHAEL STEPHEN BORISH
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CURRICULUM VITAE
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Name: |
Michael Stephen Borish |
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Profession: |
President, Michael Borish and
Company, Inc. Consultants in Banking and
Finance Telephone: (613) 744-3159 Fax: (613) 744-3569 Email: mborish@rogers.com |
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Years with Firm: |
Thirteen years |
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Nationality: |
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KEY QUALIFICATIONS
- President of a consulting firm that bears his
name—Michael Borish and Company, Inc.
- MBA from the
- Expertise in a range of business and financial
sector areas, with focus on developing, emerging and transition markets
since the late 1980s.
- More than 15 publications in internationally recognized
journals.
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Specific areas of focus have included financial analysis
and credit risk evaluation; banking sector reform; mortgage and housing
finance; rural finance; postal banking; SME lines of credit; micro-finance; privatization;
and securities market development.
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Additional work has included project preparation and
feasibility studies, post-project implementation reviews, and specialized
studies.
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Financial analysis and credit risk evaluation have
included commercial banking, rural finance, financial system evaluation, and
risk assessment at the loan, portfolio and country market level.
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Banking and financial sector assessments have evaluated
structural performance by country and region, as well as identified key
“macro-micro” and “macro-prudential” trends and risks that impact financial
stability, competitiveness and depth. This has included balance of payments and
funds flow issues, including transfers and remittances as well as portfolio and
foreign direct investment, and the impact of “informal” sector activity on
fiscal development, investment levels, and enterprise competitiveness.
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Clients have
included the World Bank, IFC, USAID, the Canada Mortgage and Housing
Corporation, Kreditanstalt fur
Wiederaufbau, Caribbean Development Bank, and many private companies.
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Assignments
have included extensive work in ex-Communist countries in Central and Eastern
Europe, Africa, Middle East, the Caribbean, and East, Central and
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Countries of on-site service have included Abu Dhabi, Afghanistan,
Albania, Antigua, Armenia, Australia, Azerbaijan, Bahrain, Barbados, Belgium, Bosnia,
Bulgaria, Cameroon, Canada, Côte d’Ivoire, Croatia, Denmark, Dominica, Dubai, Ethiopia,
Finland, France, FYR Macedonia, Georgia, Germany, Ghana, Grenada, Hong Kong,
Hungary, Japan, Kazakhstan, Kosovo, Kuwait, Kyrgyz Republic, Montserrat,
Morocco, Niger, Oman, Pakistan, Poland, Romania, Russia, Saudi Arabia, Senegal,
Serbia, Singapore, Slovak Republic, South Africa, Spain, St. Kitts, St. Lucia,
St. Vincent, Sweden, Tanzania, Togo, Trinidad & Tobago, Ukraine, United
Arab Emirates, United Kingdom, USA, Uzbekistan, Vietnam, and Zimbabwe.
PROFESSIONAL EXPERIENCE
MICHAEL BORISH AND COMPANY, INC., President, 1996-
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Summarized
11 housing agency models for the General Housing Authority of
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Assessed
Serbian economy and made recommendations to USAID for future assistance to the
financial sector.
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Designed
Basel II implementation framework for the banking supervision agencies of Bosnia-Herzegovina,
as well as guidance on coordination with the central bank regarding financial
stability indicators. Drafted strategy for Working Groups for implementation.
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Evaluated
market prospects for establishment of a new SME non-bank lending institution in
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Worked
with a majority-private development bank in
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Conducted
a Basel Core Principles assessment in Bosnia-Herzegovina, identifying gaps in
compliance as well as developing a road map for eventual compliance with Basel
II requirements. The assignment also highlighted gaps in compliance with
recognized practices of the European Union.
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Worked
with the Canada Mortgage and Housing Corporation to establish a non-bank mortgage
finance company in
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Directed
mortgage lending training effort sponsored by the State Bank of
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Prepared
banking sector and micro-finance policy notes in
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Assessed
mortgage covered bond and residential mortgage-backed securities markets of
advanced EU and Asia/Pacific economies and compared with US and Canadian models
regarding housing finance costs and home ownership patterns for the Canada
Mortgage and Housing Corporation.
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Provided
guidance for a certified institutional banker training program in
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Coordinated
effort to draft a new Financial Institutions Law in
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Reviewed
investment climate in the Vietnamese banking sector for Bank Turan Alem
Investments (
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Worked
with a team to assess prospects for mortgage backed-securities market
development in
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Reviewed
financial sector developments in
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Worked
with a team to upgrade credit risk management and institutional capacity at the
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Updated
banking and financial sector assessment in
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Reviewed
role of mortgage default insurance as part of larger Basel II Capital Accord
for the Canada Mortgage and Housing Corporation.
