Privatization in Central and Eastern Europe: Perspectives and Approaches

By Demetrius S. Iatridis; June Gary Hopps | Go to book overview

have not instituted clear privatization strategies, the capital assets of the state are controlled by the managers. The deep recession and increasing inflation rates have led to economic instability. Businesses have not been able to adjust rapidly to hard budgetary constraints and continue to be unprofitable and to depend on state support. Furthermore, economic instability has encouraged businesspersons to seek quick profits and to focus on commerce, not production.

Despite legislation, illegal privatization continues. The conversion of the debts of enterprises into state debts is a crucial problem, as is the liquidation of agricultural enterprises. Finally, the public's indifference and ignorance of privatization has encouraged politicians to delay solving the problems inherent in converting SOEs to private enterprises.

Privatization can occur if new economic stabilization plans emphasize the creation of positive conditions for economic development. Furthermore, the growth in the GDP can stimulate the mass privatization of large enterprises, and financially stable enterprises can benefit from capital privatization by potential investors. However, without strategies for capital and mass privatization, the transformation of state property will continue to be problematic.


REFERENCES

Angelov I., T. Chubenova, and S. Dulev. ( 1993). Economy of Bulgaria to 1996. Sofia: Institute of Economics, Bulgarian Academy of Science.

Angelov I., T. Chubenova, and S. Dulev. ( 1994). Economy of Bulgaria to 1997. Sofia: Institute of Economics, Bulgarian Academy of Science.

Annual Bank Report: 1991. ( 1992). Sofia: Bulgarian National Bank.

Annual Bank Report: 1993. ( 1994). Sofia: Bulgarian National Bank.

Annual Statistical Survey. ( 1993). Sofia: National Statistical Institute of Bulgaria.

Blanchard O. J., R. Dornbush, and P. Krugman. ( 1991). Reform in Eastern Europe. Cambridge, MA: MIT Press.

Economic Transition in Eastern Europe and the Former Soviet Union. London: EBRD.

Iang D. ( 1993). Mass Privatization: Case Studies. Sofia: Privatization Agency.

Indova R. ( 1992). Privatization in Bulgaria. Sofia: Agency for Economic Development and Coordination.

Keramedchiev S., and T. Gradev. ( 1993). Small Privatization in Bulgaria. Sofia: Center for the Study of Democracy.

Law for the Transformation of State-Owned and Municipal Enterprises. ( 1994, August). Sofia Official Journal.

Privatization in Eastern Europe Lost Speed ( 1994, November 18). Central European Economic Review.

World Economic Outlook. ( 1991). Washington, DC: International Monetary Fund.

World Economic Outlook. ( 1993). Washington, DC: International Monetary Fund.

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