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Enterprise Restructuring and Transition: Evidence From the Former Yugoslav Republic of Macedonia

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  • Mr. Juan Zalduendo

Abstract

This paper reviews developments in corporate performance in the FYR Macedonia during the 1990s. The paper finds substantial differences in performance between surviving old firms and nimbler new ones. The paper reviews factors that facilitated restructuring among surviving firms, and concludes that private sector ownership, hard budget constraints, and market-based economic institutions have served to strengthen corporate performance. The paper also shows that the predominance of insider privatization and the resulting low ownership concentration is one of the reasons for the poor performance of surviving firms.

Suggested Citation

  • Mr. Juan Zalduendo, 2003. "Enterprise Restructuring and Transition: Evidence From the Former Yugoslav Republic of Macedonia," IMF Working Papers 2003/136, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2003/136
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    References listed on IDEAS

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    1. Gérard Roland, 2004. "Transition and Economics: Politics, Markets, and Firms," MIT Press Books, The MIT Press, edition 1, volume 1, number 026268148x, December.
    2. Claessens, Stijn & Djankov, Simeon, 1999. "Ownership Concentration and Corporate Performance in the Czech Republic," Journal of Comparative Economics, Elsevier, vol. 27(3), pages 498-513, September.
    3. Saul Estrin & Jozef Konings & Zbigniew Zolkiewski & Manuela Angelucci, 2001. "The Effect of Ownership and Competitive Pressure on Firm Performance in Transition Countries. Micro Evidence from Bulgaria, Romania and Poland," LICOS Discussion Papers 10401, LICOS - Centre for Institutions and Economic Performance, KU Leuven.
    4. Estrin, Saul & Konings, Jozef & Angelucci, Manuela & Zólkiewski, Zbigniew, 2001. "The Effect of Ownership and Competitive Pressure on Firm Performance in Transition Countries," CEPR Discussion Papers 2985, C.E.P.R. Discussion Papers.
    5. Coricelli, Fabrizio & Djankov, Simeon, 2001. "Hardened Budgets and Enterprise Restructuring: Theory and an Application to Romania," Journal of Comparative Economics, Elsevier, vol. 29(4), pages 749-763, December.
    6. Stijn Claessens & R. Kyle Peters, 1997. "State enterprise performance and soft budget constraints: The case of Bulgaria," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 5(2), pages 305-322, November.
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    Cited by:

    1. Maja Micevska, 2008. "The Labour Market in Macedonia: A Labour Demand Analysis," LABOUR, CEIS, vol. 22(2), pages 345-368, June.
    2. Achim Ahrens & Joachim Zweynert, 2012. "Conditionality or specificity? Bulgaria and Romania's economic transition performance in comparative perspective," Post-Communist Economies, Taylor & Francis Journals, vol. 24(2), pages 291-307, February.
    3. Gligor Bishev & Mihail Petkovski, 2004. "Understanding Reforms in Macedonia," wiiw Balkan Observatory Working Papers 42, The Vienna Institute for International Economic Studies, wiiw.
    4. Möllers, Judith, 2006. "Außerlandwirtschaftliche Diversifikation im Transformationsprozzess: Diversifikationsentscheidungen und -strategien ländlicher Haushalte in Slowenien und Mazedonien," Studies on the Agricultural and Food Sector in Transition Economies, Leibniz Institute of Agricultural Development in Transition Economies (IAMO), volume 35, number 92495.
    5. World Bank, 2003. "FYR Macedonia : Country Economic Memorandum Tackling Unemployment," World Bank Publications - Reports 14636, The World Bank Group.

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