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Assessed
institutional capacity for multi-country coordination on financial stability
issues in
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Delivered
several financial sector training modules in banking, insurance and related
case studies to economic development officers of USAID (under contract to IBM
and Abt Associates) over a period of several years.
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Assisted
Human Development Network of World Bank with strategic planning, performance
indicators and management reporting.
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Developed
credit and portfolio risk management manuals and training materials for
Vietnamese bankers with the
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Directed
international housing finance study of 23 countries for the Canada Mortgage and
Housing Corporation.
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Evaluated
programs and made recommendations related to the promotion of foreign direct
investment into emerging markets for the Multilateral Investment Guaranty
Agency and PricewaterhouseCoopers.
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Provided
guidance on corporate governance principles for state enterprises based on OECD
guidelines and lessons from numerous country experiences to the Government of
Kazakhstan and the World Bank.
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Developed
recommendations for SME finance and development activity for USAID in
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Directed
a financial sector assessment of Armenia reviewing banking and non-bank credit
organizations (micro-finance, mortgage, leasing, etc.), insurance, pension and
securities markets, and made comprehensive recommendations for reform to
increase intermediation for SMEs for USAID (and the World Bank and IMF prior to
an update of the Financial Sector Assessment Program).
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Drafted
policy notes for the World Bank on financial sector reform priorities in
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Evaluated
housing and commercial property finance market in FYR Macedonia, and made
recommendations on how Working Groups could make the financial system work more
efficiently and move to secondary markets.
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Assessed
capital markets in
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Developed a comprehensive methodology for the
assessment of banking sectors and non-bank financial services, including a risk
rating system and comparative performance measures across countries/regions.
Reviews conducted (at least once) in
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Drafted
financial and private sector strategy notes on
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Reviewed
current financial sector strategy of
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Assessed
the direct fiscal costs of recapitalizing state banks in 14 transition
countries and evaluated economic impact as well as impact on banking system
development and solvency for the World Bank.
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Pr
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Worked with
USAID to evaluate remittance flows and impact on financial sector of
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Worked with the World Bank to design a commercial
bank restructuring effort in
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Conducted a financial sector assessment in
Bosnia-Herzegovina for Kreditanstalt fur
Wiederaufbau of
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Presented a comprehensive paper on corporate bond
market trends and developments around the globe, with focus on transition
country markets, for a USAID-sponsored debt market conference.
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Directed an assessment of postal banking and
payments prospects in
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Assessed effectiveness of World Bank indicators in
the assignment of country ratings for financial sector development and private
sector development, and made recommendations on improvements.
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Conducted comprehensive assessment of mortgage
insurance systems around the world for the Canada Mortgage and Housing
Corporation.
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Provided background for private and financial
sector strategy development for the World Bank in the Europe Central Asia and
Latin America/Caribbean regions.
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Prepared detailed administrative framework for a
$1 million line of credit agreement for a farmers’ association in
Bosnia-Herzegovina and its bank.
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Reviewed leasing and mortgage finance markets in
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Designed survey, conducted background research,
and made policy recommendations to the Government of Bulgaria on
post-privatization reforms and effectiveness.
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Assessed prospects for market-based mortgage
finance market in
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Conducted global assessment of mortgage finance
trends and products to design a framework for mortgage finance development in
transition and emerging economies for USAID.
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Reviewed status of Kosovo micro-finance and
banking sector, and made recommendations to the World Bank on legal, regulatory
and institutional issues to strengthen links to support increased levels of
prudent lending to small-scale businesses.
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Assessed the local Treasury bill market in
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Evaluated the credit information bureau of the
National Bank of
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Reviewed restructuring and privatization programs
of the remaining state banks in
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Assessed financial, managerial and operational
status of two state-owned banks in
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Conducted a brief vulnerability assessment of the
Ukrainian banking sector for the World Bank.
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Designed pre-privatization strategies for CIS
banks and enterprises and post-privatization assistance for EU candidates for
the World Bank.
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Assessed options for banking sector privatization
and resolution in
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Designed lines of credit for small-/medium-sized
enterprises in Bosnia-Herzegovina and Kosovo for the World Bank.
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Developed a financial strategy involving a
revolving fund, term facilities, and broader domestic and regional capital
markets development for cocoa sector restructuring in
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Assessed banking sector restructuring and
privatization strategy for the World Bank in
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Managed data base development and financial sector
review for World Bank department responsible for 27 countries in Europe and
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Assessed corporate and financial restructuring in
seven East Asian economies for World Bank.
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Developed financial sector database for 27
countries in Europe and
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Finalized financial sensitivity model regarding
interest rate scenarios and provided recommendations to the Hong Kong Monetary
Authority on appropriate timing for the decontrol of interest rate rules.
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Edited newsletter for a large international
accounting firm on financial sector regulatory issues.
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Oversaw feasibility study for building materials
manufacturer in Bosnia-Herzegovina.
