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The Political Economy of Corporate Governance Change in Bulgaria: Washington Consensus, Primitive Accumulation of Capital, and Catching-Up in the 1990

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Author Info
Peev, Evgeni
Abstract

This study examines three key determinants of corporate governance change in Bulgaria: the Washington Consensus policy, primitive accumulation of capital forces, and 'catching-up' factors. The study reveals that in the early transition (1989-96) primitive capital accumulation prevailed over the Washington Consensus impact on corporate governance transformation while since 1997 Washington Consensus has been in the process of becoming the decisive factor for institutional change. The emerging corporate governance system has been neither Anglo-American (market based) nor bank-based, but rather a 'crony' relationship-based one. The striking features of this system are as follows: (i) a dual enterprise sector, (ii) ownership heterogeneity; (iii) fragile capital markets; (iv) pervasive banks lending behavior; (v) globalization factors discretion. The challenge to policy-makers in Bulgaria is how to design institutions for 'catching-up' that would curb both managerial and globalization factors discretion.

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Paper provided by Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University in its series CEI Working Paper Series with number 2002-1.

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Length: 44 p.
Date of creation: Mar 2002
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Handle: RePEc:hit:hitcei:2002-1

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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  10. Michael A. Heller & Merritt B. Fox, 1999. "Lessons from Fiascos in Russian Corporate Governance," William Davidson Institute Working Papers Series 282, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
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  17. Dalia Marin & Monika Schnitzer, 1999. "Disorganization and Financial Collapse," William Davidson Institute Working Papers Series 285, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
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  18. Evgeni Peev, 2001. "Corporate Governance Transformation in Transition Economies : Evidence from Bulgaria," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 70(2), pages 289-300.
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Ahn, Sanghoon, 2003. "Technology Upgrading with Learning Cost," CEI Working Paper Series 2003-21, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  2. Gennaioli, Nicola & Rossi, Stefano, 2008. "Judicial Discretion in Corporate Bankruptcy," CEI Working Paper Series 2008-5, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  3. Gennaioli, Nicola & Rossi, Stefano, 2008. "Optimal Resolutions of Financial Distress by Contract," CEI Working Paper Series 2008-6, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  4. Hanazaki, Masaharu & Horiuchi, Akiyoshi, 2003. "Have Banks Contributed to Efficient Management in Japan's Manufacturing?," CEI Working Paper Series 2003-22, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  5. Dallago, Bruno, 2003. "Comparative Economic Systems and the New Comparative Economics: Foes, Competitors, or Complementary?," CEI Working Paper Series 2003-24, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
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