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What Was Behind the Delay in the Bulgarian Privatization Process? : Determining Incentives and Barriers of Privatization as a Way of Foreign Entry

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  • ARISTIDIS BITZENIS

Abstract

It is conventionally thought that to develop competition in a transition economy, privatization, restructuring, and creation of new firms should take place first. Bulgaria's experience raises the question of whether its chosen methods of privatization reform, and the pace of this reform, are sufficient to promote competition in such a market. To answer this question, we explore the barriers and the incentives, that foreign multinational enterprises (MNEs) have faced during their participation in the Bulgarian privatization programs. This paper investigates those questions on the basis of survey data. It was determined that Bulgarian privatization deals have been accelerated since 1997. On the other hand, Bulgaria still lacks transparency and abolishment of monopolies; at the same time, its bureaucratic procedures and small progress are in the transition process.

Suggested Citation

  • Aristidis Bitzenis, 2003. "What Was Behind the Delay in the Bulgarian Privatization Process? : Determining Incentives and Barriers of Privatization as a Way of Foreign Entry," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 39(5), pages 58-82, September.
  • Handle: RePEc:mes:emfitr:v:39:y:2003:i:5:p:58-82
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    References listed on IDEAS

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    1. Marin Alexandrov Marinov & Svetla Trifonova Marinova, 1997. "Privatisation and foreign direct investment in Bulgaria: Present characteristics and future trends," Post-Communist Economies, Taylor & Francis Journals, vol. 9(1), pages 101-116.
    2. Jean M Due & Stephen C Schmidt, 1995. "Survey Article: Progress on Privatization in Bulgaria," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 37(1), pages 55-77, April.
    3. Josef C. Brada, 1996. "Privatization Is Transition--Or Is It?," Journal of Economic Perspectives, American Economic Association, vol. 10(2), pages 67-86, Spring.
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    Cited by:

    1. Kiril Tochkov & Nikolay Nenovsky, 2011. "Institutional Reforms, EU Accession, and Bank Efficiency in Transition Economies: Evidence from Bulgaria," Emerging Markets Finance and Trade, M.E. Sharpe, Inc., vol. 47(1), pages 113-129, January.
    2. Marcelin, Isaac & Mathur, Ike, 2015. "Privatization, financial development, property rights and growth," Journal of Banking & Finance, Elsevier, vol. 50(C), pages 528-546.
    3. Dimitar Dimitrov & Rumen Dobrinsky & Nasko Dochev & Rumyana Kolarova & Nikolay Markov & Boyko Nikolov, 2004. "Understanding Reform: A Country Study for Bulgaria," wiiw Balkan Observatory Working Papers 56, The Vienna Institute for International Economic Studies, wiiw.

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