Enterprise Restructuring and Transition : Evidence From the Former Yugoslav Republic of Macedonia

Author/Editor:

Juan Zalduendo

Publication Date:

June 1, 2003

Electronic Access:

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

This paper reviews developments in corporate performance in the FYR Macedonia during the 1990s. The paper finds substantial differences in performance between surviving old firms and nimbler new ones. The paper reviews factors that facilitated restructuring among surviving firms, and concludes that private sector ownership, hard budget constraints, and market-based economic institutions have served to strengthen corporate performance. The paper also shows that the predominance of insider privatization and the resulting low ownership concentration is one of the reasons for the poor performance of surviving firms.

Series:

Working Paper No. 03/136

Subject:

English

Publication Date:

June 1, 2003

ISBN/ISSN:

9781451855838/1018-5941

Stock No:

WPIEA1362003

Price:

$15.00 (Academic Rate:$15.00)

Format:

Paper

Pages:

18

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