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Productivity, Ownership and the Investment Climate: International Lessons for Priorities in Serbia

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  • Itzhak Goldberg
  • Branko Radulovic
  • Mark E. Schaffer

Abstract

This article uses data on 27,000 firms from 50 countries, half of which are transition economies, together with the specific case of Serbia to examine the relationship between productivity, the investment climate and private ownership of firms. As government capacity to address the investment climate constraints is limited, the prioritization of the constraints is critical. Identification of the relative effects of various investment climate constraints and ownership on productivity should serve as a guide for such prioritization. Although ownership has recently received less attention in policy decisions than previously, according to the econometric analysis of productivity reported in the paper, private ownership is an equally or more important determinant of productivity than other components of the investment climate. The importance of ownership shows that an unfinished privatization and restructuring agenda might have negative effects on productivity, in parallel to poor investment climate. Another important finding is that countries in which firms complain more about infrastructure tend to have less productive firms.

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File URL: http://www.sml.hw.ac.uk/downloads/cert/wpa/2005/dp0503.pdf
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Bibliographic Info

Paper provided by Centre for Economic Reform and Transformation, Heriot Watt University in its series CERT Discussion Papers with number 0503.

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Date of creation: 2005
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Handle: RePEc:hwe:certdp:0503

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Keywords: Serbia; investment climate; productivity; transition;

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Cited by:
  1. World Bank, 2011. "Challenges to Enterprise Performance in the Face of the Financial Crisis : Eastern Europe and Central Asia," World Bank Publications, The World Bank, number 2316.
  2. Wendy Carlin & Mark Schaffer & Paul Seabright, 2006. "Where are the Real Bottlenecks? A Lagrangian Approach to Identifying Constraints on Growth from Subjective Survey Data," CERT Discussion Papers 0604, Centre for Economic Reform and Transformation, Heriot Watt University.
  3. Itzhak Goldberg & Lee Branstetter & John Gabriel Goddard & Smita Kuriakose, 2008. "Globalization and Ttechnology Absorption in Europe and Central Asia : The Role of Trade, FDI, and Cross-Border Knowledge Flows," World Bank Publications, The World Bank, number 6445.

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