WORLD
BANK, Financial Analyst, 1993-1996
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Managed financial sector reform component of $110
million credit to Government of Bosnia-Herzegovina based on review of banking
sector regulatory and supervisory needs, and banks’ financial condition,
organizational structures and operating procedures.
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Designed and supervised $23 million line of credit
to small-scale businesses in Bosnia-Herzegovina based on financial assessments
and reviews of preliminary business plans.
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Designed private Regional Investment Fund project
for investment in
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Established comprehensive banking sector data
bases, and advised on banking and business sector reform in
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Co-authored publications on banking and enterprise
reform, private sector development, foreign direct investment, and prospects
for market integration of ex-socialist countries into the European Union.
J.E.
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Managed financial accounts, reported to Board, and
devised strategic planning options for company management based on internal
costing and external market assessments.
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Directed private sector assessments in nine
African countries for USAID linked to company-devised methodology to feed into
logical framework analysis, and presented strategic options based on findings
from assessments and USAID budgetary resources and cost constraints.
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Supervised specialists in the design of management
advisory services to agribusinesses in
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Designed Enterprise Development Fund for investment
in SMEs in
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Developed financial projections and analyses for
prospective private foreign investment in the wholesale and retail ice cream
business in
TECHNOSERVE, INC.,
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Managed market surveys and feasibility studies of
13 agro-processing cooperatives in the maize and oil palm sectors.
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Developed credit programs for cooperative members
and organizations to finance agricultural production, processing and
marketing.
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Trained local staff in financial and business
management techniques.
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Provided business and financial advisory services
to micro- and small-scale enterprises.
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Directed 350-page Rural Finance study on banking,
credit unions, micro-finance and informal savings associations for the World
Bank, USAID and Ministries of Agriculture and Finance.
CONTINENTAL ILLINOIS BANK, Credit Analyst,
1985-1987
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Assessed business and financial risks of
Florida-based firms and played support role in marketing relationships with
banking, shoe manufacturing, beverage distribution, consumer electronics,
transportation, and entertainment firms.
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Attended eight-month corporate bank training
program.
BANK OF
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Analyzed construction equipment industry to help
structure the bank's regional credit portfolio.
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Reported on leading products and services, company
market shares, production and distribution capabilities, and foreign exchange
implications for domestic producers.
EDUCATION |
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La
Sorbonne, Certificate in French, 1981 |
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PUBLICATIONS
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M. Borish, Strategic Requirements for Next
Stage Financial Sector Reform in
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M. Noël, R. Shojai and M. Borish, Capital
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K. Sherif, M. Borish and A. Gross, State-Owned
Banks in the Transition: Origins, Evolution, and Policy Responses, World
Bank, 2003
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K. Sherif, M. Borish and G. Clarke, Structural
Adjustment in Transition: Lessons from the Case Studies of Albania, Azerbaijan,
Kyrgyz Republic and Moldova, World Bank, 2001
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M. Borish, Transition Troubles in the CIS
Region: A Snapshot of Banking Sector Problems in the Former Soviet Union, The Financial Regulator,
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M. Borish, Multilaterals, Disclosure and
Compliance with the Basle Core Principles, The Financial Regulator,
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M. Borish, W. Ding, and M. Noël, The Evolution
of the State-owned Banking Sector During Transition in Central Europe, Europe-Asia Studies, Glasgow, UK, 1997
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M. Borish and W. Ding, Movement Towards
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M. Borish and F. Montes-Negret, Methods of
Restructuring Distressed Banks in Transitional Economies: Lessons from
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M. Borish, W. Ding, and M. Noël, A Review of
Bank Performance During Transition in Central Europe, Communist Economies & Economic Transformation, London, UK, 1997
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M. Borish, W. Ding, and M. Noël, Legal and
Regulatory Developments in Bank Supervision in Central Europe, The Financial Regulator,
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M. Borish, W. Ding, and M. Noël, Restructuring
the State-owned Banking Sector: A Comparative Assessment of Approaches in
Central Europe, MOCT-MOST,
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M. Borish and M. Noël, Private Sector
Development in the Visegrad Countries, Finance
& Development, Washington, DC, 1996
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M. Borish, W. Ding, and M. Noël, On the Road to
EU Accession: Financial Sector Development in Central Europe, World Bank,
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M. Borish and M. Noël, Ahead and Still Gaining?
Where the Private Sector Stands in the Visegrad Countries, MOCT-MOST,
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M. Borish and M. Noël, Private Sector
Development During Transition, World Bank, Washington, DC, 1996
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M. Borish, M. Long, and M. Noël, Lessons from
Bank and
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M. Borish, M. Long, and M. Noël, Banking Reform
in Transition Economies,
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M. Borish, M. Long, and M. Noël, Restructuring
Banks and Enterprises: Lessons from Transition Economies, World Bank,
References, performance
reviews, descriptions of experience and skills available upon request.