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Monopolistic wages or efficient contracts?

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  • Ralitza Dimova

Abstract

Using a representative sample of medium and large firms, this paper explores the process of employment and wage bill determination in the Bulgarian manufacturing sector. The results suggest that, during 1997-2001, the labour market behaviour of these firms was consistent with weakly efficient contracting and employment elasticity with respect to both sales and wages similar to that of the fastest-reforming Central and Eastern Europe economies. Although a case study using data on sell-off deals by the Privatization Agency suggests that the largest firms selected for cash privatization may have exhibited higher preference for wage enhancement than employment protection, the results do not bring into question the efficient performance of the post-crisis labour market in Bulgaria. Importantly, the study rejects the hypothesis that either persistent government stakes or mass privatization may have led to efficiency deterioration. Copyright (c) The European Bank for Reconstruction and Development, 2006.

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Bibliographic Info

Article provided by The European Bank for Reconstruction and Development in its journal Economics of Transition.

Volume (Year): 14 (2006)
Issue (Month): 2 (04)
Pages: 321-347

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Handle: RePEc:bla:etrans:v:14:y:2006:i:2:p:321-347

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Cited by:
  1. Bhaumik, Sumon K. & Dimova, Ralitza & Nugent, Jeffrey B., 2006. "Pulls, Pushes and Entitlement Failures in Labor Markets: Does the State of Development Matter?," IZA Discussion Papers 2258, Institute for the Study of Labor (IZA).
  2. Nicholas Lawson, 2011. "Is Collective Bargaining Pareto Efficient? A Survey of the Literature," Journal of Labor Research, Springer, vol. 32(3), pages 282-304, September.
  3. Gatti, Roberta & Love, Inessa, 2008. "Does access to credit improve productivity? Evidence from Bulgarian firms," CEPR Discussion Papers 6676, C.E.P.R. Discussion Papers.
  4. Thorsten Upmann & Julia M´┐Żller, 2013. "The Structure of Firm-Specific Labour Unions," Tinbergen Institute Discussion Papers 13-080/I, Tinbergen Institute.

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