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Identifier to cite or link to this item: https://hdl.handle.net/10086/13914

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Title
The Political Economy of Corporate Governance Change in Bulgaria: Washington Consensus, Primitive Accumulation of Capital, and Catching-Up in the 1990
Creator
Creator Name
Peev, Evgeni Peev, Evgeni
Affiliation
Affiliation Name
Bulgarian Academy of Sciences
Affiliation
Affiliation Name
Hitotsubashi University
Editor
Contributor Name
Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University
Abstract
This study examines three key determinants of corporate governance change in Bulgaria: the Washington Consensus policy, primitive accumulation of capital forces, and 'catching-up' factors. The study reveals that in the early transition (1989-96) primitive capital accumulation prevailed over the Washington Consensus impact on corporate governance transformation while since 1997 Washington Consensus has been in the process of becoming the decisive factor for institutional change. The emerging corporate governance system has been neither Anglo-American (market based) nor bank-based, but rather a 'crony' relationship-based one. The striking features of this system are as follows: (i) a dual enterprise sector, (ii) ownership heterogeneity; (iii) fragile capital markets; (iv) pervasive banks lending behavior; (v) globalization factors discretion. The challenge to policy-makers in Bulgaria is how to design institutions for 'catching-up' that would curb both managerial and globalization factors discretion.
Publisher
Institute of Economic Research, Hitotsubashi University
Issued Date
2002-03
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
CEI Working Paper Series ; No. 2002-1
Relation
Related Identifier
URI
  http://cei.ier.hit-u.ac.jp/index.html
NCID
AA11590659
Number of Pages
46
Appears in Collections
CEI Working Paper Series
URL
https://hdl.handle.net/10086/13914