Building Market Institutions in South Eastern Europe - An Overview
Building Market Institutions in South Eastern Europe (2004)
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Seizing a Historic Opportunity for Growth. -Institutional Reform in South Eastern Europe-Achievements and Challenges. Still Weak Interenterprise Competition. Severe Infrastructure Bottlenecks. Insufficient Financial Transparency, Accountability, and Protection of Ownership Rights. Compromised Institutions for Resolution of Business Disputes. -Interenterprise Competition-The Key to Growth. Noncompetitive Market Structures and Business Conduct. Vertical Integration across Sectors, Ownership Forms, and Countries. Barriers to Business Entry and Exit. Competition, Firm Growth, and Performance. Need for Proactive and Effective Competition Policies. -Access to Regulated Infrastructure Utilities. Poor Quality of Infrastructure Services. Improving Infrastructure Services. -Corporate Ownership, Financial Transparency, and Access to Finance. Forms of Ownership. Degrees of Financial Transparency. Terms and Modes of Sale, Purchase, and Finance. Financial Transparency, Investment, and Growth. Higher Standards and Fuller Disclosure. -Commercial Dispute Resolution, Contract Enforcement, and the Courts. Transitional Techniques for Enforcing Good Commercial Practices. The High Cost of Formal Dispute Resolution. The Burden of Judicial Complexity. Advancing Judicial Reform. -Conclusion.
Building Market Institutions in South Eastern Europe - An Overview
Albania, Bosnia and Herzegovina, Bulgaria, Croatia, the former Yugoslav Republic of Macedonia, Moldova, Romania, and Serbia and Montenegro have emerged from the communist era to face the social and political challenges of making an economic transition, building market institutions, and enacting wide-ranging policy reforms to promote private sector development and investment. The eight countries of South Eastern Europe (SEE8) trail their Western European neighbors in income and in other measures of development, but the differences among the SEE8 are as striking as their similarities. Already a functioning market economy in the eyes of the European Union (EU), Bulgaria has made progress in overcoming the legacy of inefficient socialist economic practices and has avoided tumultuous political revolutions. Romania's record of economic reform is somewhat weaker but not far behind. Both countries aspire to join the European Union in 2007. From the relative prosperity of Josip Broz Tito's time, Yugoslavia's economy was severely undermined in the 1990s by civil wars that split the country and disintegrated its industries and infrastructure. Bosnia and Herzegovina, Croatia, FYR Macedonia, and Serbia and Montenegro all bear the scars of war. Albania and Moldova, like most of the former Yugoslav republics, are challenged today by poor infrastructure, high rates of poverty, political fragility, and economic isolation-problems that also affect the rest of the SEE8 to varying degrees. Building Market Institutions in South Eastern Europe examines how the countries of the region are developing, how well the good intentions and policy reforms of their governments have been translated into results, and where the process can be effectively improved. The book assesses the progress under way and offers recommendations on how best to retool production and commerce while improving the capacity of institutions to regulate markets and deliver public services. This study is based in reality, integrating and analyzing data and perceptions from a set of 40 original enterprise-level business case studies, which were carried out in each of the eight countries in 2002, and from the two rounds of the European Bank for Reconstruction and Development (EBRD)-World Bank Business Environment and Enterprise Performance Survey conducted in 1999 (BEEPS1) and 2002 (BEEPS2), which covered approximately 1,600 firms in South Eastern Europe (SEE). The surveys complement traditional, official data from SEE8 governments, providing a deeper, qualitative assessment of the characteristics, trends, and relationships among economic and government institutions and the enterprise sector. They also provide results that challenge the conventio...
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