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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




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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    Cited by:

    1. Marcelin, Isaac & Mathur, Ike, 2015. "Privatization, financial development, property rights and growth," Journal of Banking & Finance, Elsevier, vol. 50(C), pages 528-546.
    2. Eleftheria Koniari, 2016. "Determinants Of Greek Fdi Outflows In The Balkan Region The Case Of Greek Entrepreneurs In Bulgaria," Economics and Management, Faculty of Economics, SOUTH-WEST UNIVERSITY "NEOFIT RILSKI", BLAGOEVGRAD, vol. 12(1), pages 33-44.
    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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