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The First Wave of Mass Privatization in Bulgaria and its Immediate Aftermath

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  • Jeffrey B. Miller
  • Stefan Petranov

Abstract

In January 1995, a Socialist government came to power in Bulgaria and initiated a mass privatization programme. In the first wave of this programme, which was completed in June 1997, about one‐fourth of Bulgaria's state‐owned enterprises were partially privatized through the programme. Patterned after the Czech mass privatization programme, an important outcome of the Bulgarian programme is that investment funds have become important agents in the private sector of the economy. It is too early to determine whether enterprise restructuring will now occur, but initial market signals suggest that Bulgaria may soon suffer from many problems that now confront the Czech economy unless new corporate laws supporting ownership rights and better capital market regulations are enacted.

Suggested Citation

  • Jeffrey B. Miller & Stefan Petranov, 2000. "The First Wave of Mass Privatization in Bulgaria and its Immediate Aftermath," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 8(1), pages 225-250, March.
    • Handle: RePEc:bla:etrans:v:8:y:2000:i:1:p:225-250
    DOI: 10.1111/1468-0351.00042
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    Cited by:

    1. Petar Peshev & Statty Stattev & Kristina Stefanova & Meglena Lazarova, 2019. "Financial Wealth Inequality Drivers in a Small EU Member Country: An Example from Bulgaria during the Period 2005-2017," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 41-72.
    2. Mergos, G. & Stoforos, C. & Mishev, P. & Ivanova, N., 2001. "Analysing agricultural policy reforms under transition in Bulgaria," Food Policy, Elsevier, vol. 26(5), pages 475-493, October.
    3. John Marangos, 2002. "A post Keynesian critique of privatization policies in transition economies," Journal of International Development, John Wiley & Sons, Ltd., vol. 14(5), pages 573-589.
    4. Miller, Jeffrey & Petranov, Stefan, 2001. "The Financial system in the Bulgarian economy," MPRA Paper 107704, University Library of Munich, Germany, revised Oct 2001.
    5. Miążek Radosław, 2021. "Corporate governance in state-owned enterprises. A systematic literature review: an international perspective," International Journal of Contemporary Management, Sciendo, vol. 57(4), pages 1-13, December.
    6. Dan Gabriel ANGHEL & Elena Valentina ŢILICĂ & Victor DRAGOTĂ, 2020. "Intraday Patterns in Returns on the Romanian and Bulgarian Stock Markets," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(2), pages 92-114, July.
    7. Falaris, Evangelos M., 2004. "Private and public sector wages in Bulgaria," Journal of Comparative Economics, Elsevier, vol. 32(1), pages 56-72, March.
    8. Miller, Jeffrey & Petranov, Stefan, 2000. "Non-banking financial institutions in Bulgaria," MPRA Paper 85137, University Library of Munich, Germany.
    9. Atanasov, Vladimir & Black, Bernard & Ciccotello, Conrad & Gyoshev, Stanley, 2010. "How does law affect finance? An examination of equity tunneling in Bulgaria," Journal of Financial Economics, Elsevier, vol. 96(1), pages 155-173, April.
    10. Laki, Mihály, 2000. "The Governance of Privatization Funds. Experiences of the Czech Republic, Poland and Slovenia. Szerkesztette: Marko Simonetti, Saul Estrin, Andreja Böhm Edward Elgar, Cheltenham, Egyesült KirályságNor," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(12), pages 1032-1036.
    11. Ralitza Dimova, 2008. "The impact of labour reallocation and competitive pressure on TFP growth: firm-level evidence from crisis and transition ridden Bulgaria," International Review of Applied Economics, Taylor & Francis Journals, vol. 22(3), pages 321-338.
    12. Atanasov, Vladimir, 2005. "How much value can blockholders tunnel? Evidence from the Bulgarian mass privatization auctions," Journal of Financial Economics, Elsevier, vol. 76(1), pages 191-234, April.
    13. Dimova, Ralitza & Gang, Ira N., 2007. "Self-selection and wages during volatile transition," Journal of Comparative Economics, Elsevier, vol. 35(3), pages 612-629, September.
    14. Raúl de Arriba Bueno, 2006. "Private or Market Economy in Bulgaria? An Institutional Approach to the Bulgarian Transition," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 71-89.
    15. Caroline Vincensini & Petia Koleva, 2000. "Les trajectoires économiques nationales dans la transition post-soviétique. Etude comparée des fonds de privatisation tchèques et bulgares," Post-Print hal-03462398, HAL.
    16. Rossitsa Rangelova Pavlova & Grigor Sariiski, 2015. "Negative Impacts of the Neo-liberal Policies on the Banking Sector in Bulgaria," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 9(1), March.
    17. Larson, Donald F. & Sarris, Alexander, 2009. "The performance of Bulgarian food markets during reform," Policy Research Working Paper Series 4876, The World Bank.
    18. Stefan Petranov, 2001. "Concentration of Capital in the Public Joint-stock Companies, Protection for the Investors and the Capital Market: 1997-1999," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 7, pages 133-148.
    19. Tsvetan Manchev, 2002. "Management of Capital Inflows in Bulgaria," Working paper series 12002en, Agency for Economic Analysis and Forecasting.

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