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Private or Market Economy in Bulgaria? An Institutional Approach to the Bulgarian Transition

  • Raúl de Arriba Bueno

The transition to a market economy in Bulgaria is a complex process that requires the privatisation of the economy. But, privatisation is not enough. Transition means a deep institutional change that has to do with the transformation of the behaviour economic agents. This article analyses the Bulgarian transformation from an institutionalism approach, focusing in the transformation developed in the sphere of means of production. The analytic framework presented allows evaluating the degree of installation of market relations in this sphere. In Bulgaria, a breakdown exists between the installation of formal market institutions and the creation of market relationships in this sphere, which have been developed not completely.

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Article provided by Bulgarian Academy of Sciences - Economic Research Institute in its journal Economic Studies.

Volume (Year): (2006)
Issue (Month): 2 ()
Pages: 71-89

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Handle: RePEc:bas:econst:y:2006:i:2:p:71-89
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  1. Josef C. Brada, 1996. "Privatization Is Transition--Or Is It?," Journal of Economic Perspectives, American Economic Association, vol. 10(2), pages 67-86, Spring.
  2. Plamen D. Tchipev, 1998. "Bulgarian Mass Privatisation: Implications on Corporate Governance," ERI-BAS Chapters, in: Plamen D. Tchipev & Jurgen Backhaus & Frank Stephen (ed.), Mass privatisation schemes in Central and East European Countries. Implications on corporate governance, edition 1, chapter 2, pages 77-116 Bulgarian Academy of Sciences - Economic Research Institute.
  3. Ellman M., 1994. "Transformation, Depression, and Economics: Some Lessons," Journal of Comparative Economics, Elsevier, vol. 19(1), pages 1-21, August.
  4. Peter Murrell, 1996. "How Far Has the Transition Progressed?," Journal of Economic Perspectives, American Economic Association, vol. 10(2), pages 25-44, Spring.
  5. Aslund Anders, 1994. "Lessons of the First Four Years of Systemic Change in Eastern Europe," Journal of Comparative Economics, Elsevier, vol. 19(1), pages 22-38, August.
  6. Mitko Dimitrov & Wladimir Andreff & Laszlo Csaba & N. Campos & Tatiana Houbenova-Delissivkova & Gabor Hunya & Vesselin Mintchev & Nikolay Naydenov & A. Pailhe & Rossitsa Rangelova & Plamen Tchipev & A, 1999. "Economies in Transition and the Variety of Capitalisms. Features, Changes, Convergence," ERI-BAS Books, Bulgarian Academy of Sciences - Economic Research Institute, number 1:p:1-527 edited by Mitko Dimitrov & Wladimir Andreff & Laszlo Csaba, June.
  7. Begg, David & Portes, Richard, 1992. "Enterprise Debt and Economic Transformation: Financial Restructuring of the State Sector in Central and Eastern Europe," CEPR Discussion Papers 695, C.E.P.R. Discussion Papers.
  8. 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.
  9. Fischer, Stanley, 1993. "Socialist Economy Reform: Lessons of the First Three Years," American Economic Review, American Economic Association, vol. 83(2), pages 390-95, May.
  10. David Lipton & Jeffrey D. Sachs, 1990. "Creating a Market Economy in Eastern Europe: The Case of Poland," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 21(1), pages 75-148.
  11. Plamen Tchipev & Rilka Dragneva, 1999. "Mass Privatization Funds – the New Institutional Investors in the East? A Comparative Study of CEE Mass Privatization Schemes," ERI-BAS Chapters, in: Mitko Dimitrov & Wladimir Andreff & Laszlo Csaba (ed.), Economies in Transition and the Variety of Capitalisms. Features, Changes, Convergence, edition 1, chapter 28, pages 367-389 Bulgarian Academy of Sciences - Economic Research Institute.
  12. Evgeni Peev, 2002. "Ownership and Control Structures in Transition to "Crony” Capitalism: The Case of Bulgaria," Eastern European Economics, M.E. Sharpe, Inc., vol. 40(5), pages 73-91, September.
  13. Nenovsky, N. & Hristov, K., 2001. "The Nonorthodox Currency Boards: The Case of Bulgaria," Papers 2001-01, Ecole des Hautes Etudes Commerciales de Montreal-.
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